529900197LKWCEQ0NL18 2024-01-01 2024-12-31 529900197LKWCEQ0NL18 2023-01-01 2023-12-31 529900197LKWCEQ0NL18 2024-12-31 529900197LKWCEQ0NL18 2023-12-31 529900197LKWCEQ0NL18 2023-12-31 529900197LKWCEQ0NL18 2022-12-31 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:IssuedCapitalMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:TreasurySharesMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900197LKWCEQ0NL18 2023-12-31 nkt:CostsOfHedgingReserveMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:RetainedEarningsMember 529900197LKWCEQ0NL18 2023-12-31 nkt:HybridCapitalMember 529900197LKWCEQ0NL18 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900197LKWCEQ0NL18 2024-01-01 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900197LKWCEQ0NL18 2024-01-01 2024-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900197LKWCEQ0NL18 2024-01-01 2024-12-31 nkt:CostsOfHedgingReserveMember 529900197LKWCEQ0NL18 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember 529900197LKWCEQ0NL18 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 529900197LKWCEQ0NL18 2024-01-01 2024-12-31 ifrs-full:TreasurySharesMember 529900197LKWCEQ0NL18 2024-01-01 2024-12-31 nkt:HybridCapitalMember 529900197LKWCEQ0NL18 2024-12-31 ifrs-full:IssuedCapitalMember 529900197LKWCEQ0NL18 2024-12-31 ifrs-full:TreasurySharesMember 529900197LKWCEQ0NL18 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900197LKWCEQ0NL18 2024-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900197LKWCEQ0NL18 2024-12-31 nkt:CostsOfHedgingReserveMember 529900197LKWCEQ0NL18 2024-12-31 ifrs-full:RetainedEarningsMember 529900197LKWCEQ0NL18 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900197LKWCEQ0NL18 2024-12-31 nkt:HybridCapitalMember 529900197LKWCEQ0NL18 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900197LKWCEQ0NL18 2023-01-01 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900197LKWCEQ0NL18 2022-12-31 ifrs-full:IssuedCapitalMember 529900197LKWCEQ0NL18 2022-12-31 ifrs-full:TreasurySharesMember 529900197LKWCEQ0NL18 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900197LKWCEQ0NL18 2022-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900197LKWCEQ0NL18 2022-12-31 nkt:CostsOfHedgingReserveMember 529900197LKWCEQ0NL18 2022-12-31 ifrs-full:RetainedEarningsMember 529900197LKWCEQ0NL18 2022-12-31 nkt:HybridCapitalMember 529900197LKWCEQ0NL18 2023-01-01 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900197LKWCEQ0NL18 2023-01-01 2023-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900197LKWCEQ0NL18 2023-01-01 2023-12-31 nkt:CostsOfHedgingReserveMember 529900197LKWCEQ0NL18 2023-01-01 2023-12-31 ifrs-full:RetainedEarningsMember 529900197LKWCEQ0NL18 2023-01-01 2023-12-31 ifrs-full:IssuedCapitalMember 529900197LKWCEQ0NL18 2023-01-01 2023-12-31 ifrs-full:TreasurySharesMember 529900197LKWCEQ0NL18 2023-01-01 2023-12-31 nkt:HybridCapitalMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:TreasurySharesMember 529900197LKWCEQ0NL18 2023-12-31 nkt:CostsOfHedgingReserveMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:IssuedCapitalMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:ReserveOfCashFlowHedgesMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:RetainedEarningsMember 529900197LKWCEQ0NL18 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 529900197LKWCEQ0NL18 2023-12-31 nkt:HybridCapitalMember iso4217:EUR iso4217:EUR xbrli:shares Europe and globally. As a pure-play power cable solutions provider, NKT delivers  comprehensive solutions to facilitate the transmission and  distribution of electricity from generation to consumption.  The offerings range from high-voltage offshore and onshore  power cable solutions, to medium-voltage distribution cable  solutions, to low-voltage cables and building wires. Across  market segments, technological advancements have been  pivotal in driving market growth, ensuring efficient and safe  power transmission of energy and reinforcement of power grids.  Looking ahead, continued growth is anticipated across the  different segments.   A/S 337000000 124000000 3252000000 2215000000 393000000 310000000 9000000 2567000000 1747000000 308000000 261000000 4000000 -22000000 -1000000 7000000 0 343000000 255000000 82000000 21000000 240000000 71000000 19000000 165000000 118000000 6000000 51000000 14000000 5000000 32000000 49000000 15000000 274000000 11000000 27000000 149000000 -8000000 -2000000 25000000 -3000000 38000000 236000000 101000000 337000000 30000000 119000000 5000000 -1000000 10000000 -3000000 -1000000 1000000 0 124000000 62000000 86000000 326000000 11000000 337000000 113000000 11000000 124000000 399000000 210000000 4.2 4.2 6.1 6.1 2.2 2.1 2.3 2.3 388000000 11000000 199000000 11000000 399000000 210000000 405000000 241000000 1464000000 39000000 351000000 193000000 1014000000 41000000 144000000 -17000000 144000000 28000000 1571000000 1698000000 155000000 1248000000 1420000000 155000000 8000000 9000000 5000000 1000000 1853000000 1575000000 21000000 13000000 2183000000 1622000000 34000000 42000000 36000000 40000000 424000000 423000000 131000000 143000000 37000000 311000000 340000000 144000000 35000000 11000000 221000000 1016000000 51000000 196000000 324000000 48000000 107000000 15000000 1518000000 0 888000000 177000000 1399000000 655000000 17000000 534000000 291000000 51000000 11000000 364000000 145000000 46000000 2676000000 1982000000 4859000000 3604000000 626000000 60000000 713000000 27000000 28000000 30000000 0 38000000 1607000000 1374000000 3006000000 4859000000 2029000000 3604000000 343000000 255000000 -8000000 6000000 -1000000 6000000 0 357000000 7000000 8000000 -711000000 8000000 -320000000 583000000 2000000 11000000 -27000000 9000000 1062000000 334000000 45000000 30000000 89000000 105000000 38000000 13000000 373000000 248000000 621000000 629000000 -1000000 38000000 628000000 0 1039000000 542000000 890000000 7000000 262000000 0 144000000 0 0 9000000 621000000 1518000000 0 628000000 890000000 2000000 463000000 32000000 205000000 33000000 1518000000 888000000 -639000000 -247000000 400000000 295000000 1420000000 144000000 -4000000 -56000000 89000000 0 1247000000 155000000 1575000000 -22000000 -1000000 -22000000 -1000000 -22000000 -1000000 118000000 6000000 -8000000 2000000 110000000 8000000 110000000 8000000 -3000000 -1000000 -3000000 -3000000 32000000 -1000000 30000000 62000000 30000000 62000000 0 0 0 0 -23000000 -23000000 92000000 -5000000 -2000000 0 11000000 11000000 326000000 324000000 326000000 388000000 337000000 399000000 92000000 -5000000 -106000000 -5000000 -111000000 -111000000 2000000 -3000000 2000000 0 2000000 0 3000000 3000000 3000000 3000000 0 -11000000 -11000000 -10000000 1000000 0 0 0 0 1000000 -11000000 144000000 -3000000 -79000000 75000000 -10000000 1571000000 1698000000 155000000 1853000000 990000000 7000000 1144000000 7000000 115000000 -1000000 -63000000 146000000 -13000000 806000000 154000000 7000000 51000000 14000000 25000000 3000000 76000000 17000000 76000000 17000000 1000000 1000000 1000000 5000000 10000000 15000000 86000000 15000000 86000000 0 0 0 0 7000000 7000000 60000000 18000000 1000000 113000000 114000000 0 11000000 11000000 113000000 199000000 124000000 210000000 60000000 18000000 -117000000 -5000000 -122000000 -122000000 29000000 328000000 357000000 7000000 357000000 7000000 7000000 -4000000 4000000 3000000 0 0 3000000 3000000 0 -10000000 -10000000 343000000 29000000 -3000000 -4000000 0 0 0 0 327000000 353000000 -10000000 144000000 -56000000 89000000 1247000000 1420000000 155000000 1575000000 <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_833 stl_26 stl_81" style="word-spacing:-0.0016em;">This section provides  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.0752em;"><span class="stl_833 stl_26 stl_707" style="word-spacing:-0.0006em;">the overall reporting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.2421em;"><span class="stl_833 stl_26 stl_503" style="word-spacing:0.0003em;">framework applied in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.409em;"><span class="stl_833 stl_26 stl_171" style="word-spacing:-0.0013em;">our consolidated finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.5759em;"><span class="stl_833 stl_26 stl_84" style="word-spacing:-0.0036em;">cial statements. Spe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.7428em;"><span class="stl_833 stl_26 stl_262" style="word-spacing:-0.001em;">cific accounting policies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.9098em;"><span class="stl_833 stl_26 stl_332" style="word-spacing:-0.0042em;">applied are described in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.0767em;"><span class="stl_833 stl_26 stl_288" style="word-spacing:0.0053em;">the relevant notes, while  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.2436em;"><span class="stl_833 stl_26 stl_63" style="word-spacing:-0.002em;">new and upcoming leg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.4105em;"><span class="stl_833 stl_26 stl_513" style="word-spacing:-0.0011em;">islastion is presented in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.5774em;"><span class="stl_833 stl_26 stl_172" style="word-spacing:0.0074em;">note 1.2 Implementation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.7443em;"><span class="stl_833 stl_26 stl_227" style="word-spacing:-0.0018em;">of new and amended  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.9113em;"><span class="stl_833 stl_26 stl_514" style="word-spacing:-0.0021em;">accounting standards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.0782em;"><span class="stl_833 stl_26 stl_534" style="word-spacing:-0.0002em;">and interpretations, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.2451em;"><span class="stl_833 stl_26 stl_119" style="word-spacing:-0.0003em;">significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.412em;"><span class="stl_833 stl_26 stl_467" style="word-spacing:0.0088em;">and judgements exer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.5789em;"><span class="stl_833 stl_26 stl_514" style="word-spacing:-0.0021em;">cised by management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.7458em;"><span class="stl_833 stl_26 stl_483" style="word-spacing:-0.0065em;">as part of the prepa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.9128em;"><span class="stl_833 stl_26 stl_503" style="word-spacing:0.0003em;">ration of this Annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.0797em;"><span class="stl_833 stl_26 stl_31" style="word-spacing:-0.008em;">Report, is described in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.2466em;"><span class="stl_833 stl_26 stl_130" style="word-spacing:0.0077em;">note 1.3 Significant esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.4135em;"><span class="stl_833 stl_26 stl_513" style="word-spacing:-0.0011em;">mates and judgements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.409em;top:8.9138em;"><span class="stl_801 stl_33 stl_264" style="word-spacing:0.5102em;">1.1 Material</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.182em;top:8.9138em;"><span class="stl_801 stl_33 stl_68" style="word-spacing:-0.0167em;">Accounting Policy Information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:10.7024em;"><span class="stl_338 stl_21 stl_78">Introduction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:11.488em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">The 2024 Annual Report for NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:12.2799em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Group, comprising both the consol-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0718em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">idated financial statements for NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8636em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">A/S and its subsidiaries (NKT Group),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6555em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">as well as the separate financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4474em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0209em;">statements for the parent company,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2393em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">has been prepared in accordance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0311em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">with IFRS Accounting Standards, as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.823em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">adopted by the EU and additional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6149em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Danish disclosure requirements for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.4068em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">annual reports for listed companies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.9899em;"><span class="stl_298 stl_16 stl_104" style="word-spacing:-0.0409em;">The Annual Report has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.7818em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">approved by the Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5736em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">and Executive Management on 21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.3655em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">February 2025, and will be presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1574em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">for approval by the shareholders at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9493em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">Annual General Meeting on 19 March  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7411em;"><span class="stl_298 stl_16 stl_29">2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3305em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">Basis for preparation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.1161em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">The Annual Report is presented in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.908em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">EUR rounded to the nearest EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.6999em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">1,000,000. The Annual Report is pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:30.4918em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">pared according to the historical cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.2836em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">principle with the exception that deri-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.0755em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">vatives and financial instruments, clas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.8674em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">sified as fair value through profit loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.6593em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">(FVTPL), are measured at fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2424em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0335em;">The accounting policies described  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.0343em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">below and in the individual sections  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.8261em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">have been applied consistently during  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.618em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">the financial year and for the com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:10.7018em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">parative figures. For standards imple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:11.4936em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">mented prospectively, the compara-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:12.2855em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">tive figures have not been restated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:13.8749em;"><span class="stl_338 stl_21 stl_59" style="word-spacing:-0.0347em;">Principles of consolidation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:14.6605em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">The consolidated financial statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:15.4524em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">comprise the financial statements of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:16.2443em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">the parent company (NKT A/S) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.0361em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">the individual subsidiaries’ financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.828em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">statements prepared according to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:18.6199em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">NKT Group’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:19.4118em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Subsidiaries are fully consolidated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.2036em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">from the date of acquisition, being the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.9955em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">date on which NKT obtains control,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.7874em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0286em;">until the date that such control ceases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:23.3705em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">All intercompany balances, income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.1624em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">and expenses, unrealised gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.9543em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">losses and dividends resulting from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:25.7461em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">intercompany transactions are elimi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:26.538em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">nated in full.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.1274em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">Foreign currency translation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.913em;z-index:1992;"><span class="stl_298 stl_16 stl_686">T</span><span class="stl_298 stl_16 stl_42">r</span><span class="stl_298 stl_16 stl_132" style="word-spacing:0.004em;">ansactions in foreign currencies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:29.7049em;"><span class="stl_298 stl_16 stl_596" style="word-spacing:0.0023em;">initially recognised in the Group entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:30.4968em;"><span class="stl_298 stl_16 stl_596" style="word-spacing:0.0024em;">at their respective functional currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:31.2886em;"><span class="stl_298 stl_16 stl_485" style="word-spacing:0.0013em;">rates prevailing at the date of the trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.0805em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">action. Monetary assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.8724em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:0.0039em;">denominated in foreign currencies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:33.6643em;"><span class="stl_298 stl_16 stl_398" style="word-spacing:0.0013em;">translated at the functional currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:34.4561em;"><span class="stl_298 stl_16 stl_788" style="word-spacing:0.0016em;">spot rate at the reporting date. All  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:35.248em;"><span class="stl_298 stl_16 stl_355" style="word-spacing:0.003em;">adjustments are recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:36.0399em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:10.7068em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">Non-monetary items that are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:11.4986em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">ured at historical cost in a foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:12.2905em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">currency are translated using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:13.0824em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">exchange rates at the dates of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:13.8743em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">initial transactions. Non-monetary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:14.6661em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0237em;">items measured at fair value in a for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:15.458em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">eign currency are translated using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:16.2499em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0237em;">exchange rates at the date when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:17.0418em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">fair value is determined.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:18.6249em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">The assets and liabilities of foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:19.4168em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">subsidiaries are translated into EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:20.2086em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">at the rate of exchange prevailing at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:21.0005em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">the reporting date, and their income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:21.7924em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0239em;">statements are translated at average  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:22.5843em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">exchange rates. Exchange rate adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:23.3761em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ments arising on translation are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:24.168em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">nised in other comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:24.9599em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">On disposal of a foreign operation, the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:25.7518em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">component of other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:26.5436em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">income relating to that operation is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:27.3355em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">recognised in the income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:28.9249em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Alternative performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:29.7168em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0357em;">measures (APMs)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:30.5024em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">The consolidated financial statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:31.2943em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.0367em;">include financial performance meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:32.0861em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">ures that are not defined according to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:32.878em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">IFRS Accounting Standards.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:34.4611em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">These measures are considered to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:35.253em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">provide valuable information to stake-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:36.0449em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">holders and Management. Since other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:36.8368em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">companies might calculate these  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:37.6286em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">differently from NKT Group, they may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:10.7124em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">not be comparable to the measures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:11.5043em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">applied by NKT Group. These financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:12.2961em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">measures should therefore not be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:13.088em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">considered a replacement for perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:13.8799em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">mance measures as defined under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:14.6718em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">IFRS Accounting Standards, but  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:15.4636em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0315em;">rather as supplementary information.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:16.2555em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">Alternative performance measures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:17.0474em;z-index:3516;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">are defined in note </span><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_162">.</span><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">5 Definitions in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:17.8393em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">more detail and some are reconciled  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:18.6311em;z-index:3583;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0188em;">to IFRS measures in note 2</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">1 </span><span class="stl_298 stl_16 stl_34">S</span><span class="stl_298 stl_16 stl_59">egment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:19.423em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">information and revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:21.0124em;"><span class="stl_338 stl_21 stl_99" style="word-spacing:-0.0402em;">Reporting under the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:21.8043em;"><span class="stl_338 stl_21 stl_53" style="word-spacing:-0.0358em;">ESEF regulation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:22.5899em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">The Commission Delegated Regula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:23.3818em;"><span class="stl_298 stl_16 stl_612" style="word-spacing:-0.0057em;">tion (EU) 2019/815 on the European  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:24.1736em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Single Electronic Format (ESEF Re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:24.9655em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">gulation) has introduced a single elec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:25.7574em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">tronic reporting format for the annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:26.5493em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">financial statements of issuers with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:27.3411em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">securities listed on the EU regulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:28.133em;"><span class="stl_298 stl_16 stl_214">markets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:29.7161em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">The applied tagging by the Group has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:30.508em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">been prepared in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:31.2999em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">ESEF taxonomy included in the ESEF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:32.0918em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">regulation and developed based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:32.8836em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the IFRS taxonomy published by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:33.6755em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">IFRS Foundation. The Annual Report  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:34.4674em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">submitted to the Danish Financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:35.2593em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">Supervisory Authority consists of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:36.0511em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">XHTML document together with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:36.843em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">technical files included in the ZIP file  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:37.6349em;"><span class="stl_298 stl_16 stl_498">nkt-2024-12-31-en.zip.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:12.5119em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.1407em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Apart from the more general Account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.9326em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">ing policy items presented to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.7244em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">left, specific accounting policies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.5163em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">included in the notes to which they  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.3082em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">relate in order to facilitate a better  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.1001em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">understanding of the contents and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.8919em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">accounting treatment applied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_142" style="word-spacing:0.3777em;">1.2 Implementation</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.483em;top:8.9083em;"><span class="stl_801 stl_33 stl_216" style="word-spacing:-0.0215em;">of new and amended accounting standards and interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7024em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">New standards, interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4943em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0369em;">and amendments adopted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2861em;"><span class="stl_338 stl_21 stl_250" style="word-spacing:-0.0414em;">by NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">As of 1 January 2024, NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">adopted all relevant new or revised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_188">IFRS</span><sup style="top: -0.2092em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Accounting Standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.4463em;"><span class="stl_298 stl_16 stl_60">IFRIC</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Interpretations with effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:16.238em;z-index:289;"><span class="stl_298 stl_16 stl_324" style="word-spacing:-0.0192em;">date 1 January 2024 or earlier.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:17.8211em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">The new or revised standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:18.613em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">interpretations did not affect recogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:19.4049em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">tion and measurement materially nor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.1968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">did they result in any material changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.9886em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">to disclosures in the notes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:22.5718em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">Apart from this, the annual report is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:23.3636em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">presented in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1555em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">accounting policies applied in previ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9474em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">ous years’ annual reports.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5368em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">New standards, interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.3286em;"><span class="stl_338 stl_21 stl_59" style="word-spacing:-0.0348em;">and amendments not yet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1205em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0363em;">adopted by NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9061em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">IASB has issued a number of new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.698em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or amended accounting standards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:30.4899em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">and interpretations, some of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.2818em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">are not yet endorsed by the EU, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0736em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">which are not mandatory for reporting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8655em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0226em;">periods ending at 31 December 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6574em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">The NKT Group expects to implement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4493em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">these new and amended standards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2411em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">when they become mandatory.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:10.6999em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">Apart from IFRS 18 Presentation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:11.4918em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Disclosure in Financial Statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:12.2836em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">none of the standards and interpreta-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:13.0755em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">tions are expected to have a material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:13.8674em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">impact on the NKT Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:15.4505em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">The group’s assessment of the impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:16.2424em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0239em;">of IFRS 18 Presentation and Disclo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:17.0343em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">sure in Financial Statements (effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:17.8261em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">for annual periods beginning on or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:18.618em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">after 1 January 2027) is set out below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:20.2011em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0252em;">IFRS 18 will replace IAS 1 Presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:20.993em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">of financial statements, introducing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:21.7849em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">new requirements that will help to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:22.5768em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">achieve comparability of the finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:23.3686em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0335em;">cial performance of similar entities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:24.1605em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0207em;">Even though IFRS 18 will not impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:24.9524em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">the recognition or measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:25.7443em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">items in the financial statements, it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:26.5361em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">is expected to impact presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:27.328em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">and disclosure and in particular those  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:28.1199em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">related to the statement of financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:28.9118em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">performance and providing manage-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:29.7036em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0333em;">ment-defined performance measures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:30.4955em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">within the financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:32.0786em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Management is currently assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:32.8705em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the detailed implications of applying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:33.6624em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">the new standard on the group’s con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:34.4543em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">solidated financial statements. From  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:35.2461em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">the high-level preliminary assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:36.038em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">performed, the following potential  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:36.8299em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">impacts have been identified:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:10.972em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:10.6961em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">IFRS 18 introduces a defined struc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:11.488em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">ture for the statement of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:12.2799em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">loss. The structure is composed of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:13.0718em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">categories and required subtotals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:13.8636em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">Items in the statement of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:14.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">loss will need to be classified into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:15.4474em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">one of five categories: operating,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:16.2393em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">investing, financing, income taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:17.0311em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">and discontinued operations. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:17.823em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">main change regarding subto-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:18.6149em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0308em;">tals is the mandatory inclusion of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:19.4068em;z-index:2170;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">‘Operating profit or loss</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_276">A</span><span class="stl_298 stl_16 stl_34">dditional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:20.1986em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">subtotals can be presented in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:20.9905em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">statement of profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:22.571em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The group expects that grouping  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:22.8469em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:23.3629em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">items of income and expenses in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:24.1548em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">the statement of profit or loss into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:24.9467em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">the new categories will impact how  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:25.7385em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">operating profit will be calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:26.5304em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">and reported compared to the cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:27.3223em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">rent EBIT subtotal. From the high-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:28.1142em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">level impact assessment that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:28.906em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">group has performed, the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:29.6979em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">items might potentially impact the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:30.4898em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">new operating profit compared to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:31.2817em;z-index:2564;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">the current EBI</span><span class="stl_298 stl_16 stl_86">T</span><span class="stl_298 stl_16 stl_86">:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:32.8648em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:32.8648em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Foreign exchange differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:33.6567em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">currently included in financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:34.4485em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">items might need to be disag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:35.2404em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">gregated, with some foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:36.0323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">exchange gains or losses pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:36.8242em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">sented above operating profit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2129em;top:10.6992em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:10.6992em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">IFRS 18 has specific require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:11.491em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">ments on the category in which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:12.2829em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">derivative gains or losses are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:13.0748em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">recognised – which is the same  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:13.8667em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">category as the income and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:14.6585em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">expenses affected by the risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:15.4504em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">that the derivative is used to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:16.2423em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">manage. The group currently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:17.0342em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0343em;">recognises some gains or losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:17.826em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">in operating profit (currently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:18.6179em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">EBIT) and others in financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:19.4098em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">items, and there might be a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:20.2017em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">change to where these gains or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:20.9935em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">losses are recognised, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:21.7854em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">group is currently evaluating the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:22.5773em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">need for change.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2129em;top:24.1604em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:24.1604em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Share of profit from associated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:24.9523em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">companies currently included  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:25.7442em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">in EBIT needs to be presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:26.536em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">as part of the investing category  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:27.3279em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">below Operating profit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:28.9043em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">For management-defined perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:29.1802em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.6962em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">mance measures it will be required  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:30.488em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">to include new disclosures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:31.2799em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">reconciliations to IFRS specified  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:32.0718em;"><span class="stl_298 stl_16 stl_24">subtotals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:33.6542em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0223em;">From a cash flow statement per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:33.9301em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:34.4461em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">spective, there will be changes to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:35.2379em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">how interest received and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.0298em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">paid are presented. Interest paid  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.8217em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">will be presented as financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:10.6967em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">cash flows and interest received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:11.4886em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">as investing cash flows, which is a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:12.2804em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">change from current presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:13.0723em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">as part of operating cash flows.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:13.8642em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Furthermore, the cash flow state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:14.6561em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">ment will start with operating profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:15.4479em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0249em;">or loss instead of EBITDA.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.0311em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">The group will apply the new standard  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.8229em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">from its mandatory effective date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:18.6148em;z-index:3775;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">1 January 202</span><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_34">R</span><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">etrospective appli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:19.4067em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">cation is required, and so the com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.1986em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">parative information for the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.9904em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">year ending 31 December 2026 will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.7823em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0221em;">restated in accordance with IFRS 18.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_413" style="word-spacing:0.3955em;">1.3 Significant</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.238em;top:8.9083em;"><span class="stl_801 stl_33 stl_214" style="word-spacing:-0.0218em;">estimates and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.6961em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">When preparing this Annual Report,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">Management has made a number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">judgements in applying the account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ing policies, which form the basis for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">the recognition and measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">assets, liabilities and disclosures pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.4474em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">vided. Further, Management provides  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2393em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">significant estimates regarding future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.0311em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">developments. These are regularly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.823em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">reassessed based on historical expe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.6149em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">rience and other factors, which Man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.4068em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">agement assesses to be reliable, but  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.1986em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">which, by their nature, are associated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.9905em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">with uncertainty and unpredictability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.5736em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Significant estimates and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.3655em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">are predominantly applied in relation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.6986em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">to the recognition of revenue from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.4905em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">construction contracts, assessing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.2824em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">value of contract assets and liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.0743em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">and assessing the value of deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.8661em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">tax assets. These assumptions may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:14.658em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">prove incomplete or incorrect, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:15.4499em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">unexpected events or circumstances  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:16.2418em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">may arise, but the assumptions are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.0336em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">considered reasonable and reliable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.8255em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">under the circumstances.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:19.4086em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">From Management's perspective, the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.2005em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">following estimates and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.9924em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">are considered significant and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.7843em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">applied estimates and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:22.5761em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">are further described in the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:23.368em;"><span class="stl_298 stl_16 stl_430">notes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7025em;"><span class="stl_338 stl_21 stl_56" style="word-spacing:-0.0347em;">Presentation in the notes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2626em;top:12.512em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2626em;top:13.3039em;"><span class="stl_157 stl_33 stl_619" style="word-spacing:-0.0513em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:14.9326em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">A description of the significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:15.7245em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">judgements and estimates provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:16.5164em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">by Management are included in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.3083em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0227em;">respective notes to which they relate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.8757em;"><span class="stl_338 stl_21 stl_187">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:29.8757em;"><span class="stl_338 stl_21 stl_291" style="word-spacing:-0.0372em;">Significant estimate and judgement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4885em;top:29.8757em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Estimate/ Judgement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.756em;top:29.8757em;"><span class="stl_338 stl_21 stl_492" style="word-spacing:-0.0404em;">Impact assessment</span><sup style="top: -0.2081em;"><span class="stl_715 stl_21 stl_834" style="word-spacing:-0.0692em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.7448em;z-index:1141;"><span class="stl_298 stl_16 stl_356">2.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.2522em;top:31.7448em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">Segment information and revenue</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.408em;top:31.7448em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Determine revenue recognition for projects (PoC)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4885em;top:31.7448em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Judgement and estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.7107em;"><span class="stl_298 stl_16 stl_496">4.5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.2522em;top:32.7107em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Contract assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.7107em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">Valuation of construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4885em;top:32.7107em;"><span class="stl_298 stl_16 stl_429">Estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6767em;"><span class="stl_298 stl_16 stl_458">2.5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.2522em;top:33.6767em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:33.6767em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Valuation of deferred tax assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4885em;top:33.6767em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Judgement and estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:34.6423em;"><span class="stl_298 stl_16 stl_496">3.4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.252em;top:34.6423em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">Impairment of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.6423em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">Estimate the value-in-use of intangible and tangible long-term assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4882em;top:34.6423em;"><span class="stl_298 stl_16 stl_429">Estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:35.6082em;"><span class="stl_298 stl_16 stl_685">3.5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.252em;top:35.6082em;"><span class="stl_298 stl_16 stl_50">Provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.6082em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Determine likelihood and value of provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4883em;top:35.6082em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0296em;">Judgement and estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:36.5741em;z-index:1542;"><span class="stl_298 stl_16 stl_162">6</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_70">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.252em;top:36.5741em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">Aquisition of companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.5741em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">Determine value of acquired assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4883em;top:36.5741em;"><span class="stl_298 stl_16 stl_429">Estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:37.5401em;z-index:1620;"><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_31">.</span><span class="stl_298 stl_16 stl_31">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.252em;top:37.5401em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">Contingent liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.5401em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">Determine recognition and measurement of obligations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4883em;top:37.5401em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0296em;">Judgement and estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:38.7629em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1988em;">1 </span></sup><span class="stl_98 stl_16 stl_250" style="word-spacing:-0.0415em;">The numbers of boxes in the above assessment indicate the level of estimates and judgment applied, where five being the highest.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.409em;top:8.9138em;"><span class="stl_801 stl_33 stl_264" style="word-spacing:0.5102em;">1.1 Material</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.182em;top:8.9138em;"><span class="stl_801 stl_33 stl_68" style="word-spacing:-0.0167em;">Accounting Policy Information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:10.7024em;"><span class="stl_338 stl_21 stl_78">Introduction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:11.488em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">The 2024 Annual Report for NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:12.2799em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Group, comprising both the consol-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0718em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">idated financial statements for NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8636em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">A/S and its subsidiaries (NKT Group),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6555em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">as well as the separate financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4474em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0209em;">statements for the parent company,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2393em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">has been prepared in accordance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0311em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">with IFRS Accounting Standards, as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.823em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">adopted by the EU and additional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6149em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Danish disclosure requirements for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.4068em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">annual reports for listed companies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.9899em;"><span class="stl_298 stl_16 stl_104" style="word-spacing:-0.0409em;">The Annual Report has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.7818em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">approved by the Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5736em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">and Executive Management on 21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.3655em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">February 2025, and will be presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1574em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">for approval by the shareholders at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9493em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">Annual General Meeting on 19 March  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7411em;"><span class="stl_298 stl_16 stl_29">2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3305em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">Basis for preparation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.1161em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">The Annual Report is presented in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.908em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">EUR rounded to the nearest EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.6999em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">1,000,000. The Annual Report is pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:30.4918em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">pared according to the historical cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.2836em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">principle with the exception that deri-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.0755em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">vatives and financial instruments, clas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.8674em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">sified as fair value through profit loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.6593em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">(FVTPL), are measured at fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2424em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0335em;">The accounting policies described  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.0343em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">below and in the individual sections  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.8261em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">have been applied consistently during  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.618em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">the financial year and for the com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:10.7018em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">parative figures. For standards imple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:11.4936em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">mented prospectively, the compara-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:12.2855em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">tive figures have not been restated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:13.8749em;"><span class="stl_338 stl_21 stl_59" style="word-spacing:-0.0347em;">Principles of consolidation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:14.6605em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">The consolidated financial statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:15.4524em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">comprise the financial statements of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:16.2443em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">the parent company (NKT A/S) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.0361em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">the individual subsidiaries’ financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.828em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">statements prepared according to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:18.6199em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">NKT Group’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:19.4118em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Subsidiaries are fully consolidated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.2036em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">from the date of acquisition, being the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.9955em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">date on which NKT obtains control,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.7874em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0286em;">until the date that such control ceases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:23.3705em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">All intercompany balances, income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.1624em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">and expenses, unrealised gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.9543em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">losses and dividends resulting from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:25.7461em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">intercompany transactions are elimi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:26.538em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">nated in full.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.1274em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">Foreign currency translation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.913em;z-index:1992;"><span class="stl_298 stl_16 stl_686">T</span><span class="stl_298 stl_16 stl_42">r</span><span class="stl_298 stl_16 stl_132" style="word-spacing:0.004em;">ansactions in foreign currencies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:29.7049em;"><span class="stl_298 stl_16 stl_596" style="word-spacing:0.0023em;">initially recognised in the Group entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:30.4968em;"><span class="stl_298 stl_16 stl_596" style="word-spacing:0.0024em;">at their respective functional currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:31.2886em;"><span class="stl_298 stl_16 stl_485" style="word-spacing:0.0013em;">rates prevailing at the date of the trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.0805em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">action. Monetary assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.8724em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:0.0039em;">denominated in foreign currencies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:33.6643em;"><span class="stl_298 stl_16 stl_398" style="word-spacing:0.0013em;">translated at the functional currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:34.4561em;"><span class="stl_298 stl_16 stl_788" style="word-spacing:0.0016em;">spot rate at the reporting date. All  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:35.248em;"><span class="stl_298 stl_16 stl_355" style="word-spacing:0.003em;">adjustments are recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:36.0399em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:10.7068em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">Non-monetary items that are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:11.4986em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">ured at historical cost in a foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:12.2905em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">currency are translated using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:13.0824em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">exchange rates at the dates of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:13.8743em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">initial transactions. Non-monetary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:14.6661em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0237em;">items measured at fair value in a for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:15.458em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">eign currency are translated using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:16.2499em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0237em;">exchange rates at the date when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:17.0418em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">fair value is determined.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:18.6249em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">The assets and liabilities of foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:19.4168em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">subsidiaries are translated into EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:20.2086em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">at the rate of exchange prevailing at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:21.0005em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">the reporting date, and their income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:21.7924em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0239em;">statements are translated at average  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:22.5843em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">exchange rates. Exchange rate adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:23.3761em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ments arising on translation are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:24.168em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">nised in other comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:24.9599em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">On disposal of a foreign operation, the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:25.7518em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">component of other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:26.5436em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">income relating to that operation is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:27.3355em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">recognised in the income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:28.9249em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Alternative performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:29.7168em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0357em;">measures (APMs)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:30.5024em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">The consolidated financial statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:31.2943em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.0367em;">include financial performance meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:32.0861em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">ures that are not defined according to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:32.878em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">IFRS Accounting Standards.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:34.4611em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">These measures are considered to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:35.253em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">provide valuable information to stake-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:36.0449em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">holders and Management. Since other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:36.8368em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">companies might calculate these  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:37.6286em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">differently from NKT Group, they may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:10.7124em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">not be comparable to the measures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:11.5043em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">applied by NKT Group. These financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:12.2961em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">measures should therefore not be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:13.088em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">considered a replacement for perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:13.8799em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">mance measures as defined under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:14.6718em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">IFRS Accounting Standards, but  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:15.4636em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0315em;">rather as supplementary information.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:16.2555em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">Alternative performance measures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:17.0474em;z-index:3516;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">are defined in note </span><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_162">.</span><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">5 Definitions in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:17.8393em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">more detail and some are reconciled  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:18.6311em;z-index:3583;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0188em;">to IFRS measures in note 2</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">1 </span><span class="stl_298 stl_16 stl_34">S</span><span class="stl_298 stl_16 stl_59">egment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:19.423em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">information and revenue.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:21.0124em;"><span class="stl_338 stl_21 stl_99" style="word-spacing:-0.0402em;">Reporting under the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:21.8043em;"><span class="stl_338 stl_21 stl_53" style="word-spacing:-0.0358em;">ESEF regulation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:22.5899em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">The Commission Delegated Regula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:23.3818em;"><span class="stl_298 stl_16 stl_612" style="word-spacing:-0.0057em;">tion (EU) 2019/815 on the European  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:24.1736em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Single Electronic Format (ESEF Re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:24.9655em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">gulation) has introduced a single elec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:25.7574em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">tronic reporting format for the annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:26.5493em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">financial statements of issuers with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:27.3411em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">securities listed on the EU regulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:28.133em;"><span class="stl_298 stl_16 stl_214">markets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:29.7161em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">The applied tagging by the Group has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:30.508em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">been prepared in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:31.2999em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">ESEF taxonomy included in the ESEF  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:32.0918em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">regulation and developed based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:32.8836em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the IFRS taxonomy published by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:33.6755em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">IFRS Foundation. The Annual Report  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:34.4674em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">submitted to the Danish Financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:35.2593em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">Supervisory Authority consists of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:36.0511em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">XHTML document together with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:36.843em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">technical files included in the ZIP file  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.552em;top:37.6349em;"><span class="stl_298 stl_16 stl_498">nkt-2024-12-31-en.zip.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:12.5119em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.1407em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Apart from the more general Account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.9326em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">ing policy items presented to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.7244em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">left, specific accounting policies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.5163em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">included in the notes to which they  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.3082em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">relate in order to facilitate a better  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.1001em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">understanding of the contents and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.8919em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">accounting treatment applied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_142" style="word-spacing:0.3777em;">1.2 Implementation</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.483em;top:8.9083em;"><span class="stl_801 stl_33 stl_216" style="word-spacing:-0.0215em;">of new and amended accounting standards and interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7024em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">New standards, interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4943em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0369em;">and amendments adopted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2861em;"><span class="stl_338 stl_21 stl_250" style="word-spacing:-0.0414em;">by NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">As of 1 January 2024, NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">adopted all relevant new or revised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_188">IFRS</span><sup style="top: -0.2092em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Accounting Standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.4463em;"><span class="stl_298 stl_16 stl_60">IFRIC</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Interpretations with effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:16.238em;z-index:289;"><span class="stl_298 stl_16 stl_324" style="word-spacing:-0.0192em;">date 1 January 2024 or earlier.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:17.8211em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">The new or revised standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:18.613em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">interpretations did not affect recogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:19.4049em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">tion and measurement materially nor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.1968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">did they result in any material changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.9886em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">to disclosures in the notes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:22.5718em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">Apart from this, the annual report is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:23.3636em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">presented in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1555em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">accounting policies applied in previ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9474em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">ous years’ annual reports.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5368em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">New standards, interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.3286em;"><span class="stl_338 stl_21 stl_59" style="word-spacing:-0.0348em;">and amendments not yet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1205em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0363em;">adopted by NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9061em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">IASB has issued a number of new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.698em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or amended accounting standards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:30.4899em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">and interpretations, some of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.2818em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">are not yet endorsed by the EU, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0736em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">which are not mandatory for reporting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8655em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0226em;">periods ending at 31 December 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6574em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">The NKT Group expects to implement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4493em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">these new and amended standards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2411em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">when they become mandatory.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:10.6999em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">Apart from IFRS 18 Presentation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:11.4918em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Disclosure in Financial Statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:12.2836em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">none of the standards and interpreta-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:13.0755em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">tions are expected to have a material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:13.8674em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">impact on the NKT Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:15.4505em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">The group’s assessment of the impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:16.2424em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0239em;">of IFRS 18 Presentation and Disclo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:17.0343em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">sure in Financial Statements (effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:17.8261em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">for annual periods beginning on or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:18.618em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">after 1 January 2027) is set out below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:20.2011em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0252em;">IFRS 18 will replace IAS 1 Presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:20.993em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">of financial statements, introducing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:21.7849em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">new requirements that will help to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:22.5768em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">achieve comparability of the finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:23.3686em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0335em;">cial performance of similar entities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:24.1605em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0207em;">Even though IFRS 18 will not impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:24.9524em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">the recognition or measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:25.7443em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">items in the financial statements, it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:26.5361em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">is expected to impact presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:27.328em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">and disclosure and in particular those  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:28.1199em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">related to the statement of financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:28.9118em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">performance and providing manage-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:29.7036em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0333em;">ment-defined performance measures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:30.4955em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">within the financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:32.0786em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Management is currently assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:32.8705em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the detailed implications of applying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:33.6624em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">the new standard on the group’s con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:34.4543em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">solidated financial statements. From  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:35.2461em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">the high-level preliminary assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:36.038em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">performed, the following potential  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:36.8299em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">impacts have been identified:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:10.972em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:10.6961em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">IFRS 18 introduces a defined struc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:11.488em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">ture for the statement of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:12.2799em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">loss. The structure is composed of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:13.0718em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">categories and required subtotals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:13.8636em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">Items in the statement of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:14.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">loss will need to be classified into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:15.4474em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">one of five categories: operating,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:16.2393em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">investing, financing, income taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:17.0311em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">and discontinued operations. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:17.823em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">main change regarding subto-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:18.6149em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0308em;">tals is the mandatory inclusion of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:19.4068em;z-index:2170;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">‘Operating profit or loss</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_276">A</span><span class="stl_298 stl_16 stl_34">dditional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:20.1986em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">subtotals can be presented in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:20.9905em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">statement of profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:22.571em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The group expects that grouping  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:22.8469em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:23.3629em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">items of income and expenses in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:24.1548em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">the statement of profit or loss into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:24.9467em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">the new categories will impact how  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:25.7385em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">operating profit will be calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:26.5304em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">and reported compared to the cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:27.3223em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">rent EBIT subtotal. From the high-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:28.1142em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">level impact assessment that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:28.906em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">group has performed, the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:29.6979em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">items might potentially impact the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:30.4898em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">new operating profit compared to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:31.2817em;z-index:2564;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">the current EBI</span><span class="stl_298 stl_16 stl_86">T</span><span class="stl_298 stl_16 stl_86">:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:32.8648em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:32.8648em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Foreign exchange differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:33.6567em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">currently included in financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:34.4485em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">items might need to be disag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:35.2404em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">gregated, with some foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:36.0323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">exchange gains or losses pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:36.8242em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">sented above operating profit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2129em;top:10.6992em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:10.6992em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">IFRS 18 has specific require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:11.491em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">ments on the category in which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:12.2829em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">derivative gains or losses are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:13.0748em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">recognised – which is the same  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:13.8667em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">category as the income and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:14.6585em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">expenses affected by the risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:15.4504em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">that the derivative is used to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:16.2423em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">manage. The group currently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:17.0342em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0343em;">recognises some gains or losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:17.826em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">in operating profit (currently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:18.6179em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">EBIT) and others in financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:19.4098em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">items, and there might be a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:20.2017em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">change to where these gains or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:20.9935em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">losses are recognised, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:21.7854em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">group is currently evaluating the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:22.5773em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">need for change.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2129em;top:24.1604em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:24.1604em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Share of profit from associated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:24.9523em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">companies currently included  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:25.7442em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">in EBIT needs to be presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:26.536em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">as part of the investing category  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:27.3279em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">below Operating profit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:28.9043em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">For management-defined perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:29.1802em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.6962em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">mance measures it will be required  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:30.488em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">to include new disclosures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:31.2799em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">reconciliations to IFRS specified  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:32.0718em;"><span class="stl_298 stl_16 stl_24">subtotals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:33.6542em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0223em;">From a cash flow statement per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:33.9301em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:34.4461em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">spective, there will be changes to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:35.2379em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">how interest received and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.0298em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">paid are presented. Interest paid  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.8217em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">will be presented as financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:10.6967em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">cash flows and interest received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:11.4886em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">as investing cash flows, which is a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:12.2804em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">change from current presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:13.0723em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">as part of operating cash flows.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:13.8642em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Furthermore, the cash flow state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:14.6561em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">ment will start with operating profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:15.4479em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0249em;">or loss instead of EBITDA.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.0311em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">The group will apply the new standard  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.8229em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">from its mandatory effective date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:18.6148em;z-index:3775;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">1 January 202</span><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_34">R</span><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">etrospective appli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:19.4067em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">cation is required, and so the com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.1986em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">parative information for the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.9904em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">year ending 31 December 2026 will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.7823em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0221em;">restated in accordance with IFRS 18.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2602em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0891em;"><span class="stl_157 stl_33 stl_292" style="word-spacing:-0.0491em;">Segment information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.8847em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">The segment information is based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:14.6766em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">internal management reporting and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:15.4685em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">is presented in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:16.2604em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0224em;">Group’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.8435em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">Segment income and expenses and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:18.6354em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">segment working capital comprise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:19.4272em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">those items that are directly attribut-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:20.2191em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">able to the individual segment and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.011em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">those items that can be reliably allo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.8029em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">cated to it. Other items are shown as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:22.5947em;"><span class="stl_298 stl_16 stl_187">non-allocated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.1779em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">The operating segments are generally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.9697em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">referred to as business lines. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:25.7616em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">business lines consist of Solutions,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:26.5535em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">Applications and Service &amp; Accesso-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:27.3454em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">ries. For further details please refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:28.1373em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the Business review section of each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:28.9291em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">business line in Management's review.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:29.721em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">The Board of Directors assesses the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:30.5129em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">operating results of the business lines  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:31.3048em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">separately to enable decisions con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.0966em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">cerning allocation of resources and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.8885em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">measurement of performance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:34.4716em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">Revenue from goods and short-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:35.2635em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">service contracts (less than three  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.0554em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">months) are recognised at a point in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.8473em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">time while revenue from construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:37.6391em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">contracts and long-term service con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:38.431em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">tracts are recognised over time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.0979em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">Other operating income comprises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.8898em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">items of a secondary nature relative to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.6816em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">the operations of the Group, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.4735em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0335em;">grant schemes, reimbursements and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:16.2654em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">gains on sale of non-current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.8485em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">Costs of raw materials, consumables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.6404em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">and goods for resale refer to pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4323em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">chases and changes during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">in inventory levels, including shrink-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.016em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">age, waste production and any write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.8079em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">downs for obsolescence.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:23.391em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Other costs comprise external costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1829em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0281em;">relating to production, sale and admin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.9748em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">istration, as well as losses on disposal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7666em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">of tangible and intangible assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.5585em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Write-downs of receivables from sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3504em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">are also included.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.9335em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">Revenue from construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:29.7254em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">with customers with a high degree of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:30.5173em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">individual customisation and no alter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:31.3091em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">native use, are recognised as revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.101em;"><span class="stl_298 stl_16 stl_277" style="word-spacing:-0.0288em;">over time, provided that NKT Group has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.8929em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">secured an enforceable right to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:33.6848em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ment for work performed at any time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:34.4766em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">The revenue therefore corresponds to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:35.2685em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">the sales price of work performed dur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.0604em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">ing the year (the percentage-of-com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.8523em;"><span class="stl_298 stl_16 stl_134" style="word-spacing:-0.0217em;">pletion method). See note 4.5 Contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:37.6441em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0322em;">assets and liabilities for further informa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:38.436em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0301em;">tion concerning construction contracts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:13.1029em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Revenue from sale of goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:13.8948em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">and finished goods is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:14.6866em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">the income statement when control  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:15.4785em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">of the goods has transferred to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:16.2704em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">buyer, normally at delivery, and it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.0623em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">is probable that the income will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.8541em;"><span class="stl_298 stl_16 stl_164">received.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:19.4373em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Revenue from services that include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.2291em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">service packages and extended war-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.021em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">ranties relating to products and con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.8129em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">tracts is recognised over time with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:22.6048em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">supply of those services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:24.1879em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Revenue is measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:24.9798em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">value of the expected consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:25.7716em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.02em;">excluding VAT and taxes charged on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:26.5635em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">behalf of third parties. In determin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:27.3554em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">ing the transaction price, revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:28.1473em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">reduced by probable penalties and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:28.9391em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">other claims and discounts that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:29.731em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0251em;">payments to the customers. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:30.5229em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">transaction price is further adjusted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:31.3148em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">any variable elements of the transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:32.1066em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">tion price. The variable amount is esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:32.8985em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">mated at contract inception and revis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:33.6904em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">ited throughout the contract period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:34.4823em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Variable income is recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:35.2741em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">revenue when it is highly probable that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:36.066em;z-index:3272;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">a significant reversal will not occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.1141em;"><span class="stl_338 stl_21 stl_246">Projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.8998em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Revenue from the sale of cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:14.6916em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">jects accounted for as construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:15.4835em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">contracts comprises sale of onshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:16.2754em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">and offshore highly customised cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.0673em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">in Solutions, and delivery of highly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.8591em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">customised spare cables in Service.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:19.4423em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Projects are usually significant in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:20.2341em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">amount, have a long lead time affect-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.026em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">ing the financial statements of more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.8179em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">reporting periods, and have a high  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:22.6098em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">degree of project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.1929em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">Each project is normally considered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.9848em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">one performance obligation as each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:25.7766em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">project comprises highly interrelated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:26.5685em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">and interdependent physical assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:27.3604em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">and services, such as production,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:28.1523em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">installation and project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:29.7354em;"><span class="stl_298 stl_16 stl_80" style="word-spacing:-0.0213em;">However, depending on the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:30.5273em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">structure, the performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:31.3191em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">may consist of more than one con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:32.111em;"><span class="stl_298 stl_16 stl_97">tract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:33.6941em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Cable projects are often sold as fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:34.486em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">price contracts and revenue from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:35.2779em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">these are therefore recognised over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.0698em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">time by applying the percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.8616em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0233em;">completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:10.7358em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">Payment terms of a cable project con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:11.5276em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">tract usually comprise the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.3195em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:13.9022em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Prepayment from the customer at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:14.178em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:14.694em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">contract inception,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:15.4855em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">progress payments, linked to pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.7614em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:16.2774em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">ject milestones,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.0688em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">final payment upon completion and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:17.3447em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.8607em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">customer acceptance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:19.4438em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">NKT Group will usually obtain pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:20.2357em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ment guarantees to minimise counter  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.0276em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">party risk during the execution of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.8194em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">cable projects.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:23.4088em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0395em;">Sale of products  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.1944em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">Sale of products relates to the sale of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.9863em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">smaller less customised cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:25.7782em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">jects, standardised cables and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:26.5701em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">ment. Small cable projects with little or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:27.3619em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">no customisation usually have a short  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.1538em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0235em;">lead time of less than one year. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.9457em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">delivered product is considered one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:29.7376em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">performance obligation. Most of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:30.5294em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">products are sold at a fixed price and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:31.3213em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">revenue is usually recognised at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.1132em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">point in time when the control of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.9051em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">products transfers to the customers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:33.697em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">usually upon delivery.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:35.2801em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">For standardised products, NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.072em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Group is usually entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.8638em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">ment upon delivery, and payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:37.6557em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">terms vary by market but are usually  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:38.4476em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">between 0-60 days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:10.7457em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Service contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:11.5313em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">Service contracts comprise various  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:12.3232em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">service elements to support power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.1151em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">cable efficiency and prevent or mit-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.907em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">igate power cable failures and can  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:14.6988em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">include up to round-the-clock, 365  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:15.4907em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">days/year support. Service delivered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:16.2826em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">according to the contracts is consid-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.0745em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">ered as one performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.8663em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">delivered over time. Revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:18.6582em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">accordingly recognised over the life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:19.4501em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the contract using the the percentage  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:20.242em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">of completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.0338em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">NKT Group is either entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.8257em;"><span class="stl_298 stl_16 stl_669" style="word-spacing:-0.0376em;">ment once the service has been pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:22.6176em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">vided or on a periodic basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.2007em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Spare parts and other repair work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.9926em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">contracts are determined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:25.7845em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:26.5763em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">price is usually variable, depending on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:27.3682em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">the produced output, and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.1601em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">recognised over time, using the cost-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.952em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">to-cost method. In case of significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:29.7438em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uncertainties related to measuring the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:30.5357em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">revenue reliably, revenue is recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:31.3276em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">according to payments. NKT Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.1195em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">entitled to payment once the work or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.9113em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">spare parts are delivered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:34.4945em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Providing new highly customised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:35.2863em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">spare cables is defined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.0782em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.8701em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">price is usually fixed and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:37.662em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">typically recognised over time using  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:38.4538em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">the percentage of completion cost-to-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:10.7457em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0189em;">cost method. However, if the produc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:11.5376em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">tion time is less than one month, reve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:12.3295em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">nue is recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:13.9126em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The payment pattern for spare cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:14.7045em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">is similar to the pattern for cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:15.4963em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">jects described above and NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:16.2882em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">will usually obtain payment guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.0801em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">to minimise the risk during the execu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.872em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">tion of the cable project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:12.2744em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.9031em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">Staff costs comprise wages and sal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.695em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">aries, remuneration, pensions, etc.,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4869em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">and share-based payment for NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2787em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Group's employees, including Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.0706em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">Management. The Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8625em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">does not receive share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6544em;"><span class="stl_298 stl_16 stl_52">ment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2375em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">Wages and salaries, social security  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.0294em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">contributions, leave and sick leave,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8212em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">bonuses and non-monetary benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.6131em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">are recognised in the financial year in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.405em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">which services are rendered by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.1969em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0327em;">employee. When NKT provides long-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.9887em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">term employee benefits, the costs are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.7806em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">accrued to match the rendering of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.5725em;"><span class="stl_298 stl_16 stl_517">services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.1556em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">Termination benefits are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.9475em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">when an agreement has been reached  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:29.7394em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">between NKT and the employee and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.5312em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">no future service is rendered by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:31.3231em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">employee in exchange for the benefits.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:24.6511em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.2799em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">The share-based payments contain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.0717em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">internal performance measures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.8636em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">external market return measures. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">the grant date the value of services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.4474em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">received in exchange for share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.2392em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">payments are measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.0311em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">value. The fair value of share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.823em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">payments is estimated using a valu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.6149em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">ation model that takes into account  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.4067em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the terms and conditions upon which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.1986em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">granting took place. During the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.2817em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">period, the costs related to the plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0736em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">are recognised as staff costs and an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.8655em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">equal amount is recognised in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.6574em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">For the internal performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.4492em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">costs are recognised over the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.2411em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">period based on the number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.033em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">expected to vest, whereas for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.8249em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">market return elements, costs are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.6167em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ognised over the vesting period disre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.4086em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">garding any changes in the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.2005em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">shares expected to vest.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:21.8276em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.4564em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">Research costs are expensed in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.2483em;z-index:384;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0216em;">income statement as they occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.0401em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0343em;">Clearly defined and identifiable devel-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.832em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">opment projects are recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.6239em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">intangible assets provided that certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.457em;z-index:515;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">requirements are met refer to note 3</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_70">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.2489em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">Intangible assets. Other development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.0408em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">costs are expensed in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.8326em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">statement as incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:10.9982em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.6332em;"><span class="stl_338 stl_21 stl_77" style="word-spacing:-0.0434em;">Current income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.4189em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">x for the period, consists of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.2107em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">year’s current tax, change in deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.0026em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">tax and adjustments related to previ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.7945em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">ous years. Tax for the period is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.5864em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">nised in the income statement includ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.3782em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ing the effect of coupon payments on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.1701em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0224em;">the hybrid capital. Tax relating to other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.962em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">items is recognised in other compre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.7539em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">hensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.337em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Current tax payable and receivable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.1289em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">is recognised in the balance sheet as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.9207em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">tax estimated on taxable income for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.7126em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">the year, adjusted for tax on taxable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.5045em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">income for previous years and for tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.2964em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">paid on account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.8857em;"><span class="stl_338 stl_21 stl_443" style="word-spacing:-0.0482em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.6714em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Deferred tax is measured according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.4632em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">to the balance sheet liability method  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.2551em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0384em;">on all temporary differences between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.047em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">the carrying amount and the tax base  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.8389em;z-index:3107;"><span class="stl_298 stl_16 stl_192" style="word-spacing:-0.0202em;">of assets and liabilities. However,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.6307em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">deferred tax is not recognised on tax-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.4226em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">able temporary differences relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.2145em;"><span class="stl_298 stl_16 stl_291" style="word-spacing:-0.0371em;">goodwill and on temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.0064em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">arising on the initial recognition of an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.7982em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">asset and liability which affects neither  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:35.5901em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">accounting profit nor taxable income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.382em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">and does not result in a deductible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.1739em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0383em;">and taxable temporary difference  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.9657em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0225em;">of the same amount. Where alter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:10.2722em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">native taxation rules can be applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:11.0641em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">to determine the tax base, deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:11.856em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">tax is measured according to Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:12.6479em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">Management’s planned use of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:13.4397em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">assets or settlement of the liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:14.2316em;"><span class="stl_298 stl_16 stl_61">respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:15.8147em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">Deferred tax assets, including the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:16.6066em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">tax base of tax losses allowed for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:17.3985em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">carry forward, are recognised at their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:18.1904em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">expected utilisation value within the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:18.9822em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">foreseeable future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:20.5654em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">Deferred tax assets and tax liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:21.3572em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">are offset if the company has a legal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:22.1491em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">right to offset current tax assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:22.941em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">liabilities and intends to settle current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:23.7329em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">tax assets and liabilities on a net basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:24.5247em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">or to realise the assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:25.3166em;"><span class="stl_298 stl_16 stl_62">simultaneously.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Goodwill is initially recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">balance sheet at cost. Subsequently,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">goodwill is measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">accumulated impairment losses and is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">not amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8435em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6354em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">allocated to NKT Group’s cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:19.4272em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">erating units at the acquisition date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Cash-generating units are based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">the managerial structure and inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">nal financial control. As a result of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">the integration of acquisitions in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">existing NKT Group, and identifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1785em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">tion of operating segments based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9704em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the presence of segment managers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:25.7623em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Group Management finds that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">smallest cash-generating units to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.346em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">which the carrying amount of goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1379em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">can be allocated during testing for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9298em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">impairment are identical to the operat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.7216em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">ing segments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Other intangible assets, which include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0966em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">IT software, trademarks, patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8885em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">licences, are measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6804em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">accumulated amortisation and impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4723em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0355em;">ment losses and are amortised on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2641em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">straight-line basis over the remaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.056em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">patent or contract period or the useful  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.8479em;z-index:944;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0218em;">life, whichever is the shorter.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0979em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Expected useful life is determined as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8898em;"><span class="stl_298 stl_16 stl_231">follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4729em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0156em;">Trademarks, patents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2648em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and licences, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1832em;top:16.2648em;z-index:1020;"><span class="stl_298 stl_16 stl_300">3</span><span class="stl_298 stl_16 stl_683">-</span><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0566em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4407em;top:17.0566em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">3-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8485em;"><span class="stl_298 stl_16 stl_254">Completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6404em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.467em;top:18.6404em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0193em;">2-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">Intangible assets under development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0154em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">consists of clearly defined and iden-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8073em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">tifiable development projects where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5991em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">the following requirements are met:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.391em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">The technical feasibility, adequacy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1829em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">of resources and a potential future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9748em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">market can be demonstrated, it is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7666em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">intended to manufacture, market or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.5585em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">utilise the project, the cost can be reli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3504em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ably determined, and there is reason-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.1423em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">able certainty that the future earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9341em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or net selling prices can cover the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.726em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">carrying amount as well as the devel-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:30.5179em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">opment costs necessary to finalise the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3098em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">project as incurred. Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1016em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">under development are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.8935em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">cost less accumulated impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.6854em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">losses. The cost includes wages,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4773em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">amortisation and other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2691em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">to the Group’s development activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.061em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">On completion the development work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.8529em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">is transferred to Development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6448em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">completed or IT software.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0299em;">Property, plant and equipment are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">measured at cost less accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">depreciation and impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2597em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0336em;">The cost comprises the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0516em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0308em;">price and any costs directly attributa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8435em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.0269em;">ble to the acquisition. Borrowing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.6354em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0296em;">directly attributable to assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4272em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.03em;">construction with a lengthy construc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2191em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0314em;">tion period are recognised in costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.011em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0319em;">during the construction period. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8029em;"><span class="stl_298 stl_16 stl_429" style="word-spacing:-0.0281em;">cost of self-constructed assets com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0288em;">prises costs of materials, components,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0294em;">subcontractors and wages. The cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0286em;">is supplemented by the present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0253em;">of estimated liabilities related to dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0303em;">mantling and removing the asset and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0274em;">restoring the site on which the asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0254em;">was utilised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9291em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0216em;">Subsequent costs, e.g. relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.721em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">replacement of parts of an item of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5129em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">property, plant and equipment, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3048em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">recognised in the carrying amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0966em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">the asset if it is probable that the costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8885em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">will result in future economic benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6804em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">for the Group. All other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4723em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">to ordinary repair and maintenance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:35.2641em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">are recognised in the income state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.056em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">ment as incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">Depreciation is done on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">basis over the expected useful life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:14.6816em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">the assets, as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_155">Buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5472em;top:16.2648em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.011em;">10 – 50 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Manufacturing plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_606" style="word-spacing:-0.0402em;">and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8747em;top:17.8485em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">4 – 20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">Fixtures, fittings, tools  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.9053em;top:19.4323em;"><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">3 – 15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_212">Vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8822em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_77">Land  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7722em;top:21.016em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">not depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5991em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">If individual parts of an item of prop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.391em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">erty, plant and equipment have differ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1829em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ent useful lives, they are depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9748em;"><span class="stl_298 stl_16 stl_97">separately.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5579em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">The basis of depreciation is calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3498em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">according to the residual value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1416em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">impairment losses. The residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9335em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">is determined at the acquisition date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.7254em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and reviewed annually. If the residual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5173em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">value exceeds the carrying amount,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3091em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">depreciation is discontinued.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:13.3279em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.9566em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">Leases are recognised as a right-of-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.7485em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0349em;">use asset and a corresponding liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.5404em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">at the date at which the leased asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.3323em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">is available for use by the group. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.1241em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">lease payment is allocated between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.916em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">the liability and finance cost. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.7079em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">finance cost is charged to profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.4998em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">loss over the lease period. The right-of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.2916em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">use asset is depreciated over the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.0835em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">shorter of the asset's useful life and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.8754em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">the lease term on a straight-line basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.6673em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Assets and liabilities arising from a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.4591em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">lease are initially measured at present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.251em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">value. Lease liabilities include the net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.0429em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">present value of the following lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.8348em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:28.6908em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:28.4149em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">fixed payments (including in-sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.2068em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">stance fixed payments), less any  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.9987em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">lease incentives receivable,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:30.7899em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">variable lease payment that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:31.0658em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:31.5818em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">based on an index or a rate,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:14.9567em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">amounts expected to be payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.2326em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:15.7486em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">by the lessee under residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:16.5404em;"><span class="stl_298 stl_16 stl_94">guarantees,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.6076em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:17.3317em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">the exercise price of a purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.1236em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">option if the lessee is reasonably  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.9154em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">certain to exercise that option, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:19.7067em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">payments of penalties for termi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.9826em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:20.4986em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">nating the lease, if the lease term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:21.2904em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">reflects the lessee exercising that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:22.0823em;"><span class="stl_298 stl_16 stl_198">option.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:24.4573em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">The lease payments are discounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:25.2492em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">using the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:26.0411em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">lease. If that rate cannot be deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:26.8329em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">mined, the lessee’s incremental  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:27.6248em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">borrowing rate is used, being the rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:28.4167em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">that the lessee would have to pay to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:29.2086em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">borrow the funds necessary to obtain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:30.0004em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">an asset of similar value in a similar  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:30.7923em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">economic environment with similar  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:31.5842em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">terms and conditions. Right-of-use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5986em;top:14.9592em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">assets are measured at cost, compris-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5986em;top:15.7511em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.0231em;">ing the following:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:17.6075em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:17.3316em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">the amount of the initial measure-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:18.1235em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">ment of lease liability,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:19.1908em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:18.9149em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">any lease payments made at or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:19.7068em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">before the commencement date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:20.4987em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">less any lease incentives received,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:21.2899em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">any initial direct costs, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:21.5658em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:22.3575em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:22.0816em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">restoration costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:24.4566em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Payments associated with short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:25.2485em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">term leases and leases of low-value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:26.0404em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">assets are recognised on a straight-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:26.8322em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">line basis as an expense in profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:27.6241em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">loss. Short-term leases have a lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:28.416em;"><span class="stl_298 stl_16 stl_97" style="word-spacing:-0.0164em;">term of 12 months or less. Low-value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:29.2079em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">assets comprise e.g. cars, forklifts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:29.9997em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">IT-equipment and small items of office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:30.7916em;"><span class="stl_298 stl_16 stl_253">furniture.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.0991em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0379em;">Goodwill and intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Goodwill, intangible assets with indef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.6766em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">inite useful lives, and development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.4685em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">projects are tested at least annually for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.2604em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">impairment, and furthermore when a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.0522em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">trigger event occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.6354em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.4272em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">tested for impairment together with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.2191em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">the other non-current assets in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.011em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.8029em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">is allocated. The recoverable amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.5947em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">is generally computed as the present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">value of the expected future net cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.1785em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">flows from the business or activity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.9704em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">(cash-generating unit) to which good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.7623em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">will is allocated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.3516em;"><span class="stl_338 stl_21 stl_312" style="word-spacing:-0.0425em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.1373em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">The carrying amount of other non-cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.9291em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">rent assets is tested when a trigger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.721em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">event occurs which could indicate an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.5129em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">impairment, in which case, the recov-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.3048em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">erable amount of the asset is deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.0966em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">mined. The recoverable amount is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.8885em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">fair value of the asset less anticipated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.6804em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">cost of disposal, or its value-in-use,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.4723em;z-index:3568;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">whichever is higher.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.0554em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The value-in-use is calculated as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.8473em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">present value of expected future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.6391em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">flows from the asset or the cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:38.431em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">erating unit of which the asset is part.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.1041em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.037em;">Recognition of impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.896em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.6816em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">Impairment is recognised if the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4735em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">rying amount of an asset or a cash-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2654em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">generating unit exceeds the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.0573em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recoverable amount. The impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8491em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">is recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.641em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">and impairment of goodwill is rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.4329em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">ognised in a separate line item in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.2248em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.8079em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0298em;">Impairment of goodwill is not reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.5998em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Impairment of other assets is reversed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.3916em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">in the event of changes having taken  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.1835em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">place in the conditions and estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.9754em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">on which the impairment calcula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.7673em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">tion was based. Impairment is only  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.5591em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">reversed if the new carrying amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.351em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">of the asset does not exceed the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.1429em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">rying amount that would have applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.9348em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">after amortisation if the asset had not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.7266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">been impaired.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The provisions recognised are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">Management’s best estimate of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">amount required to settle the obli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">gation. Warranty provisions are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">ognised in connection with the sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.0359em;">of goods and services based on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">level of warranty expenses incurred in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">previous years. Restructuring costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">are recognised under liabilities when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">a detailed, formal restructuring plan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">is announced to the affected parties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8035em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">on or before the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5954em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">A provision for onerous contracts is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3873em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">recognised when the expected be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1791em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">nefits to be derived by the Group from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.971em;"><span class="stl_298 stl_16 stl_95" style="word-spacing:-0.019em;">a contract are lower than the Group’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7629em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">unavoidable costs for meeting its  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5548em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">contractual obligations. Provisions for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.3466em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">dismantling are measured at the pres-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1385em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">ent value of the expected cost at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9304em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">balance sheet date. The present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7223em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">of the costs is included in the cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5141em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">of the relevant tangible assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.306em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">depreciated accordingly. The addition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0979em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">of interests on provisions are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8898em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">nised in the income statement under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6816em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0341em;">financial expenses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">For the Group’s defined benefit plans,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0316em;">an annual actuarial calculation (the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">Projected Unit Credit Method) of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">present value of future benefits pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">able under the plan is provided. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">present value is determined based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">assumptions about the future deve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.0371em;">lopment in variables such as salary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0219em;">levels, interest rates, inflation and mor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">tality. The present value is determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">only for benefits earned by employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8035em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">from their employment within the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5954em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">Group. The actuarial present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3873em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">less the fair value of any plan assets is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1791em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">recognised in the balance sheet under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.971em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">pension liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Pension expenses and other long-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">term employee benefits are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">nised in the income statement based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">on actuarial estimates and financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;z-index:2410;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0229em;">expectations at the start of the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">Actuarial gains or losses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">nised in other comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8885em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">If a pension plan constitutes a net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6804em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">asset, the asset is only recognised if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4723em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">it offsets cumulative actuarial losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:35.2641em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0287em;">or future refunds from the plan, or if it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.056em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">will lead to reduced future payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.8479em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">to the plan.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:23.4924em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.1212em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">Inventories are measured at cost in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.9131em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">accordance with the FIFO method  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.7049em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0229em;">or at a weighted average. If the net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.4968em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">realisable value is lower than cost,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.2887em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">inventories are written down to this  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.0806em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">lower value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.6637em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Raw materials, consumables and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.4556em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">goods for resale are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.2474em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">cost, comprising purchase price plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.0393em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">delivery costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:25.1224em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">Finished goods and work in progress  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:25.9143em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">are measured at cost, comprising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.7062em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0234em;">direct costs and production over-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.4981em;"><span class="stl_298 stl_16 stl_36">heads.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:12.1964em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8251em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">Trade receivables are at initial recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.617em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">nition measured at their transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4089em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">price less allowance for expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2008em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">credit losses over the lifetime and are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.9926em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">subsequently measured at amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.7845em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">cost adjusted for changes to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.5764em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">expected credit losses. Expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.3683em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">credit losses at initial recognition are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.1601em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">calculated for portfolios of receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.952em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">that share credit risk characteristics  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.7439em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">and is based on historical experience  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5358em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">and, when applicable, adjusted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3276em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">factors that are specific to the debtors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1195em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">and general economic conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9114em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">The expected loss rates are updated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7033em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0335em;">at every reporting date. The portfolios  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.4952em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">are primarily based on the debtor’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.287em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">domicile and credit rating in accor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.0789em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">dance with NKT Groups credit risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.8708em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.0201em;">management policy. See note 5.6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.6627em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">Financial risks and financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.4545em;"><span class="stl_298 stl_16 stl_211">ments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8295em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">When there is an indication of impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:14.6214em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">ment, expected credit losses are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4133em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">calculated at individual level and when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2052em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">there are no reasonable expectations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.997em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">of recovering, the receivable is written  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.7889em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">off in part or entirely.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.372em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">The allowances for expected credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.1639em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">losses and write-offs for trade recei-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.9558em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">vables are recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.7477em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">statement as Other costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2602em;top:11.4169em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0519em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0395em;">Construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.8375em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Construction contracts are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:14.6294em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">ured at the selling price of the work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:15.4212em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">performed less progress billings and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:16.2131em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">anticipated losses. If the value of work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.005em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">performed exceeds progress billings,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.7969em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">the excess is recognised as contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:18.5887em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">assets. and if progress billings exceed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:19.3806em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the value of work performed, the defi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:20.1725em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">cit is recognised as contract liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:20.9644em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Prepayments from customers are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:21.7562em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">ognised under contract liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:23.3394em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0245em;">Construction contracts are character-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:24.1312em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">ised by a high degree of customisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:24.9231em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">in the design of the cables produced.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:25.715em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">It is furthermore a requirement that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:26.5069em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">before commencement of the work,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:27.2987em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">a binding contract is signed that will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:28.0906em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">result in a fine or compensation in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:13.0487em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">case of subsequent cancellation. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:13.8406em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">contract value is measured according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:14.6325em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">to the percentage-of-completion,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:15.4244em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">which is determined on the basis of an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:16.2163em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">assessment of the work performed,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:17.0081em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">calculated as the ratio of expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:17.8em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">incurred compared to total anticipated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:18.5919em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">expenses on the contract concerned.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:19.3838em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">When it is probable that the total con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:20.1756em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">tract costs will exceed the total con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.9675em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">tract revenue, the anticipated loss on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.7594em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">the contract is immediately recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:22.5513em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">as a provision.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1344em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.037em;">When income and expenses on a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.9263em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">struction contract cannot be deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7181em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">mined reliably, the contract value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.51em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">measured as the costs incurred which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3019em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">are likely to be recoverable.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:10.5724em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.2011em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0353em;">Dividend is recognised as a liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.993em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">at the date of adoption at the Annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.7849em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">General Meeting (declaration date).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.5768em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">Proposed dividend payments for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.3686em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">year are disclosed as a separate item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.1605em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">under equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.7436em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Acquisition costs, consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.5355em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">received, and dividends relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.3274em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">to treasury shares, are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.1193em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">directly in retained comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.9111em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">income in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2602em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0929em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">Hybrid capital is treated in accordance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.8847em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">with the rules on compound financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:14.6766em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">instruments based on the charac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:15.4685em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">teristics of the bonds. The notional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:16.2604em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">amount, which constitutes a liability,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.0522em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">is recognised at present value, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.8441em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">equity has been increased by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:18.636em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">difference between the net proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:19.4279em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">received and the present value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:20.2197em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">discounted liability. The part of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.0116em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">hybrid capital that is accounted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.8035em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">as a liability is measured at amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:22.5954em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">cost. The carrying amount is zero  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:23.3873em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">on initial recognition and due to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.1791em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0225em;">1,000-year term of the hybrid capital,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.971em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">amortisation charges will only have an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:25.7629em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">impact on the income statement for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:26.5548em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">the years at the end of the 1,000-year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:27.3466em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">term of the hybrid capital.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:28.9298em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">Coupon payments are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:29.7216em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">for as dividends and are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:30.5135em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">directly in equity when the obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:31.3054em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0231em;">to pay arises.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.8885em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">The obligation to pay coupon pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:33.6804em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">ments is at the discretion of Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:34.4723em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">Management and deferred coupon  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:35.2641em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0322em;">lapses upon maturity of the hybrid  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.056em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">capital. Coupon payments are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.8479em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">nised in the statement of cash flows in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:37.6398em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">the same way as dividend payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:38.4316em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">within financing activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.0985em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">On redemption of the hybrid capi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.8904em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">tal, the payment will be distributed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.6823em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">between liability and equity, applying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.4741em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">the same principles as used when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:16.266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the hybrid capital was issued. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.0579em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">difference between the payment on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.8498em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">redemption and the net proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.6416em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">received on issue is recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4335em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">directly in equity as the debt portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.2254em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">of the existing hybrid issues will be nil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.0173em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">during the first part of the life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.8091em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">hybrid capital.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:23.3923em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">On the date on which the Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1841em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">Directors decides to exercise an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.976em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">option to redeem the hybrid capital,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7679em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">the part of the hybrid capital that will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.5598em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">be redeemed will be reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3516em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">loans and borrowings. The reclassi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.1435em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">fication will be made at the market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.9354em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">value of the hybrid capital at the date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:29.7273em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">the decision is made. Following the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:30.5191em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">reclassification, coupon payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:31.311em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">and exchange rate adjustments will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.1029em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.8948em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">as financial income or expenses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.7318em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:12.3606em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.1525em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">are recognised at the amount of pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.9443em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">ceeds received at the date of borrow-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.7362em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">ing, net of transaction costs paid. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.5281em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">subsequent periods the financial liabi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.32em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">lities are measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.1118em;z-index:1394;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">using ‘the effective interest method</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_233">,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.9037em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">and the difference between the pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.6956em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">ceeds and the nominal value is there-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4875em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">fore being recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2793em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">statement under financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.0712em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0221em;">over the term of the loan.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.6543em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.4462em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">also include lease liabilities recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.2381em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">in the balance sheet measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.03em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT mainly applies hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">for financial instruments related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">currency, raw materials, and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">rates for loans. The hedges normally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">hedge the risk one-to-one with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">hedged item. Only gas-oil hedges for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">the hedging of the price risk of plastic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">differs from this principle, as here  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group Treasury determines the ratio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">necessary to hedge the price risk for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_46">plastic.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">The Group designates the share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">the fair value of a forward contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">that is related to spot price for metals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">and spot price for FX hedges (i.e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">excluding the forward elements) as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">hedging instrument for all of its hedg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">ing relationships involve forward con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">tracts. In accordance with the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">hedging principle all fair values related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">to the forward element of the hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">contract is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">prehensive income and accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0973em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in the cost of hedging reserve. As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8891em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">hedged items are transaction-related,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.681em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">the forward element is reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4729em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">the profit or loss when the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">item affects profit or loss, and in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">same line item as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4729em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Fair value changes for cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">hedges considered effective, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">income in the hedging reserve. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">each reporting date, effectiveness is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0365em;">considered and if the future cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">are no longer expected to materialise,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the accumulated value reported in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.8079em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">hedge reserve is reclassified to finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5998em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">cial items in the income statement. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.3916em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">other cases the accumulated value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1835em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reclassified to the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9754em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the same line as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5585em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Where the hedged item subsequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3504em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">results in the recognition of a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1423em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">financial asset (such as inventory),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9341em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">both the deferred hedging gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.726em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">losses and the deferred forward points  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5179em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are included within the initial cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3098em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">the asset. The deferred amounts are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.1016em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">ultimately recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.8935em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">statement, when the hedged item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:33.6854em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">affects profit or loss (for example,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:34.4773em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">through cost of goods sold).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0741em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Fair value changes of financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.866em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ments used to hedge the change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6579em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">fair value of an asset or liability are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4497em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">recorded in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2416em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">the same line item as the changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0335em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">value of the hedged asset or liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8254em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recognised in.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4085em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">In a fair value hedge where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2004em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">hedged item is a non-financial item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9922em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">such as inventory, the changes in fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7841em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">value attributable to the risk being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.576em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">hedged are adjusted against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3679em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">carrying value of inventory. The basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1597em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">adjustment remains part of the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9516em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">rying value of inventory and is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7435em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">nised in the income statement when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5354em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">the inventory is sold.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.1185em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Hedging of currency risk is not per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.9104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">formed for net assets (equity) in for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:29.7023em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">eign subsidiaries. Gains and losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:30.4941em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">relating to unhedged net assets in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:31.286em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">foreign subsidiaries are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.0779em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">for directly in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.8698em;"><span class="stl_298 stl_16 stl_184">income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.304em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.0929em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">Enterprises acquired during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.8847em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">are recognised in the consolidated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.6766em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">financial statements from the date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.4685em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0279em;">acquisition. The acquisition date is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.2604em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">date when the parent company effec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.0522em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">tively obtains control of the acquired  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.8441em;"><span class="stl_298 stl_16 stl_204">enterprise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.4272em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">For acquisitions of new enterprises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.2191em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">in which the parent company can  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.011em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">exercise control over the acquired  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.8029em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">enterprise, the purchase method is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.5947em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">used. The acquired enterprises’ identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.3866em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">fiable assets, liabilities and contingent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.1785em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">liabilities are measured at fair value at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.9704em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">the acquisition date. Identifiable intan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.7623em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">gible assets are recognised if they are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.5541em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">separable or arise from a contractual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.346em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">right. Deferred tax on revaluations is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.1379em;"><span class="stl_298 stl_16 stl_300">recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.721em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Any excess of the cost over the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.5129em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">value of the identifiable assets, liabili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">ties and contingent liabilities acquired  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.0966em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">is recognised as goodwill under intan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.8885em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">gible assets. Goodwill is not amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.6804em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">but is tested at least annually for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.4723em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">impairment. The first impairment test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:35.2641em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">is performed within the end of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.056em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0245em;">acquisition year. Upon acquisition,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.8479em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">goodwill is allocated to the cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.0979em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">erating units, which subsequently form  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.8898em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">the basis for the impairment test.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4729em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">The cost of a business combina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2648em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">tion comprises the fair value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.0566em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">consideration agreed upon. When  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8485em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">a business combination agreement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.6404em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">provides for an adjustment to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.4323em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.029em;">cost of the combination contingent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.2241em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">on future events, the amount of that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.016em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">adjustment is included in the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.8079em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the combination if the adjustment is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.5998em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">probable and can be measured in a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.3916em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reliable manner. Subsequent changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.1835em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">to contingent considerations are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.9754em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">recognised in the income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.7673em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">If uncertainties regarding measure-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.5591em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ment of identifiable assets, liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.351em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">and contingent liabilities exist at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.1429em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">acquisition date, initial recognition will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.9348em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">take place based on preliminary fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.7266em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">values. If identifiable assets, liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.5185em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">and contingent liabilities are subse-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.3104em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">quently determined to have different  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.1023em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">fair value at the acquisition date than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.8941em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">first assumed, goodwill is adjusted up  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.686em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">until twelve months after the acquisi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.4779em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">tion. The effect of the adjustments is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:35.2698em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in the opening balance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:36.0616em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">equity and the comparative figures are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:36.8535em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">re-stated accordingly.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Discontinued operations represent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">a separate major line of businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0215em;">intended to be disposed within 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">months. The results of discontinued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">operations are presented separately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.0522em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">in the income statement and the cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8441em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">flow statement with restatement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.636em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">comparative figures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Assets and liabilities held for sale from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">discontinued operations are presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">as separate items in the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">with no restatement of comparative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">figures. Elimination between contin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.1785em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uing and discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.9704em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">is presented to reflect continuing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.7622em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">operations as post-separation, which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.5541em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">includes elimination of interest and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:27.346em;"><span class="stl_298 stl_16 stl_60">loans.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.096em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">Assets and liabilities from discontin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8879em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ued operations and assets held for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6797em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">sale are measured at the lower of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4716em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.036em;">carrying amount and fair value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2635em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">cost of disposal. Impairment test is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0554em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">performed immediately before classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8472em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">fication as held for sale. Non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6391em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">assets held for sale are not depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.431em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ated or amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0141em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Enterprises disposed of are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.806em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">nised in the consolidated income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5979em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">statement until the disposal date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.5704em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Gains and losses from disposal of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.3622em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">activities are included the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.1541em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">statement in the line item ‘Net result -  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.946em;z-index:2355;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">discontinued operations</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_233">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5504em;top:10.7337em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:0.763em;">8. </span><span class="stl_157 stl_33 stl_327" style="word-spacing:-0.0474em;">Net interest-bearing debt </span><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">– Cash and interest-bearing receivables less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:11.5293em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">interest-bearing debt. Specified in note 5.4 Net interest-bearing debt. Hybrid  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:12.3212em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">capital is not included in net interest-bearing debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5504em;top:13.9006em;"><span class="stl_298 stl_16 stl_390" style="word-spacing:0.808em;">9. </span><span class="stl_157 stl_33 stl_319" style="word-spacing:-0.0478em;">Capital employed </span><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">– Equity plus net interest-bearing debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5504em;top:15.4837em;"><span class="stl_298 stl_16 stl_741" style="word-spacing:0.318em;">10. </span><span class="stl_157 stl_33 stl_375" style="word-spacing:-0.0467em;">Working capital </span><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">– Current assets and non-current derivate financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:16.2793em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">ments minus current liabilities, non-current contract liabilities and derivate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:17.0712em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">financial intruments (excluding interest-bearing items and provisions).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5504em;top:18.6506em;z-index:1816;"><span class="stl_298 stl_16 stl_907" style="word-spacing:0.534em;">11. </span><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Gearing </span><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">– Net interest-bearing debt as a percentage of equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5504em;top:20.2337em;"><span class="stl_298 stl_16 stl_908" style="word-spacing:0.384em;">12. </span><span class="stl_157 stl_33 stl_252" style="word-spacing:-0.0468em;">Net interest-bearing debt relative to operational EBITDA </span><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">– Calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:21.0293em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0245em;">as net interest-bearing debt as defined in point 8 relative to LTM (last twelve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:21.8212em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">months) of operational EBITDA for continuing operations as defined in point 6.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5504em;top:23.4006em;"><span class="stl_298 stl_16 stl_603" style="word-spacing:0.32em;">13. </span><span class="stl_157 stl_33 stl_419" style="word-spacing:-0.0476em;">Solvency ratio (equity as a percentage of total assets) </span><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.036em;">– Equity includ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:24.1962em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">ing hybrid capital as a percentage of total assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5504em;top:25.7756em;"><span class="stl_298 stl_16 stl_823" style="word-spacing:0.374em;">14. </span><span class="stl_157 stl_33 stl_455" style="word-spacing:-0.0458em;">Return on capital employed (RoCE) </span><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">– Operational EBIT for continuing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:26.5712em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">operations as a percentage of average of the last five quarters of capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:27.3631em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">employed for continuing operations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5504em;top:28.9425em;"><span class="stl_298 stl_16 stl_116" style="word-spacing:0.33em;">15. </span><span class="stl_157 stl_33 stl_293" style="word-spacing:-0.0521em;">Equity value, EUR per outstanding share </span><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0335em;">– Equity attributable to equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:29.7381em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">holders of NKT A/S per outstanding share at 31 December. Dilution effect of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7317em;top:30.53em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">outstanding share programmes is excluded.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5504em;top:32.1093em;"><span class="stl_298 stl_16 stl_370" style="word-spacing:0.305em;">16. </span><span class="stl_157 stl_33 stl_606" style="word-spacing:-0.0402em;">Free cash flow </span><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">– Cash flow from operating and investing activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5498em;top:33.6925em;z-index:2555;"><span class="stl_298 stl_16 stl_790" style="word-spacing:0.594em;">17. </span><span class="stl_157 stl_33 stl_455" style="word-spacing:-0.0459em;">Free cash flow excluding acquisition of subsidiaries </span><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">– Cash flow from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7311em;top:34.4881em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">operating and investing activities excluding cash flow used for acquisitions of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7311em;top:35.28em;"><span class="stl_298 stl_16 stl_38">subsidaries.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5498em;top:36.8593em;"><span class="stl_298 stl_16 stl_631" style="word-spacing:0.307em;">18. </span><span class="stl_157 stl_33 stl_427" style="word-spacing:-0.0509em;">Order backlog </span><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">– Value of the uncompleted work of contracts within the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7304em;top:37.655em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">Solutions business line. Contracts are included when they are signed and all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7304em;top:38.4468em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">significant conditions which may impact the value of the contracts have been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7304em;top:39.2387em;"><span class="stl_298 stl_16 stl_200">agreed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;z-index:2895;"><span class="stl_801 stl_33 stl_860">7</span><span class="stl_801 stl_33 stl_154">.</span><span class="stl_801 stl_33 stl_216" style="word-spacing:0.4344em;">5 Definitions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7356em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">The Group operates with the following performance measures which are calcu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.5275em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">lated in accordance with the Danish Finance Society’s guidelines:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.1106em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Performance measures defined by IFRS standards:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.69em;z-index:178;"><span class="stl_298 stl_16 stl_362" style="word-spacing:0.961em;">1. </span><span class="stl_157 stl_33 stl_702" style="word-spacing:-0.0515em;">Earnings, EUR per outstanding share (EPS) </span><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">– Earnings attributable to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6379em;top:15.4856em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">equity holders of NKT A/S relative to average number of outstanding shares.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.065em;"><span class="stl_298 stl_16 stl_471" style="word-spacing:0.847em;">2. </span><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">Diluted earnings, EUR per outstanding share (EPS) </span><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">– Earnings attribut-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6379em;top:17.8606em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">able to equity holders of NKT A/S relative to average number of outstanding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6379em;top:18.6525em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">shares, including the dilutive effect of outstanding share programmes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.2356em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Furthermore, the group presents the following performance measures not defined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.0275em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">according to IFRS (non-GAAP measures) in the Annual Report:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.6068em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0.778em;">3. </span><span class="stl_157 stl_33 stl_443" style="word-spacing:-0.0482em;">Revenue at standard metal prices </span><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">– Revenue at standard metal prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6379em;top:23.4025em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0215em;">for copper and aluminium is set at EUR/tonne 1,550 and EUR/tonne 1,350  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6379em;top:24.1943em;"><span class="stl_298 stl_16 stl_61">respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.7737em;"><span class="stl_298 stl_16 stl_570" style="word-spacing:0.816em;">4. </span><span class="stl_157 stl_33 stl_696" style="word-spacing:-0.0506em;">Organic growth </span><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">– Revenue growth (standard metal price) as a percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6373em;top:26.5693em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">prior-year adjusted revenue (standard metal price). Organic growth is a meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6373em;top:27.3612em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">ure of growth, excluding the impact of exchange rate adjustments, acquisi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6373em;top:28.1531em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">tions and divestments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:29.7325em;"><span class="stl_298 stl_16 stl_242" style="word-spacing:0.793em;">5. </span><span class="stl_157 stl_33 stl_41" style="word-spacing:-0.0539em;">One-off items </span><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">– Consist of non-recurring income and cost related to acqui-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6373em;top:30.5281em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">sitions, divestments, integration, restructuring, severance and other one-time  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6373em;top:31.32em;"><span class="stl_298 stl_16 stl_23">items.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:32.8993em;"><span class="stl_298 stl_16 stl_162" style="word-spacing:0.772em;">6. </span><span class="stl_157 stl_33 stl_765" style="word-spacing:-0.0534em;">Operational earnings before interest, tax, depreciation and amortisa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6373em;top:33.6912em;"><span class="stl_157 stl_33 stl_247" style="word-spacing:-0.0454em;">tion (Operational EBITDA) </span><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0287em;">– Earnings before interest, tax, depreciation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6373em;top:34.4868em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">amortisation (EBITDA) excluding one-off items.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:36.0662em;z-index:1271;"><span class="stl_298 stl_16 stl_423" style="word-spacing:1.117em;">7. </span><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.051em;">Operational earnings before interest and tax (Operational EBIT) </span><span class="stl_298 stl_16 stl_392" style="word-spacing:-0.051em;">–  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6373em;top:36.8618em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">Earnings before interest and tax excluding one-off items.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:10.7024em;"><span class="stl_338 stl_21 stl_78">Introduction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:11.488em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">The 2024 Annual Report for NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:12.2799em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Group, comprising both the consol-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0718em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">idated financial statements for NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8636em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">A/S and its subsidiaries (NKT Group),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6555em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">as well as the separate financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4474em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0209em;">statements for the parent company,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2393em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">has been prepared in accordance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0311em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">with IFRS Accounting Standards, as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.823em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">adopted by the EU and additional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6149em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Danish disclosure requirements for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.4068em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">annual reports for listed companies.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:13.8749em;"><span class="stl_338 stl_21 stl_59" style="word-spacing:-0.0347em;">Principles of consolidation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:14.6605em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">The consolidated financial statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:15.4524em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">comprise the financial statements of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:16.2443em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">the parent company (NKT A/S) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.0361em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">the individual subsidiaries’ financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.828em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">statements prepared according to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:18.6199em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">NKT Group’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:19.4118em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Subsidiaries are fully consolidated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.2036em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">from the date of acquisition, being the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.9955em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">date on which NKT obtains control,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.7874em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0286em;">until the date that such control ceases.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:23.3705em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">All intercompany balances, income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.1624em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">and expenses, unrealised gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.9543em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">losses and dividends resulting from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:25.7461em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">intercompany transactions are elimi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:26.538em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">nated in full.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.9899em;"><span class="stl_298 stl_16 stl_104" style="word-spacing:-0.0409em;">The Annual Report has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.7818em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">approved by the Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5736em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">and Executive Management on 21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.3655em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">February 2025, and will be presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1574em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">for approval by the shareholders at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9493em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">Annual General Meeting on 19 March  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7411em;"><span class="stl_298 stl_16 stl_29">2025.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.1274em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">Foreign currency translation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.913em;z-index:1992;"><span class="stl_298 stl_16 stl_686">T</span><span class="stl_298 stl_16 stl_42">r</span><span class="stl_298 stl_16 stl_132" style="word-spacing:0.004em;">ansactions in foreign currencies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:29.7049em;"><span class="stl_298 stl_16 stl_596" style="word-spacing:0.0023em;">initially recognised in the Group entities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:30.4968em;"><span class="stl_298 stl_16 stl_596" style="word-spacing:0.0024em;">at their respective functional currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:31.2886em;"><span class="stl_298 stl_16 stl_485" style="word-spacing:0.0013em;">rates prevailing at the date of the trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.0805em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">action. Monetary assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.8724em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:0.0039em;">denominated in foreign currencies are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:33.6643em;"><span class="stl_298 stl_16 stl_398" style="word-spacing:0.0013em;">translated at the functional currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:34.4561em;"><span class="stl_298 stl_16 stl_788" style="word-spacing:0.0016em;">spot rate at the reporting date. All  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:35.248em;"><span class="stl_298 stl_16 stl_355" style="word-spacing:0.003em;">adjustments are recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:36.0399em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:10.7068em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">Non-monetary items that are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:11.4986em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">ured at historical cost in a foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:12.2905em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">currency are translated using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:13.0824em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">exchange rates at the dates of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:13.8743em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">initial transactions. Non-monetary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:14.6661em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0237em;">items measured at fair value in a for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:15.458em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">eign currency are translated using the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:16.2499em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0237em;">exchange rates at the date when the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:17.0418em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">fair value is determined.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:18.6249em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">The assets and liabilities of foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:19.4168em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">subsidiaries are translated into EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:20.2086em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">at the rate of exchange prevailing at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:21.0005em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">the reporting date, and their income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:21.7924em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0239em;">statements are translated at average  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:22.5843em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">exchange rates. Exchange rate adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:23.3761em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ments arising on translation are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:24.168em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">nised in other comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:24.9599em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">On disposal of a foreign operation, the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:25.7518em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">component of other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:26.5436em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">income relating to that operation is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5045em;top:27.3355em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">recognised in the income statement.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7024em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">New standards, interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4943em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0369em;">and amendments adopted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2861em;"><span class="stl_338 stl_21 stl_250" style="word-spacing:-0.0414em;">by NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">As of 1 January 2024, NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">adopted all relevant new or revised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_188">IFRS</span><sup style="top: -0.2092em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Accounting Standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.4463em;"><span class="stl_298 stl_16 stl_60">IFRIC</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Interpretations with effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:16.238em;z-index:289;"><span class="stl_298 stl_16 stl_324" style="word-spacing:-0.0192em;">date 1 January 2024 or earlier.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:17.8211em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">The new or revised standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:18.613em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">interpretations did not affect recogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:19.4049em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">tion and measurement materially nor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.1968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">did they result in any material changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.9886em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">to disclosures in the notes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:22.5718em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">Apart from this, the annual report is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:23.3636em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">presented in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1555em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">accounting policies applied in previ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9474em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">ous years’ annual reports.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5368em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">New standards, interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.3286em;"><span class="stl_338 stl_21 stl_59" style="word-spacing:-0.0348em;">and amendments not yet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1205em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0363em;">adopted by NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9061em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">IASB has issued a number of new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.698em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or amended accounting standards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:30.4899em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">and interpretations, some of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.2818em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">are not yet endorsed by the EU, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0736em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">which are not mandatory for reporting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8655em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0226em;">periods ending at 31 December 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6574em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">The NKT Group expects to implement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4493em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">these new and amended standards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2411em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">when they become mandatory.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:10.6999em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">Apart from IFRS 18 Presentation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:11.4918em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Disclosure in Financial Statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:12.2836em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">none of the standards and interpreta-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:13.0755em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">tions are expected to have a material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:13.8674em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">impact on the NKT Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:15.4505em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">The group’s assessment of the impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:16.2424em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0239em;">of IFRS 18 Presentation and Disclo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:17.0343em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">sure in Financial Statements (effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:17.8261em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">for annual periods beginning on or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:18.618em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">after 1 January 2027) is set out below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:20.2011em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0252em;">IFRS 18 will replace IAS 1 Presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:20.993em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">of financial statements, introducing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:21.7849em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">new requirements that will help to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:22.5768em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">achieve comparability of the finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:23.3686em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0335em;">cial performance of similar entities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:24.1605em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0207em;">Even though IFRS 18 will not impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:24.9524em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">the recognition or measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:25.7443em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">items in the financial statements, it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:26.5361em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">is expected to impact presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:27.328em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">and disclosure and in particular those  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:28.1199em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">related to the statement of financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:28.9118em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">performance and providing manage-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:29.7036em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0333em;">ment-defined performance measures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:30.4955em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">within the financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:32.0786em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Management is currently assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:32.8705em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the detailed implications of applying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:33.6624em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">the new standard on the group’s con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:34.4543em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">solidated financial statements. From  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:35.2461em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">the high-level preliminary assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:36.038em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">performed, the following potential  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:36.8299em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">impacts have been identified:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:10.972em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:10.6961em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">IFRS 18 introduces a defined struc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:11.488em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">ture for the statement of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:12.2799em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">loss. The structure is composed of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:13.0718em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">categories and required subtotals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:13.8636em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">Items in the statement of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:14.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">loss will need to be classified into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:15.4474em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">one of five categories: operating,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:16.2393em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">investing, financing, income taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:17.0311em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">and discontinued operations. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:17.823em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">main change regarding subto-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:18.6149em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0308em;">tals is the mandatory inclusion of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:19.4068em;z-index:2170;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">‘Operating profit or loss</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_276">A</span><span class="stl_298 stl_16 stl_34">dditional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:20.1986em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">subtotals can be presented in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:20.9905em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">statement of profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:22.571em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The group expects that grouping  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:22.8469em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:23.3629em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">items of income and expenses in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:24.1548em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">the statement of profit or loss into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:24.9467em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">the new categories will impact how  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:25.7385em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">operating profit will be calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:26.5304em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">and reported compared to the cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:27.3223em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">rent EBIT subtotal. From the high-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:28.1142em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">level impact assessment that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:28.906em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">group has performed, the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:29.6979em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">items might potentially impact the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:30.4898em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">new operating profit compared to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:31.2817em;z-index:2564;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">the current EBI</span><span class="stl_298 stl_16 stl_86">T</span><span class="stl_298 stl_16 stl_86">:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:32.8648em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:32.8648em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Foreign exchange differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:33.6567em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">currently included in financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:34.4485em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">items might need to be disag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:35.2404em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">gregated, with some foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:36.0323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">exchange gains or losses pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:36.8242em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">sented above operating profit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2129em;top:10.6992em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:10.6992em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">IFRS 18 has specific require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:11.491em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">ments on the category in which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:12.2829em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">derivative gains or losses are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:13.0748em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">recognised – which is the same  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:13.8667em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">category as the income and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:14.6585em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">expenses affected by the risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:15.4504em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">that the derivative is used to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:16.2423em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">manage. The group currently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:17.0342em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0343em;">recognises some gains or losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:17.826em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">in operating profit (currently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:18.6179em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">EBIT) and others in financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:19.4098em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">items, and there might be a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:20.2017em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">change to where these gains or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:20.9935em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">losses are recognised, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:21.7854em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">group is currently evaluating the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:22.5773em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">need for change.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2129em;top:24.1604em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:24.1604em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Share of profit from associated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:24.9523em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">companies currently included  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:25.7442em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">in EBIT needs to be presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:26.536em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">as part of the investing category  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:27.3279em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">below Operating profit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:28.9043em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">For management-defined perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:29.1802em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.6962em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">mance measures it will be required  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:30.488em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">to include new disclosures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:31.2799em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">reconciliations to IFRS specified  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:32.0718em;"><span class="stl_298 stl_16 stl_24">subtotals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:33.6542em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0223em;">From a cash flow statement per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:33.9301em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:34.4461em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">spective, there will be changes to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:35.2379em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">how interest received and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.0298em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">paid are presented. Interest paid  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.8217em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">will be presented as financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:10.6967em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">cash flows and interest received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:11.4886em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">as investing cash flows, which is a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:12.2804em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">change from current presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:13.0723em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">as part of operating cash flows.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:13.8642em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Furthermore, the cash flow state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:14.6561em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">ment will start with operating profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:15.4479em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0249em;">or loss instead of EBITDA.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.0311em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">The group will apply the new standard  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.8229em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">from its mandatory effective date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:18.6148em;z-index:3775;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">1 January 202</span><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_34">R</span><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">etrospective appli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:19.4067em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">cation is required, and so the com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.1986em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">parative information for the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.9904em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">year ending 31 December 2026 will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.7823em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0221em;">restated in accordance with IFRS 18.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7024em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">New standards, interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4943em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0369em;">and amendments adopted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2861em;"><span class="stl_338 stl_21 stl_250" style="word-spacing:-0.0414em;">by NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">As of 1 January 2024, NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">adopted all relevant new or revised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_188">IFRS</span><sup style="top: -0.2092em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Accounting Standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.4463em;"><span class="stl_298 stl_16 stl_60">IFRIC</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Interpretations with effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:16.238em;z-index:289;"><span class="stl_298 stl_16 stl_324" style="word-spacing:-0.0192em;">date 1 January 2024 or earlier.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:17.8211em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">The new or revised standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:18.613em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">interpretations did not affect recogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:19.4049em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">tion and measurement materially nor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.1968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">did they result in any material changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.9886em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">to disclosures in the notes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:22.5718em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">Apart from this, the annual report is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:23.3636em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">presented in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1555em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">accounting policies applied in previ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9474em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">ous years’ annual reports.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7024em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">New standards, interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4943em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0369em;">and amendments adopted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2861em;"><span class="stl_338 stl_21 stl_250" style="word-spacing:-0.0414em;">by NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">As of 1 January 2024, NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">adopted all relevant new or revised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_188">IFRS</span><sup style="top: -0.2092em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Accounting Standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.4463em;"><span class="stl_298 stl_16 stl_60">IFRIC</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_42" style="word-spacing:0.1988em;">® </span></sup><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Interpretations with effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:16.238em;z-index:289;"><span class="stl_298 stl_16 stl_324" style="word-spacing:-0.0192em;">date 1 January 2024 or earlier.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:17.8211em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">The new or revised standards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:18.613em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">interpretations did not affect recogni-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:19.4049em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">tion and measurement materially nor  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.1968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">did they result in any material changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:20.9886em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">to disclosures in the notes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:22.5718em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">Apart from this, the annual report is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:23.3636em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">presented in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1555em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">accounting policies applied in previ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9474em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">ous years’ annual reports.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5368em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">New standards, interpretations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.3286em;"><span class="stl_338 stl_21 stl_59" style="word-spacing:-0.0348em;">and amendments not yet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1205em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0363em;">adopted by NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9061em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">IASB has issued a number of new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.698em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or amended accounting standards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:30.4899em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">and interpretations, some of which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.2818em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">are not yet endorsed by the EU, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0736em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">which are not mandatory for reporting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8655em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0226em;">periods ending at 31 December 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6574em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">The NKT Group expects to implement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4493em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">these new and amended standards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2411em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">when they become mandatory.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:10.6999em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">Apart from IFRS 18 Presentation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:11.4918em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Disclosure in Financial Statements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:12.2836em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">none of the standards and interpreta-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:13.0755em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">tions are expected to have a material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:13.8674em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">impact on the NKT Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:15.4505em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">The group’s assessment of the impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:16.2424em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0239em;">of IFRS 18 Presentation and Disclo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:17.0343em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">sure in Financial Statements (effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:17.8261em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">for annual periods beginning on or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:18.618em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">after 1 January 2027) is set out below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:20.2011em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0252em;">IFRS 18 will replace IAS 1 Presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:20.993em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">of financial statements, introducing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:21.7849em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">new requirements that will help to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:22.5768em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">achieve comparability of the finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:23.3686em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0335em;">cial performance of similar entities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:24.1605em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0207em;">Even though IFRS 18 will not impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:24.9524em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">the recognition or measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:25.7443em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">items in the financial statements, it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:26.5361em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">is expected to impact presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:27.328em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">and disclosure and in particular those  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:28.1199em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">related to the statement of financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:28.9118em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">performance and providing manage-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:29.7036em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0333em;">ment-defined performance measures  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:30.4955em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">within the financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:32.0786em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Management is currently assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:32.8705em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the detailed implications of applying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:33.6624em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">the new standard on the group’s con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:34.4543em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">solidated financial statements. From  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:35.2461em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">the high-level preliminary assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:36.038em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">performed, the following potential  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4094em;top:36.8299em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">impacts have been identified:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:10.972em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:10.6961em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">IFRS 18 introduces a defined struc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:11.488em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">ture for the statement of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:12.2799em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">loss. The structure is composed of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:13.0718em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">categories and required subtotals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:13.8636em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">Items in the statement of profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:14.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">loss will need to be classified into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:15.4474em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">one of five categories: operating,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:16.2393em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">investing, financing, income taxes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:17.0311em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">and discontinued operations. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:17.823em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">main change regarding subto-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:18.6149em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0308em;">tals is the mandatory inclusion of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:19.4068em;z-index:2170;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">‘Operating profit or loss</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_276">A</span><span class="stl_298 stl_16 stl_34">dditional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:20.1986em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">subtotals can be presented in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:20.9905em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">statement of profit or loss.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:22.571em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The group expects that grouping  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:22.8469em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:23.3629em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">items of income and expenses in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:24.1548em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">the statement of profit or loss into  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:24.9467em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">the new categories will impact how  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:25.7385em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">operating profit will be calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:26.5304em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">and reported compared to the cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:27.3223em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">rent EBIT subtotal. From the high-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:28.1142em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">level impact assessment that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:28.906em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">group has performed, the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:29.6979em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">items might potentially impact the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:30.4898em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">new operating profit compared to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:31.2817em;z-index:2564;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">the current EBI</span><span class="stl_298 stl_16 stl_86">T</span><span class="stl_298 stl_16 stl_86">:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1654em;top:32.8648em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:32.8648em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Foreign exchange differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:33.6567em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">currently included in financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:34.4485em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">items might need to be disag-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:35.2404em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">gregated, with some foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:36.0323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">exchange gains or losses pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.0216em;top:36.8242em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">sented above operating profit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2129em;top:10.6992em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:10.6992em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">IFRS 18 has specific require-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:11.491em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">ments on the category in which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:12.2829em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">derivative gains or losses are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:13.0748em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">recognised – which is the same  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:13.8667em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">category as the income and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:14.6585em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">expenses affected by the risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:15.4504em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">that the derivative is used to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:16.2423em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">manage. The group currently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:17.0342em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0343em;">recognises some gains or losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:17.826em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">in operating profit (currently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:18.6179em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">EBIT) and others in financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:19.4098em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">items, and there might be a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:20.2017em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">change to where these gains or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:20.9935em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">losses are recognised, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:21.7854em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">group is currently evaluating the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:22.5773em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">need for change.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2129em;top:24.1604em;"><span class="stl_298 stl_16 stl_42">-</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:24.1604em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Share of profit from associated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:24.9523em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">companies currently included  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:25.7442em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">in EBIT needs to be presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:26.536em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">as part of the investing category  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0691em;top:27.3279em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">below Operating profit.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:28.9043em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">For management-defined perfor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:29.1802em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.6962em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">mance measures it will be required  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:30.488em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">to include new disclosures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:31.2799em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">reconciliations to IFRS specified  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:32.0718em;"><span class="stl_298 stl_16 stl_24">subtotals.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:33.6542em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0223em;">From a cash flow statement per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:33.9301em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:34.4461em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">spective, there will be changes to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:35.2379em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">how interest received and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.0298em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">paid are presented. Interest paid  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.8217em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">will be presented as financing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:10.6967em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">cash flows and interest received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:11.4886em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">as investing cash flows, which is a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:12.2804em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">change from current presentation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:13.0723em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">as part of operating cash flows.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:13.8642em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Furthermore, the cash flow state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:14.6561em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">ment will start with operating profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2601em;top:15.4479em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0249em;">or loss instead of EBITDA.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.0311em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">The group will apply the new standard  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.8229em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">from its mandatory effective date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:18.6148em;z-index:3775;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">1 January 202</span><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_34">R</span><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">etrospective appli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:19.4067em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">cation is required, and so the com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.1986em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">parative information for the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.9904em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">year ending 31 December 2026 will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.7823em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0221em;">restated in accordance with IFRS 18.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_413" style="word-spacing:0.3955em;">1.3 Significant</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.238em;top:8.9083em;"><span class="stl_801 stl_33 stl_214" style="word-spacing:-0.0218em;">estimates and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.6961em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">When preparing this Annual Report,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">Management has made a number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">judgements in applying the account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ing policies, which form the basis for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">the recognition and measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">assets, liabilities and disclosures pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.4474em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">vided. Further, Management provides  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2393em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">significant estimates regarding future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.0311em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">developments. These are regularly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.823em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">reassessed based on historical expe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.6149em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">rience and other factors, which Man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.4068em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">agement assesses to be reliable, but  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.1986em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">which, by their nature, are associated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.9905em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">with uncertainty and unpredictability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.5736em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Significant estimates and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.3655em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">are predominantly applied in relation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.6986em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">to the recognition of revenue from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.4905em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">construction contracts, assessing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.2824em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">value of contract assets and liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.0743em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">and assessing the value of deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.8661em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">tax assets. These assumptions may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:14.658em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">prove incomplete or incorrect, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:15.4499em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">unexpected events or circumstances  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:16.2418em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">may arise, but the assumptions are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.0336em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">considered reasonable and reliable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.8255em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">under the circumstances.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:19.4086em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">From Management's perspective, the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.2005em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">following estimates and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.9924em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">are considered significant and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.7843em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">applied estimates and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:22.5761em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">are further described in the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:23.368em;"><span class="stl_298 stl_16 stl_430">notes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7025em;"><span class="stl_338 stl_21 stl_56" style="word-spacing:-0.0347em;">Presentation in the notes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2626em;top:12.512em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2626em;top:13.3039em;"><span class="stl_157 stl_33 stl_619" style="word-spacing:-0.0513em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:14.9326em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">A description of the significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:15.7245em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">judgements and estimates provided  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:16.5164em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">by Management are included in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.3083em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0227em;">respective notes to which they relate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.8757em;"><span class="stl_338 stl_21 stl_187">Note  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:29.8757em;"><span class="stl_338 stl_21 stl_291" style="word-spacing:-0.0372em;">Significant estimate and judgement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4885em;top:29.8757em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Estimate/ Judgement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.756em;top:29.8757em;"><span class="stl_338 stl_21 stl_492" style="word-spacing:-0.0404em;">Impact assessment</span><sup style="top: -0.2081em;"><span class="stl_715 stl_21 stl_834" style="word-spacing:-0.0692em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.7448em;z-index:1141;"><span class="stl_298 stl_16 stl_356">2.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.2522em;top:31.7448em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">Segment information and revenue</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.408em;top:31.7448em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Determine revenue recognition for projects (PoC)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4885em;top:31.7448em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Judgement and estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.7107em;"><span class="stl_298 stl_16 stl_496">4.5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.2522em;top:32.7107em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Contract assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.7107em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">Valuation of construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4885em;top:32.7107em;"><span class="stl_298 stl_16 stl_429">Estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6767em;"><span class="stl_298 stl_16 stl_458">2.5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.2522em;top:33.6767em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:33.6767em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Valuation of deferred tax assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4885em;top:33.6767em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Judgement and estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:34.6423em;"><span class="stl_298 stl_16 stl_496">3.4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.252em;top:34.6423em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">Impairment of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.6423em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">Estimate the value-in-use of intangible and tangible long-term assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4882em;top:34.6423em;"><span class="stl_298 stl_16 stl_429">Estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:35.6082em;"><span class="stl_298 stl_16 stl_685">3.5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.252em;top:35.6082em;"><span class="stl_298 stl_16 stl_50">Provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.6082em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Determine likelihood and value of provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4883em;top:35.6082em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0296em;">Judgement and estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:36.5741em;z-index:1542;"><span class="stl_298 stl_16 stl_162">6</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_70">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.252em;top:36.5741em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">Aquisition of companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.5741em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">Determine value of acquired assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4883em;top:36.5741em;"><span class="stl_298 stl_16 stl_429">Estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:37.5401em;z-index:1620;"><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_31">.</span><span class="stl_298 stl_16 stl_31">3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.252em;top:37.5401em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">Contingent liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.5401em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">Determine recognition and measurement of obligations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4883em;top:37.5401em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0296em;">Judgement and estimate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:38.7629em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1988em;">1 </span></sup><span class="stl_98 stl_16 stl_250" style="word-spacing:-0.0415em;">The numbers of boxes in the above assessment indicate the level of estimates and judgment applied, where five being the highest.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3099em;top:9.9301em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3099em;top:10.7219em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:12.3507em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Cable projects are to a certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.1426em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">degree measured based on man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.9344em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">agement judgement in terms of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:14.7263em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">when to recognise revenue and how  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:15.5182em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">to calculate the revenue in terms of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:16.3101em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">percentage-of-completion and esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:17.1019em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">mated profit on each project. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:17.8938em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">estimates include a risk provision,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:18.6857em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">which is based on an assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:19.4776em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the specific risks that each project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:20.2695em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">is exposed to as well as assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:21.0613em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">of cost development over the project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:21.8532em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">lifetime. The percentage-of-com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:22.6451em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">pletion is based on costs incurred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:23.4369em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">against estimated total project costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:24.2288em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Cost estimates include assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.0207em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">of short and long term development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.8126em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0241em;">of cost levels over the project lifetime.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:26.6045em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">In essence, the total project costs are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:27.3963em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">therefore to a large extent based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:28.1882em;"><span class="stl_298 stl_16 stl_141">estimates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:29.7713em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">Assumptions for the recognition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:30.5632em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">revenue over time regarding larger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:31.3551em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">cable projects are determined con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:32.147em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0235em;">tract by contract. Control is trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:32.9388em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">ferred as the project progresses,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:33.7307em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">based on assumptions such as:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:35.3087em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Deliveries being approved on an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:35.5846em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.1006em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">ongoing basis,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.892em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0242em;">NKT Group’s ability to provide prod-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:37.1679em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:37.6839em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ucts according to specification and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:38.4758em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">the risk that the cable is rejected.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3571em;top:27.6216em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3571em;top:28.4135em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:30.0485em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.039em;">Management judgements and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:30.8403em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0386em;">estimates regarding deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:31.6322em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">tax assets and provisions for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:32.4241em;"><span class="stl_338 stl_21 stl_415" style="word-spacing:-0.0449em;">uncertain tax positions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.2097em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Deferred tax assets relating to tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.0016em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">losses carried forward are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.7935em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">when Management assesses that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:35.5853em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">these can be utilised in the fore-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:36.3772em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">seeable future. The assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:37.1691em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">possible utilisation include significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:37.961em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">estimates and judgements, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:10.2214em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">assessment is based on budgets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:11.0132em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0298em;">business plans for the following years,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:11.8051em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">including the development in revenues  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:12.597em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0251em;">based on the high-voltage order back-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:13.3889em;z-index:3526;"><span class="stl_298 stl_16 stl_47">log</span><span class="stl_298 stl_16 stl_860">.</span><span class="stl_298 stl_16 stl_87">T</span><span class="stl_298 stl_16 stl_246" style="word-spacing:-0.0369em;">he assessment is performed at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:14.1807em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0321em;">the reporting date considering local  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:14.9726em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">tax legislation and Management’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:15.7645em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">business plans, and are only recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:16.5564em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">nised if it is probable that future tax-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:17.3482em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">able profit will allow the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:18.1401em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">asset to be recovered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:19.7232em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">As the NKT Group conducts business  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:20.5151em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">around the world, tax and transfer  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:21.307em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">pricing disputes with local tax author-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:22.0989em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">ities may occur. When assessing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:22.8907em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">expected outcome of these possible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:23.6826em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">disputes, NKT Group applies IFRIC 23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:24.4745em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.02em;">‘Uncertainty over Income Tax Treat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:25.2664em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">ments’ and methods directed herein  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:26.0582em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">when making provisions for uncertain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:26.8501em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">tax positions. As this is an assess-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:27.642em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">ment, the actual obligations may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:28.4339em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">deviate and will depend on the result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:29.2257em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">of litigations and settlements with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:30.0176em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">tax authorities. Any taxes relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:30.8095em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">tax disputes are included in Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:31.6014em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">tax receivables, Income tax payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:32.3933em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">or deferred tax based on an assess-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:33.1851em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">ment of the most likely outcome of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:33.977em;"><span class="stl_298 stl_16 stl_210">disputes.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.6722em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.051em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">For goodwill impairment testing, a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.8429em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">number of estimates are made on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6347em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">the development in revenues, gross  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4266em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">profits, conversion ratios, future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2185em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">capital expenditures, discount rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0237em;">and growth expectations in the ter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8022em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">minal period. These are based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.5941em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">an assessment of current and future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.386em;"><span class="stl_298 stl_16 stl_36">developments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9691em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">in the three cash-generating units and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.761em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">on historical data and assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.5529em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">of future expected market develop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3447em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">ments, including expected long-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1366em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">average market growth rates. Data  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9285em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">includes both internal and external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7204em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">data sources.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.6722em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.051em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">Provisions, including contingencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.8429em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">and the likely outcome of pending and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6347em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">potential legal proceedings are con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4266em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">tinuously assessed. The outcome of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2185em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">such proceedings depends on future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0104em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0188em;">events, which are, by nature, uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8022em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">tain. When considering provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.5941em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">involving significant estimates, opin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.386em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">ions and estimates by internal experts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.1779em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">external legal experts as well as exist-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9697em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">ing case law are applied in assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7616em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">the probable outcome.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3571em;top:11.4194em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:13.0482em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">The recognition of revenue and related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:13.8401em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">contract assets and liabilities are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:14.6319em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">subject to uncertainty. Construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:15.4238em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">contracts are measured based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:16.2157em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">Management’s judgement in terms of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:17.0076em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">percentage-of-completion and esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:17.7994em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">mated profit on a project-by-project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:18.5913em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">approach to estimate the expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:19.3832em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">selling prices which affect the value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:20.1751em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">recognised in the balance sheet. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:20.9669em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">estimate includes a risk provision,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:21.7588em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">which is based on an assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:22.5507em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">the specific risk that each project is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:23.3426em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0221em;">exposed to. Management’s estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:24.1344em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">are based on the most likely outcomes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:24.9263em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0245em;">of the projects.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:12.3204em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">Financial income and expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.1123em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">comprise interest income and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.9042em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.032em;">expenses, dividends received, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6961em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">exchange gains or losses on balances  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4879em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">denominated in foreign currencies,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2798em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">amortisation of financial assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0717em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">liabilities, allowances under the Danish  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8636em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">tax prepayment scheme, as well as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.6554em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">changes in the fair value of derivative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4473em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">financial instruments not designated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2392em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">as hedges.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.7077em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4995em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0864em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">In applying the purchase method of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.8783em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">accounting, estimates are an integral  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6702em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">part of assessing fair values of iden-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.462em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">tifiable assets acquired and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2539em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">assumed, as observable market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0458em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">prices are typically not available. Valu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8377em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">ation techniques where estimates are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.6295em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">applied typically relate to determining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4214em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">the present value of future uncertain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2133em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">cash flows or assessing other events  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.0052em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">in which the outcome is uncertain at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.797em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0276em;">the date of acquisition. Significant esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.5889em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">mates are typically applied in account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3808em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">ing for property, plant and equipment,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1727em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">customer relationships, deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9645em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">debt and provisions. As a result of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7564em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">uncertainties inherent in fair value esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5483em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">mation, measurement period adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:27.3402em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">ments may be applied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.352em;top:30.611em;"><span class="stl_157 stl_33 stl_654" style="word-spacing:-0.0501em;">Significant estimates and judgements</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:32.2398em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Disclosures for contingent assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.0317em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">and liabilities and when they must be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.8235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">recognised is derived from evalua-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.6154em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">tions of the expected outcome of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:35.4073em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">individual issues. These evaluations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:36.1992em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">are based on legal opinions of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:32.241em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">agreements contracted, which in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:33.0329em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">significant instances also include opin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:33.8248em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0312em;">ions obtained from external advisors,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:34.6167em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">including lawyers.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;z-index:56;"><span class="stl_833 stl_26 stl_17" style="word-spacing:0.0058em;">This section relates to profit for the year,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.0752em;"><span class="stl_833 stl_26 stl_596" style="word-spacing:0.0024em;">including revenue, segment information,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.2421em;"><span class="stl_833 stl_26 stl_494" style="word-spacing:-0.0054em;">staff costs, share-based payments,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.409em;"><span class="stl_833 stl_26 stl_411" style="word-spacing:-0.0033em;">research and development costs, and tax.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:8.9092em;z-index:160;"><span class="stl_801 stl_33 stl_497">2</span><span class="stl_801 stl_33 stl_835">.</span><span class="stl_801 stl_33 stl_183" style="word-spacing:0.4123em;">1 Segment</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.562em;top:8.9092em;z-index:160;"><span class="stl_801 stl_33 stl_278" style="word-spacing:-0.0173em;">information and revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.0595em;top:10.1209em;"><span class="stl_338 stl_21 stl_767" style="word-spacing:-0.049em;">Service &amp;  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6308em;top:10.1209em;"><span class="stl_338 stl_21 stl_64">Non  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8489em;top:10.1209em;"><span class="stl_338 stl_21 stl_268">Intersegment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:10.8291em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.1664em;top:10.8291em;"><span class="stl_338 stl_21 stl_563">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1995em;top:10.8291em;"><span class="stl_338 stl_21 stl_105">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2302em;top:10.8291em;"><span class="stl_338 stl_21 stl_280">Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0945em;top:10.8291em;"><span class="stl_338 stl_21 stl_154">allocated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4252em;top:10.8291em;"><span class="stl_338 stl_21 stl_99">transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8464em;top:10.8291em;"><span class="stl_338 stl_21 stl_79" style="word-spacing:-0.02em;">Total NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:12.3972em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:13.2272em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:14.0509em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">External revenue goods</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2493em;top:14.0513em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.4012em;top:14.0513em;"><span class="stl_298 stl_16 stl_625">1,224  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.9306em;top:14.0513em;"><span class="stl_298 stl_16 stl_836">114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4881em;top:14.0513em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4487em;top:14.0513em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2687em;top:14.0513em;"><span class="stl_298 stl_16 stl_311">1,371  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4581em;top:14.8813em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">Intersegment revenue goods</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6057em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5663em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2057em;top:14.8814em;"><span class="stl_298 stl_16 stl_551">47  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4875em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8944em;top:14.8814em;"><span class="stl_298 stl_16 stl_839">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4088em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:15.7114em;z-index:516;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">External revenue service, etc</span><span class="stl_298 stl_16 stl_841">.</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2552em;top:15.7115em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5664em;top:15.7115em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2058em;top:15.7115em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4877em;top:15.7115em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:15.7115em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0608em;top:15.7115em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:16.5415em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Intersegment revenue service</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6057em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5663em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5269em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4876em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2051em;top:16.5416em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4088em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:17.3716em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">External revenue construction contracts</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4516em;top:17.3717em;"><span class="stl_298 stl_16 stl_388">1,783  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5666em;top:17.3717em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1678em;top:17.3717em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4878em;top:17.3717em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4484em;top:17.3717em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2141em;top:17.3717em;"><span class="stl_298 stl_16 stl_290">1,849  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:18.2017em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Intersegment revenue construction contracts</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0342em;top:18.2018em;"><span class="stl_298 stl_16 stl_30">-22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2542em;top:18.2018em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2086em;top:18.2018em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4879em;top:18.2018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2104em;top:18.2018em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4098em;top:18.2018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:19.0381em;"><span class="stl_338 stl_21 stl_36" style="word-spacing:-0.0291em;">Revenue (market prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3842em;top:19.0381em;"><span class="stl_338 stl_21 stl_162">1,822  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3442em;top:19.0381em;"><span class="stl_338 stl_21 stl_297">1,237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8092em;top:19.0381em;"><span class="stl_338 stl_21 stl_64">258  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4879em;top:19.0381em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8161em;top:19.0381em;"><span class="stl_338 stl_21 stl_840">-65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1486em;top:19.0381em;"><span class="stl_338 stl_21 stl_563">3,252  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:19.8618em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">Adjustment of market prices to std. metal prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7117em;top:19.8618em;"><span class="stl_298 stl_16 stl_10">-224  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6129em;top:19.8618em;"><span class="stl_298 stl_16 stl_342">-548  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.3442em;top:19.8618em;z-index:766;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4879em;top:19.8618em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1273em;top:19.8618em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5186em;top:19.8618em;"><span class="stl_298 stl_16 stl_196">-763  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:20.6981em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.033em;">Revenue (std. metal prices)</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3758em;top:20.6984em;"><span class="stl_338 stl_21 stl_117">1,598  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8396em;top:20.6984em;"><span class="stl_338 stl_21 stl_326">689  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8208em;top:20.6984em;"><span class="stl_338 stl_21 stl_209">257  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4877em;top:20.6984em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8227em;top:20.6984em;"><span class="stl_338 stl_21 stl_101">-55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1371em;top:20.6984em;"><span class="stl_338 stl_21 stl_328">2,489  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:21.5221em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Costs of raw materials, consumables and goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.219em;top:21.5221em;"><span class="stl_298 stl_16 stl_739">-1,206  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7021em;top:21.5221em;"><span class="stl_298 stl_16 stl_844">-974  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.7471em;top:21.5221em;"><span class="stl_298 stl_16 stl_837">-114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.1665em;top:21.5221em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0902em;top:21.5221em;"><span class="stl_298 stl_16 stl_71">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.024em;top:21.5221em;"><span class="stl_298 stl_16 stl_802">-2,215  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:22.3521em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Other costs and income, net (excl. one-off items)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6502em;top:22.3521em;"><span class="stl_298 stl_16 stl_271">-364  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7046em;top:22.3521em;"><span class="stl_298 stl_16 stl_822">-199  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.7365em;top:22.3521em;"><span class="stl_298 stl_16 stl_838">-119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2865em;top:22.3521em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2065em;top:22.3521em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.4452em;top:22.3521em;"><span class="stl_298 stl_16 stl_165">-693  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:23.1884em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Operational EBITDA</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.8983em;top:23.1887em;"><span class="stl_338 stl_21 stl_79">252  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2027em;top:23.1887em;"><span class="stl_338 stl_21 stl_293">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1708em;top:23.1887em;"><span class="stl_338 stl_21 stl_253">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4877em;top:23.1887em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:23.1887em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6802em;top:23.1887em;"><span class="stl_338 stl_21 stl_696">344  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:24.0124em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Depreciation, amortisation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0846em;top:24.0124em;"><span class="stl_298 stl_16 stl_804">-71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9989em;top:24.0124em;"><span class="stl_298 stl_16 stl_377">-23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2783em;top:24.0124em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2483em;top:24.0124em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4477em;top:24.0124em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5446em;top:24.0124em;"><span class="stl_298 stl_16 stl_363">-103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.8487em;"><span class="stl_338 stl_21 stl_45" style="word-spacing:-0.0302em;">Operational EBIT</span><sup style="top: -0.2079em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9342em;top:24.8489em;"><span class="stl_338 stl_21 stl_623">181  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2367em;top:24.8489em;"><span class="stl_338 stl_21 stl_845">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.203em;top:24.8489em;"><span class="stl_338 stl_21 stl_823">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4873em;top:24.8489em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.448em;top:24.8489em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7298em;top:24.8489em;"><span class="stl_338 stl_21 stl_570">241  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4573em;top:26.5089em;"><span class="stl_338 stl_21 stl_391" style="word-spacing:-0.0382em;">Working capital</span><sup style="top: -0.2079em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1517em;top:26.5091em;"><span class="stl_338 stl_21 stl_460">-1,546  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2242em;top:26.5091em;"><span class="stl_338 stl_21 stl_349">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1729em;top:26.5091em;"><span class="stl_338 stl_21 stl_47">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.1398em;top:26.5091em;"><span class="stl_338 stl_21 stl_63">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4486em;top:26.5091em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.9667em;top:26.5091em;"><span class="stl_338 stl_21 stl_500">-1,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:28.0478em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0344em;">Reconciliation to net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:29.1278em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0353em;">Operational EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6811em;top:29.1278em;"><span class="stl_338 stl_21 stl_696">344  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:29.9516em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0366em;">One-off items</span><sup style="top: -0.2079em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2256em;top:29.9518em;z-index:1162;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:30.788em;"><span class="stl_338 stl_21 stl_62">EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6825em;top:30.788em;"><span class="stl_338 stl_21 stl_326">343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:31.6118em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Depreciation, amortisation, and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5456em;top:31.6118em;"><span class="stl_298 stl_16 stl_363">-103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:32.448em;"><span class="stl_338 stl_21 stl_38">EBIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7006em;top:32.448em;"><span class="stl_338 stl_21 stl_47">240  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:33.2718em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0286em;">Financial items, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0525em;top:33.2718em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:34.108em;"><span class="stl_338 stl_21 stl_34">EBT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7444em;top:34.108em;"><span class="stl_338 stl_21 stl_741">274  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:34.9318em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8138em;top:34.9318em;"><span class="stl_298 stl_16 stl_58">-38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:35.768em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net result - continuing operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6869em;top:35.768em;"><span class="stl_338 stl_21 stl_450">236  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:36.5918em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0304em;">Net result - discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7525em;top:36.5918em;"><span class="stl_298 stl_16 stl_368">101  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:37.428em;"><span class="stl_338 stl_21 stl_339" style="word-spacing:-0.0374em;">Net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6956em;top:37.428em;"><span class="stl_338 stl_21 stl_300">337  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:38.6393em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_737">1)</span></sup><span class="stl_98 stl_16 stl_99" style="word-spacing:-0.0408em;">Revenue recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9457em;top:38.6393em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_231">2)</span></sup><span class="stl_98 stl_16 stl_489" style="word-spacing:-0.0397em;">Revenue recognised over time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.816em;top:38.6393em;z-index:1410;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_342">3)</span></sup><span class="stl_98 stl_16 stl_199" style="word-spacing:-0.0277em;">Refer to note </span><span class="stl_98 stl_16 stl_373">7</span><span class="stl_98 stl_16 stl_209">.</span><span class="stl_98 stl_16 stl_374" style="word-spacing:-0.0418em;">5 Definitions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9647em;top:10.1108em;"><span class="stl_338 stl_21 stl_767" style="word-spacing:-0.049em;">Service &amp;  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.536em;top:10.1108em;"><span class="stl_338 stl_21 stl_64">Non  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7541em;top:10.1108em;"><span class="stl_338 stl_21 stl_268">Intersegment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.8189em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0716em;top:10.8189em;"><span class="stl_338 stl_21 stl_267">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1047em;top:10.8189em;"><span class="stl_338 stl_21 stl_105">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1353em;top:10.8189em;"><span class="stl_338 stl_21 stl_280">Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9997em;top:10.8189em;"><span class="stl_338 stl_21 stl_154">allocated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3303em;top:10.8189em;"><span class="stl_338 stl_21 stl_99">transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7516em;top:10.8189em;"><span class="stl_338 stl_21 stl_79" style="word-spacing:-0.02em;">Total NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:12.3752em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:13.1758em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:13.9702em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">External revenue goods</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1718em;top:13.9703em;"><span class="stl_298 stl_16 stl_361">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2962em;top:13.9703em;"><span class="stl_298 stl_16 stl_756">1,097  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7818em;top:13.9703em;"><span class="stl_298 stl_16 stl_383">125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3925em;top:13.9703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3531em;top:13.9703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1175em;top:13.9703em;"><span class="stl_298 stl_16 stl_349">1,264  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3618em;top:14.7709em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">Intersegment revenue goods</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5108em;top:14.7709em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1526em;top:14.7709em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0752em;top:14.7709em;"><span class="stl_298 stl_16 stl_300">36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:14.7709em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7564em;top:14.7709em;"><span class="stl_298 stl_16 stl_253">-55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:14.7709em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.5715em;z-index:386;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">External revenue service, etc</span><span class="stl_298 stl_16 stl_841">.</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1726em;top:15.5714em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4714em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.432em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3533em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9576em;top:15.5714em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.3721em;z-index:429;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">Intersegment revenue service, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.7695em;top:16.4159em;"><span class="stl_849 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5108em;top:16.372em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4714em;top:16.372em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.432em;top:16.372em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:16.372em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1145em;top:16.372em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:16.372em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.1726em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">External revenue construction contracts</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3275em;top:17.1726em;"><span class="stl_298 stl_16 stl_431">1,255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4712em;top:17.1726em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.115em;top:17.1726em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3925em;top:17.1726em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3531em;top:17.1726em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1512em;top:17.1726em;"><span class="stl_298 stl_16 stl_681">1,270  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.9732em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Intersegment revenue construction contracts</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.006em;top:17.9732em;"><span class="stl_298 stl_16 stl_807">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4716em;top:17.9732em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1241em;top:17.9732em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3928em;top:17.9732em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1116em;top:17.9732em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3147em;top:17.9732em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:18.78em;"><span class="stl_338 stl_21 stl_164" style="word-spacing:-0.029em;">Revenue (market prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3328em;top:18.78em;"><span class="stl_338 stl_21 stl_333">1,313  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3753em;top:18.78em;"><span class="stl_338 stl_21 stl_344">1,116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7035em;top:18.78em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3935em;top:18.78em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7272em;top:18.78em;"><span class="stl_338 stl_21 stl_279">-62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0478em;top:18.78em;"><span class="stl_338 stl_21 stl_280">2,567  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:19.5744em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">Adjustment of market prices to std. metal prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6572em;top:19.5744em;"><span class="stl_298 stl_16 stl_453">-162  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5722em;top:19.5744em;"><span class="stl_298 stl_16 stl_672">-478  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4328em;top:19.5744em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3935em;top:19.5744em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3541em;top:19.5744em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3522em;top:19.5744em;"><span class="stl_298 stl_16 stl_91">-640  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3634em;top:20.3813em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.033em;">Revenue (std. metal prices)</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.382em;top:20.3811em;"><span class="stl_338 stl_21 stl_850">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.742em;top:20.3811em;"><span class="stl_338 stl_21 stl_541">638  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7026em;top:20.3811em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:20.3811em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7264em;top:20.3811em;"><span class="stl_338 stl_21 stl_279">-62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0964em;top:20.3811em;"><span class="stl_338 stl_21 stl_707">1,927  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.1755em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Costs of raw materials, consumables and goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5695em;top:21.1755em;"><span class="stl_298 stl_16 stl_413">-852  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5114em;top:21.1755em;"><span class="stl_298 stl_16 stl_267">-884  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8308em;top:21.1755em;"><span class="stl_298 stl_16 stl_249">-83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.392em;top:21.1755em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9939em;top:21.1755em;"><span class="stl_298 stl_16 stl_154">68  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0595em;top:21.1755em;"><span class="stl_298 stl_16 stl_803">-1,747  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.9761em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Other costs and income, net (excl. one-off items)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6139em;top:21.9761em;"><span class="stl_298 stl_16 stl_699">-279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6501em;top:21.9761em;"><span class="stl_298 stl_16 stl_454">-173  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8351em;top:21.9761em;"><span class="stl_298 stl_16 stl_164">-98  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1545em;top:21.9761em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1051em;top:21.9761em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.362em;top:21.9761em;"><span class="stl_298 stl_16 stl_57">-565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:22.783em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">Operational EBITDA</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8316em;top:22.7829em;"><span class="stl_338 stl_21 stl_570">182  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1135em;top:22.7829em;"><span class="stl_338 stl_21 stl_34">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1079em;top:22.7829em;"><span class="stl_338 stl_21 stl_823">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1273em;top:22.7829em;"><span class="stl_338 stl_21 stl_497">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3529em;top:22.7829em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:22.7829em;"><span class="stl_338 stl_21 stl_249">255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:23.5772em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Depreciation, amortisation, and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9041em;top:23.5772em;"><span class="stl_298 stl_16 stl_317">-69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.971em;top:23.5772em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1891em;top:23.5772em;"><span class="stl_298 stl_16 stl_154">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2091em;top:23.5772em;z-index:900;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3529em;top:23.5772em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7104em;top:23.5772em;"><span class="stl_298 stl_16 stl_91">-90  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:24.3841em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">Operational EBIT</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8826em;top:24.384em;"><span class="stl_338 stl_21 stl_365">113  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1076em;top:24.384em;"><span class="stl_338 stl_21 stl_293">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1183em;top:24.384em;"><span class="stl_338 stl_21 stl_345">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1226em;top:24.384em;"><span class="stl_338 stl_21 stl_522">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3539em;top:24.384em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6264em;top:24.384em;"><span class="stl_338 stl_21 stl_30">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:25.9853em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0381em;">Working capital</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5723em;top:25.9852em;"><span class="stl_338 stl_21 stl_466">-739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.108em;top:25.9852em;"><span class="stl_338 stl_21 stl_293">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0836em;top:25.9852em;"><span class="stl_338 stl_21 stl_63">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7611em;top:25.9852em;"><span class="stl_338 stl_21 stl_851">-40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3536em;top:25.9852em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3773em;top:25.9852em;"><span class="stl_338 stl_21 stl_502">-709  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:27.4945em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0344em;">Reconciliation to net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:28.5452em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0353em;">Operational EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:28.5452em;"><span class="stl_338 stl_21 stl_249">255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:29.3395em;"><span class="stl_298 stl_16 stl_246" style="word-spacing:-0.0368em;">One-off items</span><sup style="top: -0.2084em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:29.3393em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.1462em;"><span class="stl_338 stl_21 stl_62">EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5964em;top:30.1462em;"><span class="stl_338 stl_21 stl_249">255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.9405em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Depreciation, amortisation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7102em;top:30.9405em;"><span class="stl_298 stl_16 stl_360">-90  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:31.7474em;"><span class="stl_338 stl_21 stl_38">EBIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6258em;top:31.7474em;"><span class="stl_338 stl_21 stl_30">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:32.5418em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0286em;">Financial items, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8108em;top:32.5418em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:33.3487em;"><span class="stl_338 stl_21 stl_34">EBT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6427em;top:33.3487em;"><span class="stl_338 stl_21 stl_449">149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:34.143em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7158em;top:34.143em;"><span class="stl_298 stl_16 stl_164">-30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:34.9499em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net result - continuing operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6845em;top:34.9499em;"><span class="stl_338 stl_21 stl_806">119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:35.7443em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Net result - discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:35.7443em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:36.5512em;"><span class="stl_338 stl_21 stl_339" style="word-spacing:-0.0374em;">Net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6464em;top:36.5512em;"><span class="stl_338 stl_21 stl_479">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.7433em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_737">1)</span></sup><span class="stl_98 stl_16 stl_99" style="word-spacing:-0.0408em;">Revenue recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8502em;top:37.7433em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_231">2)</span></sup><span class="stl_98 stl_16 stl_489" style="word-spacing:-0.0397em;">Revenue recognised over time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.7205em;top:37.7433em;z-index:1271;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_342">3)</span></sup><span class="stl_98 stl_16 stl_199" style="word-spacing:-0.0278em;">Refer to note </span><span class="stl_98 stl_16 stl_373">7</span><span class="stl_98 stl_16 stl_209">.</span><span class="stl_98 stl_16 stl_374" style="word-spacing:-0.0418em;">5 Definitions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0385em;">Geographical information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.1667em;top:11.4245em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">Property, plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.8811em;top:12.0914em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">equitment and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.7048em;top:12.7576em;"><span class="stl_338 stl_21 stl_75">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5017em;top:12.7583em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:13.677em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1061em;top:13.677em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.1136em;top:13.677em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1373em;top:13.677em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1448em;top:13.677em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:15.2745em;"><span class="stl_298 stl_16 stl_615">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5361em;top:15.2745em;"><span class="stl_298 stl_16 stl_344">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5773em;top:15.2745em;"><span class="stl_298 stl_16 stl_710">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8573em;top:15.2745em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9067em;top:15.2745em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:16.1695em;"><span class="stl_298 stl_16 stl_78">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4417em;top:16.1695em;"><span class="stl_298 stl_16 stl_101">906  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4973em;top:16.1695em;"><span class="stl_298 stl_16 stl_190">764  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4873em;top:16.1695em;"><span class="stl_298 stl_16 stl_225">363  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5142em;top:16.1695em;"><span class="stl_298 stl_16 stl_274">332  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:17.0645em;"><span class="stl_298 stl_16 stl_403">Sweden  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5223em;top:17.0645em;"><span class="stl_298 stl_16 stl_815">127  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5248em;top:17.0645em;"><span class="stl_298 stl_16 stl_842">122  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0198em;top:17.0645em;"><span class="stl_298 stl_16 stl_431">1,329  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5017em;top:17.0645em;"><span class="stl_298 stl_16 stl_249">995  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:17.9595em;"><span class="stl_298 stl_16 stl_154">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4579em;top:17.9595em;"><span class="stl_298 stl_16 stl_164">448  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4717em;top:17.9595em;"><span class="stl_298 stl_16 stl_34">399  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8842em;top:17.9595em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9011em;top:17.9595em;"><span class="stl_298 stl_16 stl_344">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:18.8545em;"><span class="stl_298 stl_16 stl_230">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4642em;top:18.8545em;"><span class="stl_298 stl_16 stl_79">295  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5098em;top:18.8545em;"><span class="stl_298 stl_16 stl_361">257  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8798em;top:18.8545em;"><span class="stl_298 stl_16 stl_823">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8686em;top:18.8545em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:19.7495em;"><span class="stl_298 stl_16 stl_211">USA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5198em;top:19.7495em;"><span class="stl_298 stl_16 stl_795">613  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4979em;top:19.7495em;"><span class="stl_298 stl_16 stl_190">391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2036em;top:19.7495em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2192em;top:19.7495em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:20.6445em;"><span class="stl_298 stl_16 stl_564">Norway  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5354em;top:20.6445em;"><span class="stl_298 stl_16 stl_816">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8286em;top:20.6445em;"><span class="stl_298 stl_16 stl_154">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8723em;top:20.6445em;"><span class="stl_298 stl_16 stl_116">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8686em;top:20.6445em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:21.5633em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Czech Republic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8361em;top:21.5633em;"><span class="stl_298 stl_16 stl_623">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8398em;top:21.5633em;"><span class="stl_298 stl_16 stl_42">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8398em;top:21.5633em;"><span class="stl_298 stl_16 stl_326">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8611em;top:21.5633em;"><span class="stl_298 stl_16 stl_71">83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:22.482em;"><span class="stl_298 stl_16 stl_62">France  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8523em;top:22.482em;"><span class="stl_298 stl_16 stl_758">71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8417em;top:22.482em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2029em;top:22.482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2186em;top:22.482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3611em;top:23.4008em;"><span class="stl_298 stl_16 stl_38">Netherlands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8411em;top:23.4008em;"><span class="stl_298 stl_16 stl_428">75  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8454em;top:23.4008em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2023em;top:23.4008em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2179em;top:23.4008em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3604em;top:24.3195em;"><span class="stl_298 stl_16 stl_243">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.1704em;top:24.3195em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1861em;top:24.3195em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5242em;top:24.3195em;"><span class="stl_298 stl_16 stl_361">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2173em;top:24.3195em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3598em;top:25.2145em;"><span class="stl_298 stl_16 stl_78">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4611em;top:25.2145em;"><span class="stl_298 stl_16 stl_47">349  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4654em;top:25.2145em;"><span class="stl_298 stl_16 stl_165">309  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2011em;top:25.2145em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2167em;top:25.2145em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:26.1158em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.9079em;top:26.1158em;"><span class="stl_338 stl_21 stl_563">3,252  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.9179em;top:26.1158em;"><span class="stl_338 stl_21 stl_615">2,567  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0611em;top:26.1158em;"><span class="stl_338 stl_21 stl_852">2,110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9854em;top:26.1158em;"><span class="stl_338 stl_21 stl_321">1,558  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:27.502em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">Intersegment transactions are performed on market terms. One customer in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:28.2939em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0219em;">the Solutions segment comprises more than 10% of the group's total revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:29.0858em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">amounting to EUR 612m (391m in 2023). The geographical disclosure of revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:29.8776em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">based on the country of delivery.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.9335em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">Revenue from construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:29.7254em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">with customers with a high degree of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:30.5173em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">individual customisation and no alter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:31.3091em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">native use, are recognised as revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.101em;"><span class="stl_298 stl_16 stl_277" style="word-spacing:-0.0288em;">over time, provided that NKT Group has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.8929em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">secured an enforceable right to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:33.6848em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ment for work performed at any time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:34.4766em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">The revenue therefore corresponds to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:35.2685em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">the sales price of work performed dur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.0604em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">ing the year (the percentage-of-com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.8523em;"><span class="stl_298 stl_16 stl_134" style="word-spacing:-0.0217em;">pletion method). See note 4.5 Contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:37.6441em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0322em;">assets and liabilities for further informa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:38.436em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0301em;">tion concerning construction contracts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:13.1029em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Revenue from sale of goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:13.8948em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">and finished goods is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:14.6866em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">the income statement when control  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:15.4785em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">of the goods has transferred to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:16.2704em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">buyer, normally at delivery, and it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.0623em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">is probable that the income will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.8541em;"><span class="stl_298 stl_16 stl_164">received.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:19.4373em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Revenue from services that include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.2291em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">service packages and extended war-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.021em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">ranties relating to products and con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.8129em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">tracts is recognised over time with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:22.6048em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">supply of those services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:24.1879em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Revenue is measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:24.9798em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">value of the expected consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:25.7716em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.02em;">excluding VAT and taxes charged on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:26.5635em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">behalf of third parties. In determin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:27.3554em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">ing the transaction price, revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:28.1473em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">reduced by probable penalties and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:28.9391em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">other claims and discounts that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:29.731em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0251em;">payments to the customers. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:30.5229em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">transaction price is further adjusted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:31.3148em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">any variable elements of the transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:32.1066em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">tion price. The variable amount is esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:32.8985em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">mated at contract inception and revis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:33.6904em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">ited throughout the contract period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:34.4823em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Variable income is recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:35.2741em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">revenue when it is highly probable that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:36.066em;z-index:3272;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">a significant reversal will not occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.1141em;"><span class="stl_338 stl_21 stl_246">Projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.8998em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Revenue from the sale of cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:14.6916em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">jects accounted for as construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:15.4835em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">contracts comprises sale of onshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:16.2754em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">and offshore highly customised cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.0673em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">in Solutions, and delivery of highly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.8591em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">customised spare cables in Service.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:19.4423em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Projects are usually significant in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:20.2341em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">amount, have a long lead time affect-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.026em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">ing the financial statements of more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.8179em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">reporting periods, and have a high  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:22.6098em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">degree of project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.1929em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">Each project is normally considered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.9848em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">one performance obligation as each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:25.7766em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">project comprises highly interrelated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:26.5685em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">and interdependent physical assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:27.3604em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">and services, such as production,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:28.1523em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">installation and project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:29.7354em;"><span class="stl_298 stl_16 stl_80" style="word-spacing:-0.0213em;">However, depending on the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:30.5273em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">structure, the performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:31.3191em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">may consist of more than one con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:32.111em;"><span class="stl_298 stl_16 stl_97">tract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:33.6941em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Cable projects are often sold as fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:34.486em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">price contracts and revenue from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:35.2779em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">these are therefore recognised over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.0698em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">time by applying the percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.8616em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0233em;">completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:10.7358em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">Payment terms of a cable project con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:11.5276em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">tract usually comprise the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.3195em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:13.9022em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Prepayment from the customer at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:14.178em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:14.694em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">contract inception,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:15.4855em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">progress payments, linked to pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.7614em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:16.2774em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">ject milestones,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.0688em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">final payment upon completion and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:17.3447em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.8607em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">customer acceptance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:19.4438em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">NKT Group will usually obtain pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:20.2357em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ment guarantees to minimise counter  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.0276em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">party risk during the execution of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.8194em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">cable projects.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:23.4088em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0395em;">Sale of products  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.1944em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">Sale of products relates to the sale of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.9863em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">smaller less customised cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:25.7782em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">jects, standardised cables and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:26.5701em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">ment. Small cable projects with little or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:27.3619em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">no customisation usually have a short  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.1538em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0235em;">lead time of less than one year. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.9457em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">delivered product is considered one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:29.7376em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">performance obligation. Most of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:30.5294em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">products are sold at a fixed price and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:31.3213em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">revenue is usually recognised at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.1132em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">point in time when the control of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.9051em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">products transfers to the customers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:33.697em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">usually upon delivery.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:35.2801em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">For standardised products, NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.072em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Group is usually entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.8638em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">ment upon delivery, and payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:37.6557em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">terms vary by market but are usually  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:38.4476em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">between 0-60 days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:10.7457em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Service contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:11.5313em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">Service contracts comprise various  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:12.3232em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">service elements to support power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.1151em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">cable efficiency and prevent or mit-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.907em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">igate power cable failures and can  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:14.6988em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">include up to round-the-clock, 365  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:15.4907em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">days/year support. Service delivered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:16.2826em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">according to the contracts is consid-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.0745em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">ered as one performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.8663em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">delivered over time. Revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:18.6582em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">accordingly recognised over the life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:19.4501em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the contract using the the percentage  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:20.242em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">of completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.0338em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">NKT Group is either entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.8257em;"><span class="stl_298 stl_16 stl_669" style="word-spacing:-0.0376em;">ment once the service has been pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:22.6176em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">vided or on a periodic basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.2007em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Spare parts and other repair work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.9926em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">contracts are determined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:25.7845em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:26.5763em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">price is usually variable, depending on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:27.3682em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">the produced output, and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.1601em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">recognised over time, using the cost-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.952em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">to-cost method. In case of significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:29.7438em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uncertainties related to measuring the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:30.5357em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">revenue reliably, revenue is recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:31.3276em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">according to payments. NKT Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.1195em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">entitled to payment once the work or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.9113em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">spare parts are delivered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:34.4945em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Providing new highly customised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:35.2863em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">spare cables is defined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.0782em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.8701em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">price is usually fixed and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:37.662em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">typically recognised over time using  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:38.4538em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">the percentage of completion cost-to-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:10.7457em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0189em;">cost method. However, if the produc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:11.5376em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">tion time is less than one month, reve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:12.3295em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">nue is recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:13.9126em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The payment pattern for spare cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:14.7045em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">is similar to the pattern for cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:15.4963em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">jects described above and NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:16.2882em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">will usually obtain payment guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.0801em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">to minimise the risk during the execu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.872em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">tion of the cable project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3099em;top:9.9301em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3099em;top:10.7219em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:12.3507em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Cable projects are to a certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.1426em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">degree measured based on man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.9344em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">agement judgement in terms of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:14.7263em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">when to recognise revenue and how  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:15.5182em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">to calculate the revenue in terms of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:16.3101em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">percentage-of-completion and esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:17.1019em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">mated profit on each project. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:17.8938em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">estimates include a risk provision,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:18.6857em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">which is based on an assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:19.4776em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the specific risks that each project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:20.2695em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">is exposed to as well as assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:21.0613em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">of cost development over the project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:21.8532em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">lifetime. The percentage-of-com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:22.6451em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">pletion is based on costs incurred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:23.4369em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">against estimated total project costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:24.2288em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Cost estimates include assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.0207em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">of short and long term development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.8126em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0241em;">of cost levels over the project lifetime.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:26.6045em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">In essence, the total project costs are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:27.3963em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">therefore to a large extent based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:28.1882em;"><span class="stl_298 stl_16 stl_141">estimates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:29.7713em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">Assumptions for the recognition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:30.5632em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">revenue over time regarding larger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:31.3551em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">cable projects are determined con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:32.147em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0235em;">tract by contract. Control is trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:32.9388em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">ferred as the project progresses,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:33.7307em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">based on assumptions such as:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:35.3087em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Deliveries being approved on an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:35.5846em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.1006em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">ongoing basis,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.892em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0242em;">NKT Group’s ability to provide prod-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:37.1679em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:37.6839em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ucts according to specification and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:38.4758em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">the risk that the cable is rejected.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;z-index:56;"><span class="stl_833 stl_26 stl_17" style="word-spacing:0.0058em;">This section relates to profit for the year,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.0752em;"><span class="stl_833 stl_26 stl_596" style="word-spacing:0.0024em;">including revenue, segment information,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.2421em;"><span class="stl_833 stl_26 stl_494" style="word-spacing:-0.0054em;">staff costs, share-based payments,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.409em;"><span class="stl_833 stl_26 stl_411" style="word-spacing:-0.0033em;">research and development costs, and tax.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:8.9092em;z-index:160;"><span class="stl_801 stl_33 stl_497">2</span><span class="stl_801 stl_33 stl_835">.</span><span class="stl_801 stl_33 stl_183" style="word-spacing:0.4123em;">1 Segment</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.562em;top:8.9092em;z-index:160;"><span class="stl_801 stl_33 stl_278" style="word-spacing:-0.0173em;">information and revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.0595em;top:10.1209em;"><span class="stl_338 stl_21 stl_767" style="word-spacing:-0.049em;">Service &amp;  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6308em;top:10.1209em;"><span class="stl_338 stl_21 stl_64">Non  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8489em;top:10.1209em;"><span class="stl_338 stl_21 stl_268">Intersegment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:10.8291em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.1664em;top:10.8291em;"><span class="stl_338 stl_21 stl_563">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1995em;top:10.8291em;"><span class="stl_338 stl_21 stl_105">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2302em;top:10.8291em;"><span class="stl_338 stl_21 stl_280">Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0945em;top:10.8291em;"><span class="stl_338 stl_21 stl_154">allocated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4252em;top:10.8291em;"><span class="stl_338 stl_21 stl_99">transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8464em;top:10.8291em;"><span class="stl_338 stl_21 stl_79" style="word-spacing:-0.02em;">Total NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:12.3972em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:13.2272em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:14.0509em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">External revenue goods</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2493em;top:14.0513em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.4012em;top:14.0513em;"><span class="stl_298 stl_16 stl_625">1,224  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.9306em;top:14.0513em;"><span class="stl_298 stl_16 stl_836">114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4881em;top:14.0513em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4487em;top:14.0513em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2687em;top:14.0513em;"><span class="stl_298 stl_16 stl_311">1,371  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4581em;top:14.8813em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">Intersegment revenue goods</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6057em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5663em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2057em;top:14.8814em;"><span class="stl_298 stl_16 stl_551">47  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4875em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8944em;top:14.8814em;"><span class="stl_298 stl_16 stl_839">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4088em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:15.7114em;z-index:516;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">External revenue service, etc</span><span class="stl_298 stl_16 stl_841">.</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2552em;top:15.7115em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5664em;top:15.7115em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2058em;top:15.7115em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4877em;top:15.7115em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:15.7115em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0608em;top:15.7115em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:16.5415em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Intersegment revenue service</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6057em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5663em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5269em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4876em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2051em;top:16.5416em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4088em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:17.3716em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">External revenue construction contracts</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4516em;top:17.3717em;"><span class="stl_298 stl_16 stl_388">1,783  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5666em;top:17.3717em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1678em;top:17.3717em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4878em;top:17.3717em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4484em;top:17.3717em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2141em;top:17.3717em;"><span class="stl_298 stl_16 stl_290">1,849  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:18.2017em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Intersegment revenue construction contracts</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0342em;top:18.2018em;"><span class="stl_298 stl_16 stl_30">-22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2542em;top:18.2018em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2086em;top:18.2018em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4879em;top:18.2018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2104em;top:18.2018em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4098em;top:18.2018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:19.0381em;"><span class="stl_338 stl_21 stl_36" style="word-spacing:-0.0291em;">Revenue (market prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3842em;top:19.0381em;"><span class="stl_338 stl_21 stl_162">1,822  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3442em;top:19.0381em;"><span class="stl_338 stl_21 stl_297">1,237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8092em;top:19.0381em;"><span class="stl_338 stl_21 stl_64">258  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4879em;top:19.0381em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8161em;top:19.0381em;"><span class="stl_338 stl_21 stl_840">-65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1486em;top:19.0381em;"><span class="stl_338 stl_21 stl_563">3,252  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:19.8618em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">Adjustment of market prices to std. metal prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7117em;top:19.8618em;"><span class="stl_298 stl_16 stl_10">-224  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6129em;top:19.8618em;"><span class="stl_298 stl_16 stl_342">-548  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.3442em;top:19.8618em;z-index:766;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4879em;top:19.8618em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1273em;top:19.8618em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5186em;top:19.8618em;"><span class="stl_298 stl_16 stl_196">-763  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:20.6981em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.033em;">Revenue (std. metal prices)</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3758em;top:20.6984em;"><span class="stl_338 stl_21 stl_117">1,598  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8396em;top:20.6984em;"><span class="stl_338 stl_21 stl_326">689  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8208em;top:20.6984em;"><span class="stl_338 stl_21 stl_209">257  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4877em;top:20.6984em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8227em;top:20.6984em;"><span class="stl_338 stl_21 stl_101">-55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1371em;top:20.6984em;"><span class="stl_338 stl_21 stl_328">2,489  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:21.5221em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Costs of raw materials, consumables and goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.219em;top:21.5221em;"><span class="stl_298 stl_16 stl_739">-1,206  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7021em;top:21.5221em;"><span class="stl_298 stl_16 stl_844">-974  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.7471em;top:21.5221em;"><span class="stl_298 stl_16 stl_837">-114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.1665em;top:21.5221em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0902em;top:21.5221em;"><span class="stl_298 stl_16 stl_71">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.024em;top:21.5221em;"><span class="stl_298 stl_16 stl_802">-2,215  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:22.3521em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Other costs and income, net (excl. one-off items)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6502em;top:22.3521em;"><span class="stl_298 stl_16 stl_271">-364  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7046em;top:22.3521em;"><span class="stl_298 stl_16 stl_822">-199  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.7365em;top:22.3521em;"><span class="stl_298 stl_16 stl_838">-119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2865em;top:22.3521em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2065em;top:22.3521em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.4452em;top:22.3521em;"><span class="stl_298 stl_16 stl_165">-693  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:23.1884em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Operational EBITDA</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.8983em;top:23.1887em;"><span class="stl_338 stl_21 stl_79">252  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2027em;top:23.1887em;"><span class="stl_338 stl_21 stl_293">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1708em;top:23.1887em;"><span class="stl_338 stl_21 stl_253">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4877em;top:23.1887em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:23.1887em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6802em;top:23.1887em;"><span class="stl_338 stl_21 stl_696">344  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:24.0124em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Depreciation, amortisation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0846em;top:24.0124em;"><span class="stl_298 stl_16 stl_804">-71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9989em;top:24.0124em;"><span class="stl_298 stl_16 stl_377">-23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2783em;top:24.0124em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2483em;top:24.0124em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4477em;top:24.0124em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5446em;top:24.0124em;"><span class="stl_298 stl_16 stl_363">-103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.8487em;"><span class="stl_338 stl_21 stl_45" style="word-spacing:-0.0302em;">Operational EBIT</span><sup style="top: -0.2079em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9342em;top:24.8489em;"><span class="stl_338 stl_21 stl_623">181  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2367em;top:24.8489em;"><span class="stl_338 stl_21 stl_845">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.203em;top:24.8489em;"><span class="stl_338 stl_21 stl_823">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4873em;top:24.8489em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.448em;top:24.8489em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7298em;top:24.8489em;"><span class="stl_338 stl_21 stl_570">241  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4573em;top:26.5089em;"><span class="stl_338 stl_21 stl_391" style="word-spacing:-0.0382em;">Working capital</span><sup style="top: -0.2079em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1517em;top:26.5091em;"><span class="stl_338 stl_21 stl_460">-1,546  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2242em;top:26.5091em;"><span class="stl_338 stl_21 stl_349">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1729em;top:26.5091em;"><span class="stl_338 stl_21 stl_47">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.1398em;top:26.5091em;"><span class="stl_338 stl_21 stl_63">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4486em;top:26.5091em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.9667em;top:26.5091em;"><span class="stl_338 stl_21 stl_500">-1,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:28.0478em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0344em;">Reconciliation to net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:29.1278em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0353em;">Operational EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6811em;top:29.1278em;"><span class="stl_338 stl_21 stl_696">344  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:29.9516em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0366em;">One-off items</span><sup style="top: -0.2079em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2256em;top:29.9518em;z-index:1162;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:30.788em;"><span class="stl_338 stl_21 stl_62">EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6825em;top:30.788em;"><span class="stl_338 stl_21 stl_326">343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:31.6118em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Depreciation, amortisation, and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5456em;top:31.6118em;"><span class="stl_298 stl_16 stl_363">-103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:32.448em;"><span class="stl_338 stl_21 stl_38">EBIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7006em;top:32.448em;"><span class="stl_338 stl_21 stl_47">240  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:33.2718em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0286em;">Financial items, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0525em;top:33.2718em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:34.108em;"><span class="stl_338 stl_21 stl_34">EBT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7444em;top:34.108em;"><span class="stl_338 stl_21 stl_741">274  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:34.9318em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8138em;top:34.9318em;"><span class="stl_298 stl_16 stl_58">-38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:35.768em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net result - continuing operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6869em;top:35.768em;"><span class="stl_338 stl_21 stl_450">236  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:36.5918em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0304em;">Net result - discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7525em;top:36.5918em;"><span class="stl_298 stl_16 stl_368">101  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:37.428em;"><span class="stl_338 stl_21 stl_339" style="word-spacing:-0.0374em;">Net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6956em;top:37.428em;"><span class="stl_338 stl_21 stl_300">337  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:38.6393em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_737">1)</span></sup><span class="stl_98 stl_16 stl_99" style="word-spacing:-0.0408em;">Revenue recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9457em;top:38.6393em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_231">2)</span></sup><span class="stl_98 stl_16 stl_489" style="word-spacing:-0.0397em;">Revenue recognised over time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.816em;top:38.6393em;z-index:1410;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_342">3)</span></sup><span class="stl_98 stl_16 stl_199" style="word-spacing:-0.0277em;">Refer to note </span><span class="stl_98 stl_16 stl_373">7</span><span class="stl_98 stl_16 stl_209">.</span><span class="stl_98 stl_16 stl_374" style="word-spacing:-0.0418em;">5 Definitions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9647em;top:10.1108em;"><span class="stl_338 stl_21 stl_767" style="word-spacing:-0.049em;">Service &amp;  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.536em;top:10.1108em;"><span class="stl_338 stl_21 stl_64">Non  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7541em;top:10.1108em;"><span class="stl_338 stl_21 stl_268">Intersegment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.8189em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0716em;top:10.8189em;"><span class="stl_338 stl_21 stl_267">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1047em;top:10.8189em;"><span class="stl_338 stl_21 stl_105">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1353em;top:10.8189em;"><span class="stl_338 stl_21 stl_280">Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9997em;top:10.8189em;"><span class="stl_338 stl_21 stl_154">allocated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3303em;top:10.8189em;"><span class="stl_338 stl_21 stl_99">transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7516em;top:10.8189em;"><span class="stl_338 stl_21 stl_79" style="word-spacing:-0.02em;">Total NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:12.3752em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:13.1758em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:13.9702em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">External revenue goods</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1718em;top:13.9703em;"><span class="stl_298 stl_16 stl_361">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2962em;top:13.9703em;"><span class="stl_298 stl_16 stl_756">1,097  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7818em;top:13.9703em;"><span class="stl_298 stl_16 stl_383">125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3925em;top:13.9703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3531em;top:13.9703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1175em;top:13.9703em;"><span class="stl_298 stl_16 stl_349">1,264  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3618em;top:14.7709em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">Intersegment revenue goods</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5108em;top:14.7709em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1526em;top:14.7709em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0752em;top:14.7709em;"><span class="stl_298 stl_16 stl_300">36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:14.7709em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7564em;top:14.7709em;"><span class="stl_298 stl_16 stl_253">-55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:14.7709em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.5715em;z-index:386;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">External revenue service, etc</span><span class="stl_298 stl_16 stl_841">.</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1726em;top:15.5714em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4714em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.432em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3533em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9576em;top:15.5714em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.3721em;z-index:429;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">Intersegment revenue service, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.7695em;top:16.4159em;"><span class="stl_849 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5108em;top:16.372em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4714em;top:16.372em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.432em;top:16.372em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:16.372em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1145em;top:16.372em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:16.372em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.1726em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">External revenue construction contracts</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3275em;top:17.1726em;"><span class="stl_298 stl_16 stl_431">1,255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4712em;top:17.1726em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.115em;top:17.1726em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3925em;top:17.1726em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3531em;top:17.1726em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1512em;top:17.1726em;"><span class="stl_298 stl_16 stl_681">1,270  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.9732em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Intersegment revenue construction contracts</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.006em;top:17.9732em;"><span class="stl_298 stl_16 stl_807">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4716em;top:17.9732em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1241em;top:17.9732em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3928em;top:17.9732em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1116em;top:17.9732em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3147em;top:17.9732em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:18.78em;"><span class="stl_338 stl_21 stl_164" style="word-spacing:-0.029em;">Revenue (market prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3328em;top:18.78em;"><span class="stl_338 stl_21 stl_333">1,313  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3753em;top:18.78em;"><span class="stl_338 stl_21 stl_344">1,116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7035em;top:18.78em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3935em;top:18.78em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7272em;top:18.78em;"><span class="stl_338 stl_21 stl_279">-62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0478em;top:18.78em;"><span class="stl_338 stl_21 stl_280">2,567  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:19.5744em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">Adjustment of market prices to std. metal prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6572em;top:19.5744em;"><span class="stl_298 stl_16 stl_453">-162  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5722em;top:19.5744em;"><span class="stl_298 stl_16 stl_672">-478  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4328em;top:19.5744em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3935em;top:19.5744em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3541em;top:19.5744em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3522em;top:19.5744em;"><span class="stl_298 stl_16 stl_91">-640  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3634em;top:20.3813em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.033em;">Revenue (std. metal prices)</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.382em;top:20.3811em;"><span class="stl_338 stl_21 stl_850">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.742em;top:20.3811em;"><span class="stl_338 stl_21 stl_541">638  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7026em;top:20.3811em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:20.3811em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7264em;top:20.3811em;"><span class="stl_338 stl_21 stl_279">-62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0964em;top:20.3811em;"><span class="stl_338 stl_21 stl_707">1,927  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.1755em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Costs of raw materials, consumables and goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5695em;top:21.1755em;"><span class="stl_298 stl_16 stl_413">-852  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5114em;top:21.1755em;"><span class="stl_298 stl_16 stl_267">-884  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8308em;top:21.1755em;"><span class="stl_298 stl_16 stl_249">-83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.392em;top:21.1755em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9939em;top:21.1755em;"><span class="stl_298 stl_16 stl_154">68  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0595em;top:21.1755em;"><span class="stl_298 stl_16 stl_803">-1,747  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.9761em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Other costs and income, net (excl. one-off items)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6139em;top:21.9761em;"><span class="stl_298 stl_16 stl_699">-279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6501em;top:21.9761em;"><span class="stl_298 stl_16 stl_454">-173  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8351em;top:21.9761em;"><span class="stl_298 stl_16 stl_164">-98  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1545em;top:21.9761em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1051em;top:21.9761em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.362em;top:21.9761em;"><span class="stl_298 stl_16 stl_57">-565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:22.783em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">Operational EBITDA</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8316em;top:22.7829em;"><span class="stl_338 stl_21 stl_570">182  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1135em;top:22.7829em;"><span class="stl_338 stl_21 stl_34">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1079em;top:22.7829em;"><span class="stl_338 stl_21 stl_823">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1273em;top:22.7829em;"><span class="stl_338 stl_21 stl_497">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3529em;top:22.7829em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:22.7829em;"><span class="stl_338 stl_21 stl_249">255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:23.5772em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Depreciation, amortisation, and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9041em;top:23.5772em;"><span class="stl_298 stl_16 stl_317">-69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.971em;top:23.5772em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1891em;top:23.5772em;"><span class="stl_298 stl_16 stl_154">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2091em;top:23.5772em;z-index:900;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3529em;top:23.5772em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7104em;top:23.5772em;"><span class="stl_298 stl_16 stl_91">-90  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:24.3841em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">Operational EBIT</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8826em;top:24.384em;"><span class="stl_338 stl_21 stl_365">113  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1076em;top:24.384em;"><span class="stl_338 stl_21 stl_293">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1183em;top:24.384em;"><span class="stl_338 stl_21 stl_345">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1226em;top:24.384em;"><span class="stl_338 stl_21 stl_522">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3539em;top:24.384em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6264em;top:24.384em;"><span class="stl_338 stl_21 stl_30">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:25.9853em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0381em;">Working capital</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5723em;top:25.9852em;"><span class="stl_338 stl_21 stl_466">-739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.108em;top:25.9852em;"><span class="stl_338 stl_21 stl_293">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0836em;top:25.9852em;"><span class="stl_338 stl_21 stl_63">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7611em;top:25.9852em;"><span class="stl_338 stl_21 stl_851">-40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3536em;top:25.9852em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3773em;top:25.9852em;"><span class="stl_338 stl_21 stl_502">-709  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:27.4945em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0344em;">Reconciliation to net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:28.5452em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0353em;">Operational EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:28.5452em;"><span class="stl_338 stl_21 stl_249">255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:29.3395em;"><span class="stl_298 stl_16 stl_246" style="word-spacing:-0.0368em;">One-off items</span><sup style="top: -0.2084em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:29.3393em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.1462em;"><span class="stl_338 stl_21 stl_62">EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5964em;top:30.1462em;"><span class="stl_338 stl_21 stl_249">255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.9405em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Depreciation, amortisation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7102em;top:30.9405em;"><span class="stl_298 stl_16 stl_360">-90  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:31.7474em;"><span class="stl_338 stl_21 stl_38">EBIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6258em;top:31.7474em;"><span class="stl_338 stl_21 stl_30">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:32.5418em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0286em;">Financial items, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8108em;top:32.5418em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:33.3487em;"><span class="stl_338 stl_21 stl_34">EBT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6427em;top:33.3487em;"><span class="stl_338 stl_21 stl_449">149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:34.143em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7158em;top:34.143em;"><span class="stl_298 stl_16 stl_164">-30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:34.9499em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net result - continuing operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6845em;top:34.9499em;"><span class="stl_338 stl_21 stl_806">119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:35.7443em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Net result - discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:35.7443em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:36.5512em;"><span class="stl_338 stl_21 stl_339" style="word-spacing:-0.0374em;">Net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6464em;top:36.5512em;"><span class="stl_338 stl_21 stl_479">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.7433em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_737">1)</span></sup><span class="stl_98 stl_16 stl_99" style="word-spacing:-0.0408em;">Revenue recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8502em;top:37.7433em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_231">2)</span></sup><span class="stl_98 stl_16 stl_489" style="word-spacing:-0.0397em;">Revenue recognised over time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.7205em;top:37.7433em;z-index:1271;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_342">3)</span></sup><span class="stl_98 stl_16 stl_199" style="word-spacing:-0.0278em;">Refer to note </span><span class="stl_98 stl_16 stl_373">7</span><span class="stl_98 stl_16 stl_209">.</span><span class="stl_98 stl_16 stl_374" style="word-spacing:-0.0418em;">5 Definitions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0385em;">Geographical information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.1667em;top:11.4245em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">Property, plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.8811em;top:12.0914em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">equitment and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.7048em;top:12.7576em;"><span class="stl_338 stl_21 stl_75">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5017em;top:12.7583em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:13.677em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1061em;top:13.677em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.1136em;top:13.677em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1373em;top:13.677em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1448em;top:13.677em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:15.2745em;"><span class="stl_298 stl_16 stl_615">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5361em;top:15.2745em;"><span class="stl_298 stl_16 stl_344">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5773em;top:15.2745em;"><span class="stl_298 stl_16 stl_710">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8573em;top:15.2745em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9067em;top:15.2745em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:16.1695em;"><span class="stl_298 stl_16 stl_78">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4417em;top:16.1695em;"><span class="stl_298 stl_16 stl_101">906  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4973em;top:16.1695em;"><span class="stl_298 stl_16 stl_190">764  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4873em;top:16.1695em;"><span class="stl_298 stl_16 stl_225">363  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5142em;top:16.1695em;"><span class="stl_298 stl_16 stl_274">332  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:17.0645em;"><span class="stl_298 stl_16 stl_403">Sweden  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5223em;top:17.0645em;"><span class="stl_298 stl_16 stl_815">127  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5248em;top:17.0645em;"><span class="stl_298 stl_16 stl_842">122  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0198em;top:17.0645em;"><span class="stl_298 stl_16 stl_431">1,329  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5017em;top:17.0645em;"><span class="stl_298 stl_16 stl_249">995  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:17.9595em;"><span class="stl_298 stl_16 stl_154">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4579em;top:17.9595em;"><span class="stl_298 stl_16 stl_164">448  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4717em;top:17.9595em;"><span class="stl_298 stl_16 stl_34">399  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8842em;top:17.9595em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9011em;top:17.9595em;"><span class="stl_298 stl_16 stl_344">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:18.8545em;"><span class="stl_298 stl_16 stl_230">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4642em;top:18.8545em;"><span class="stl_298 stl_16 stl_79">295  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5098em;top:18.8545em;"><span class="stl_298 stl_16 stl_361">257  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8798em;top:18.8545em;"><span class="stl_298 stl_16 stl_823">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8686em;top:18.8545em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:19.7495em;"><span class="stl_298 stl_16 stl_211">USA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5198em;top:19.7495em;"><span class="stl_298 stl_16 stl_795">613  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4979em;top:19.7495em;"><span class="stl_298 stl_16 stl_190">391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2036em;top:19.7495em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2192em;top:19.7495em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:20.6445em;"><span class="stl_298 stl_16 stl_564">Norway  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5354em;top:20.6445em;"><span class="stl_298 stl_16 stl_816">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8286em;top:20.6445em;"><span class="stl_298 stl_16 stl_154">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8723em;top:20.6445em;"><span class="stl_298 stl_16 stl_116">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8686em;top:20.6445em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:21.5633em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Czech Republic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8361em;top:21.5633em;"><span class="stl_298 stl_16 stl_623">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8398em;top:21.5633em;"><span class="stl_298 stl_16 stl_42">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8398em;top:21.5633em;"><span class="stl_298 stl_16 stl_326">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8611em;top:21.5633em;"><span class="stl_298 stl_16 stl_71">83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:22.482em;"><span class="stl_298 stl_16 stl_62">France  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8523em;top:22.482em;"><span class="stl_298 stl_16 stl_758">71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8417em;top:22.482em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2029em;top:22.482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2186em;top:22.482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3611em;top:23.4008em;"><span class="stl_298 stl_16 stl_38">Netherlands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8411em;top:23.4008em;"><span class="stl_298 stl_16 stl_428">75  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8454em;top:23.4008em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2023em;top:23.4008em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2179em;top:23.4008em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3604em;top:24.3195em;"><span class="stl_298 stl_16 stl_243">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.1704em;top:24.3195em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1861em;top:24.3195em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5242em;top:24.3195em;"><span class="stl_298 stl_16 stl_361">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2173em;top:24.3195em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3598em;top:25.2145em;"><span class="stl_298 stl_16 stl_78">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4611em;top:25.2145em;"><span class="stl_298 stl_16 stl_47">349  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4654em;top:25.2145em;"><span class="stl_298 stl_16 stl_165">309  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2011em;top:25.2145em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2167em;top:25.2145em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:26.1158em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.9079em;top:26.1158em;"><span class="stl_338 stl_21 stl_563">3,252  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.9179em;top:26.1158em;"><span class="stl_338 stl_21 stl_615">2,567  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0611em;top:26.1158em;"><span class="stl_338 stl_21 stl_852">2,110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9854em;top:26.1158em;"><span class="stl_338 stl_21 stl_321">1,558  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:27.502em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">Intersegment transactions are performed on market terms. One customer in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:28.2939em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0219em;">the Solutions segment comprises more than 10% of the group's total revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:29.0858em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">amounting to EUR 612m (391m in 2023). The geographical disclosure of revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:29.8776em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">based on the country of delivery.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2602em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0891em;"><span class="stl_157 stl_33 stl_292" style="word-spacing:-0.0491em;">Segment information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.8847em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">The segment information is based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:14.6766em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">internal management reporting and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:15.4685em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">is presented in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:16.2604em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0224em;">Group’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.8435em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">Segment income and expenses and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:18.6354em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">segment working capital comprise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:19.4272em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">those items that are directly attribut-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:20.2191em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">able to the individual segment and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.011em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">those items that can be reliably allo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.8029em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">cated to it. Other items are shown as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:22.5947em;"><span class="stl_298 stl_16 stl_187">non-allocated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.1779em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">The operating segments are generally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.9697em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">referred to as business lines. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:25.7616em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">business lines consist of Solutions,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:26.5535em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">Applications and Service &amp; Accesso-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:27.3454em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">ries. For further details please refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:28.1373em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the Business review section of each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:28.9291em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">business line in Management's review.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:29.721em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">The Board of Directors assesses the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:30.5129em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">operating results of the business lines  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:31.3048em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">separately to enable decisions con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.0966em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">cerning allocation of resources and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.8885em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">measurement of performance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:34.4716em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">Revenue from goods and short-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:35.2635em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">service contracts (less than three  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.0554em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">months) are recognised at a point in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.8473em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">time while revenue from construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:37.6391em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">contracts and long-term service con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:38.431em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">tracts are recognised over time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.1141em;"><span class="stl_338 stl_21 stl_246">Projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.8998em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Revenue from the sale of cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:14.6916em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">jects accounted for as construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:15.4835em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">contracts comprises sale of onshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:16.2754em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">and offshore highly customised cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.0673em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">in Solutions, and delivery of highly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.8591em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">customised spare cables in Service.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:19.4423em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Projects are usually significant in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:20.2341em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">amount, have a long lead time affect-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.026em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">ing the financial statements of more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.8179em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">reporting periods, and have a high  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:22.6098em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">degree of project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.1929em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">Each project is normally considered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.9848em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">one performance obligation as each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:25.7766em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">project comprises highly interrelated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:26.5685em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">and interdependent physical assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:27.3604em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">and services, such as production,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:28.1523em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">installation and project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:29.7354em;"><span class="stl_298 stl_16 stl_80" style="word-spacing:-0.0213em;">However, depending on the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:30.5273em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">structure, the performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:31.3191em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">may consist of more than one con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:32.111em;"><span class="stl_298 stl_16 stl_97">tract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:33.6941em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Cable projects are often sold as fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:34.486em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">price contracts and revenue from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:35.2779em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">these are therefore recognised over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.0698em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">time by applying the percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.8616em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0233em;">completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:10.7358em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">Payment terms of a cable project con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:11.5276em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">tract usually comprise the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.3195em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:13.9022em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Prepayment from the customer at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:14.178em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:14.694em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">contract inception,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:15.4855em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">progress payments, linked to pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.7614em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:16.2774em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">ject milestones,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.0688em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">final payment upon completion and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:17.3447em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.8607em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">customer acceptance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:19.4438em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">NKT Group will usually obtain pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:20.2357em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ment guarantees to minimise counter  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.0276em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">party risk during the execution of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.8194em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">cable projects.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:23.4088em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0395em;">Sale of products  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.1944em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">Sale of products relates to the sale of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.9863em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">smaller less customised cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:25.7782em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">jects, standardised cables and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:26.5701em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">ment. Small cable projects with little or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:27.3619em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">no customisation usually have a short  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.1538em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0235em;">lead time of less than one year. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.9457em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">delivered product is considered one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:29.7376em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">performance obligation. Most of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:30.5294em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">products are sold at a fixed price and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:31.3213em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">revenue is usually recognised at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.1132em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">point in time when the control of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.9051em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">products transfers to the customers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:33.697em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">usually upon delivery.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:35.2801em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">For standardised products, NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.072em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Group is usually entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.8638em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">ment upon delivery, and payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:37.6557em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">terms vary by market but are usually  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:38.4476em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">between 0-60 days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:10.7457em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Service contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:11.5313em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">Service contracts comprise various  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:12.3232em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">service elements to support power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.1151em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">cable efficiency and prevent or mit-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.907em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">igate power cable failures and can  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:14.6988em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">include up to round-the-clock, 365  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:15.4907em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">days/year support. Service delivered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:16.2826em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">according to the contracts is consid-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.0745em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">ered as one performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.8663em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">delivered over time. Revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:18.6582em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">accordingly recognised over the life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:19.4501em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the contract using the the percentage  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:20.242em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">of completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.0338em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">NKT Group is either entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.8257em;"><span class="stl_298 stl_16 stl_669" style="word-spacing:-0.0376em;">ment once the service has been pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:22.6176em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">vided or on a periodic basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.2007em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Spare parts and other repair work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.9926em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">contracts are determined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:25.7845em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:26.5763em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">price is usually variable, depending on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:27.3682em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">the produced output, and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.1601em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">recognised over time, using the cost-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.952em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">to-cost method. In case of significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:29.7438em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uncertainties related to measuring the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:30.5357em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">revenue reliably, revenue is recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:31.3276em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">according to payments. NKT Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.1195em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">entitled to payment once the work or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.9113em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">spare parts are delivered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:34.4945em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Providing new highly customised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:35.2863em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">spare cables is defined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.0782em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.8701em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">price is usually fixed and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:37.662em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">typically recognised over time using  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:38.4538em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">the percentage of completion cost-to-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:10.7457em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0189em;">cost method. However, if the produc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:11.5376em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">tion time is less than one month, reve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:12.3295em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">nue is recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:13.9126em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The payment pattern for spare cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:14.7045em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">is similar to the pattern for cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:15.4963em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">jects described above and NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:16.2882em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">will usually obtain payment guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.0801em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">to minimise the risk during the execu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.872em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">tion of the cable project.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;z-index:56;"><span class="stl_833 stl_26 stl_17" style="word-spacing:0.0058em;">This section relates to profit for the year,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.0752em;"><span class="stl_833 stl_26 stl_596" style="word-spacing:0.0024em;">including revenue, segment information,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.2421em;"><span class="stl_833 stl_26 stl_494" style="word-spacing:-0.0054em;">staff costs, share-based payments,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.409em;"><span class="stl_833 stl_26 stl_411" style="word-spacing:-0.0033em;">research and development costs, and tax.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:8.9092em;z-index:160;"><span class="stl_801 stl_33 stl_497">2</span><span class="stl_801 stl_33 stl_835">.</span><span class="stl_801 stl_33 stl_183" style="word-spacing:0.4123em;">1 Segment</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.562em;top:8.9092em;z-index:160;"><span class="stl_801 stl_33 stl_278" style="word-spacing:-0.0173em;">information and revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.0595em;top:10.1209em;"><span class="stl_338 stl_21 stl_767" style="word-spacing:-0.049em;">Service &amp;  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6308em;top:10.1209em;"><span class="stl_338 stl_21 stl_64">Non  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8489em;top:10.1209em;"><span class="stl_338 stl_21 stl_268">Intersegment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:10.8291em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.1664em;top:10.8291em;"><span class="stl_338 stl_21 stl_563">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1995em;top:10.8291em;"><span class="stl_338 stl_21 stl_105">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.2302em;top:10.8291em;"><span class="stl_338 stl_21 stl_280">Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0945em;top:10.8291em;"><span class="stl_338 stl_21 stl_154">allocated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4252em;top:10.8291em;"><span class="stl_338 stl_21 stl_99">transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8464em;top:10.8291em;"><span class="stl_338 stl_21 stl_79" style="word-spacing:-0.02em;">Total NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:12.3972em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:13.2272em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:14.0509em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">External revenue goods</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2493em;top:14.0513em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.4012em;top:14.0513em;"><span class="stl_298 stl_16 stl_625">1,224  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.9306em;top:14.0513em;"><span class="stl_298 stl_16 stl_836">114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4881em;top:14.0513em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4487em;top:14.0513em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2687em;top:14.0513em;"><span class="stl_298 stl_16 stl_311">1,371  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4581em;top:14.8813em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">Intersegment revenue goods</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6057em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5663em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2057em;top:14.8814em;"><span class="stl_298 stl_16 stl_551">47  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4875em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8944em;top:14.8814em;"><span class="stl_298 stl_16 stl_839">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4088em;top:14.8814em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:15.7114em;z-index:516;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">External revenue service, etc</span><span class="stl_298 stl_16 stl_841">.</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2552em;top:15.7115em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5664em;top:15.7115em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2058em;top:15.7115em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4877em;top:15.7115em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:15.7115em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0608em;top:15.7115em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:16.5415em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Intersegment revenue service</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6057em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5663em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.5269em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4876em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2051em;top:16.5416em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4088em;top:16.5416em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:17.3716em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">External revenue construction contracts</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4516em;top:17.3717em;"><span class="stl_298 stl_16 stl_388">1,783  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5666em;top:17.3717em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1678em;top:17.3717em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4878em;top:17.3717em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4484em;top:17.3717em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2141em;top:17.3717em;"><span class="stl_298 stl_16 stl_290">1,849  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:18.2017em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Intersegment revenue construction contracts</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0342em;top:18.2018em;"><span class="stl_298 stl_16 stl_30">-22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2542em;top:18.2018em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2086em;top:18.2018em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4879em;top:18.2018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2104em;top:18.2018em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4098em;top:18.2018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:19.0381em;"><span class="stl_338 stl_21 stl_36" style="word-spacing:-0.0291em;">Revenue (market prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3842em;top:19.0381em;"><span class="stl_338 stl_21 stl_162">1,822  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3442em;top:19.0381em;"><span class="stl_338 stl_21 stl_297">1,237  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8092em;top:19.0381em;"><span class="stl_338 stl_21 stl_64">258  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4879em;top:19.0381em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8161em;top:19.0381em;"><span class="stl_338 stl_21 stl_840">-65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1486em;top:19.0381em;"><span class="stl_338 stl_21 stl_563">3,252  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:19.8618em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">Adjustment of market prices to std. metal prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7117em;top:19.8618em;"><span class="stl_298 stl_16 stl_10">-224  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6129em;top:19.8618em;"><span class="stl_298 stl_16 stl_342">-548  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.3442em;top:19.8618em;z-index:766;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4879em;top:19.8618em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1273em;top:19.8618em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5186em;top:19.8618em;"><span class="stl_298 stl_16 stl_196">-763  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:20.6981em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.033em;">Revenue (std. metal prices)</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3758em;top:20.6984em;"><span class="stl_338 stl_21 stl_117">1,598  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8396em;top:20.6984em;"><span class="stl_338 stl_21 stl_326">689  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8208em;top:20.6984em;"><span class="stl_338 stl_21 stl_209">257  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4877em;top:20.6984em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8227em;top:20.6984em;"><span class="stl_338 stl_21 stl_101">-55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1371em;top:20.6984em;"><span class="stl_338 stl_21 stl_328">2,489  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:21.5221em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Costs of raw materials, consumables and goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.219em;top:21.5221em;"><span class="stl_298 stl_16 stl_739">-1,206  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7021em;top:21.5221em;"><span class="stl_298 stl_16 stl_844">-974  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.7471em;top:21.5221em;"><span class="stl_298 stl_16 stl_837">-114  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.1665em;top:21.5221em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0902em;top:21.5221em;"><span class="stl_298 stl_16 stl_71">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.024em;top:21.5221em;"><span class="stl_298 stl_16 stl_802">-2,215  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:22.3521em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Other costs and income, net (excl. one-off items)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.6502em;top:22.3521em;"><span class="stl_298 stl_16 stl_271">-364  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7046em;top:22.3521em;"><span class="stl_298 stl_16 stl_822">-199  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.7365em;top:22.3521em;"><span class="stl_298 stl_16 stl_838">-119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2865em;top:22.3521em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2065em;top:22.3521em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.4452em;top:22.3521em;"><span class="stl_298 stl_16 stl_165">-693  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:23.1884em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Operational EBITDA</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.8983em;top:23.1887em;"><span class="stl_338 stl_21 stl_79">252  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2027em;top:23.1887em;"><span class="stl_338 stl_21 stl_293">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1708em;top:23.1887em;"><span class="stl_338 stl_21 stl_253">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4877em;top:23.1887em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4483em;top:23.1887em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6802em;top:23.1887em;"><span class="stl_338 stl_21 stl_696">344  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:24.0124em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Depreciation, amortisation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0846em;top:24.0124em;"><span class="stl_298 stl_16 stl_804">-71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9989em;top:24.0124em;"><span class="stl_298 stl_16 stl_377">-23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.2783em;top:24.0124em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.2483em;top:24.0124em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4477em;top:24.0124em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5446em;top:24.0124em;"><span class="stl_298 stl_16 stl_363">-103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.8487em;"><span class="stl_338 stl_21 stl_45" style="word-spacing:-0.0302em;">Operational EBIT</span><sup style="top: -0.2079em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9342em;top:24.8489em;"><span class="stl_338 stl_21 stl_623">181  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2367em;top:24.8489em;"><span class="stl_338 stl_21 stl_845">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.203em;top:24.8489em;"><span class="stl_338 stl_21 stl_823">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4873em;top:24.8489em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.448em;top:24.8489em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7298em;top:24.8489em;"><span class="stl_338 stl_21 stl_570">241  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4573em;top:26.5089em;"><span class="stl_338 stl_21 stl_391" style="word-spacing:-0.0382em;">Working capital</span><sup style="top: -0.2079em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1517em;top:26.5091em;"><span class="stl_338 stl_21 stl_460">-1,546  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2242em;top:26.5091em;"><span class="stl_338 stl_21 stl_349">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1729em;top:26.5091em;"><span class="stl_338 stl_21 stl_47">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.1398em;top:26.5091em;"><span class="stl_338 stl_21 stl_63">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4486em;top:26.5091em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.9667em;top:26.5091em;"><span class="stl_338 stl_21 stl_500">-1,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:28.0478em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0344em;">Reconciliation to net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:29.1278em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0353em;">Operational EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6811em;top:29.1278em;"><span class="stl_338 stl_21 stl_696">344  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:29.9516em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0366em;">One-off items</span><sup style="top: -0.2079em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2256em;top:29.9518em;z-index:1162;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:30.788em;"><span class="stl_338 stl_21 stl_62">EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6825em;top:30.788em;"><span class="stl_338 stl_21 stl_326">343  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:31.6118em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Depreciation, amortisation, and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5456em;top:31.6118em;"><span class="stl_298 stl_16 stl_363">-103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:32.448em;"><span class="stl_338 stl_21 stl_38">EBIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7006em;top:32.448em;"><span class="stl_338 stl_21 stl_47">240  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:33.2718em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0286em;">Financial items, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0525em;top:33.2718em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:34.108em;"><span class="stl_338 stl_21 stl_34">EBT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7444em;top:34.108em;"><span class="stl_338 stl_21 stl_741">274  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:34.9318em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8138em;top:34.9318em;"><span class="stl_298 stl_16 stl_58">-38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:35.768em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net result - continuing operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6869em;top:35.768em;"><span class="stl_338 stl_21 stl_450">236  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:36.5918em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0304em;">Net result - discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7525em;top:36.5918em;"><span class="stl_298 stl_16 stl_368">101  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:37.428em;"><span class="stl_338 stl_21 stl_339" style="word-spacing:-0.0374em;">Net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6956em;top:37.428em;"><span class="stl_338 stl_21 stl_300">337  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4577em;top:38.6393em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_737">1)</span></sup><span class="stl_98 stl_16 stl_99" style="word-spacing:-0.0408em;">Revenue recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9457em;top:38.6393em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_231">2)</span></sup><span class="stl_98 stl_16 stl_489" style="word-spacing:-0.0397em;">Revenue recognised over time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.816em;top:38.6393em;z-index:1410;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_342">3)</span></sup><span class="stl_98 stl_16 stl_199" style="word-spacing:-0.0277em;">Refer to note </span><span class="stl_98 stl_16 stl_373">7</span><span class="stl_98 stl_16 stl_209">.</span><span class="stl_98 stl_16 stl_374" style="word-spacing:-0.0418em;">5 Definitions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9647em;top:10.1108em;"><span class="stl_338 stl_21 stl_767" style="word-spacing:-0.049em;">Service &amp;  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.536em;top:10.1108em;"><span class="stl_338 stl_21 stl_64">Non  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7541em;top:10.1108em;"><span class="stl_338 stl_21 stl_268">Intersegment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.8189em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0716em;top:10.8189em;"><span class="stl_338 stl_21 stl_267">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1047em;top:10.8189em;"><span class="stl_338 stl_21 stl_105">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1353em;top:10.8189em;"><span class="stl_338 stl_21 stl_280">Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9997em;top:10.8189em;"><span class="stl_338 stl_21 stl_154">allocated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3303em;top:10.8189em;"><span class="stl_338 stl_21 stl_99">transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7516em;top:10.8189em;"><span class="stl_338 stl_21 stl_79" style="word-spacing:-0.02em;">Total NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:12.3752em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:13.1758em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:13.9702em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">External revenue goods</span><sup style="top: -0.208em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1718em;top:13.9703em;"><span class="stl_298 stl_16 stl_361">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2962em;top:13.9703em;"><span class="stl_298 stl_16 stl_756">1,097  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7818em;top:13.9703em;"><span class="stl_298 stl_16 stl_383">125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3925em;top:13.9703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3531em;top:13.9703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1175em;top:13.9703em;"><span class="stl_298 stl_16 stl_349">1,264  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3618em;top:14.7709em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">Intersegment revenue goods</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_764">1)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5108em;top:14.7709em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1526em;top:14.7709em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0752em;top:14.7709em;"><span class="stl_298 stl_16 stl_300">36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:14.7709em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7564em;top:14.7709em;"><span class="stl_298 stl_16 stl_253">-55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:14.7709em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.5715em;z-index:386;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">External revenue service, etc</span><span class="stl_298 stl_16 stl_841">.</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1726em;top:15.5714em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4714em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.432em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3533em;top:15.5714em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9576em;top:15.5714em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.3721em;z-index:429;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">Intersegment revenue service, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.7695em;top:16.4159em;"><span class="stl_849 stl_16 stl_842" style="word-spacing:0.053em;">1) 2)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5108em;top:16.372em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4714em;top:16.372em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.432em;top:16.372em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:16.372em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1145em;top:16.372em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:16.372em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.1726em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">External revenue construction contracts</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3275em;top:17.1726em;"><span class="stl_298 stl_16 stl_431">1,255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4712em;top:17.1726em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.115em;top:17.1726em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3925em;top:17.1726em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3531em;top:17.1726em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1512em;top:17.1726em;"><span class="stl_298 stl_16 stl_681">1,270  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.9732em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Intersegment revenue construction contracts</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_30">2)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.006em;top:17.9732em;"><span class="stl_298 stl_16 stl_807">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4716em;top:17.9732em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1241em;top:17.9732em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3928em;top:17.9732em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1116em;top:17.9732em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3147em;top:17.9732em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:18.78em;"><span class="stl_338 stl_21 stl_164" style="word-spacing:-0.029em;">Revenue (market prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3328em;top:18.78em;"><span class="stl_338 stl_21 stl_333">1,313  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3753em;top:18.78em;"><span class="stl_338 stl_21 stl_344">1,116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7035em;top:18.78em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3935em;top:18.78em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7272em;top:18.78em;"><span class="stl_338 stl_21 stl_279">-62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0478em;top:18.78em;"><span class="stl_338 stl_21 stl_280">2,567  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:19.5744em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">Adjustment of market prices to std. metal prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6572em;top:19.5744em;"><span class="stl_298 stl_16 stl_453">-162  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5722em;top:19.5744em;"><span class="stl_298 stl_16 stl_672">-478  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.4328em;top:19.5744em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3935em;top:19.5744em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3541em;top:19.5744em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3522em;top:19.5744em;"><span class="stl_298 stl_16 stl_91">-640  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3634em;top:20.3813em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.033em;">Revenue (std. metal prices)</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.382em;top:20.3811em;"><span class="stl_338 stl_21 stl_850">1,151  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.742em;top:20.3811em;"><span class="stl_338 stl_21 stl_541">638  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7026em;top:20.3811em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.3926em;top:20.3811em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7264em;top:20.3811em;"><span class="stl_338 stl_21 stl_279">-62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0964em;top:20.3811em;"><span class="stl_338 stl_21 stl_707">1,927  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.1755em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Costs of raw materials, consumables and goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5695em;top:21.1755em;"><span class="stl_298 stl_16 stl_413">-852  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5114em;top:21.1755em;"><span class="stl_298 stl_16 stl_267">-884  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8308em;top:21.1755em;"><span class="stl_298 stl_16 stl_249">-83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.392em;top:21.1755em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9939em;top:21.1755em;"><span class="stl_298 stl_16 stl_154">68  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0595em;top:21.1755em;"><span class="stl_298 stl_16 stl_803">-1,747  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.9761em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Other costs and income, net (excl. one-off items)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6139em;top:21.9761em;"><span class="stl_298 stl_16 stl_699">-279  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6501em;top:21.9761em;"><span class="stl_298 stl_16 stl_454">-173  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8351em;top:21.9761em;"><span class="stl_298 stl_16 stl_164">-98  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1545em;top:21.9761em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1051em;top:21.9761em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.362em;top:21.9761em;"><span class="stl_298 stl_16 stl_57">-565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:22.783em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">Operational EBITDA</span><sup style="top: -0.2083em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8316em;top:22.7829em;"><span class="stl_338 stl_21 stl_570">182  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1135em;top:22.7829em;"><span class="stl_338 stl_21 stl_34">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1079em;top:22.7829em;"><span class="stl_338 stl_21 stl_823">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1273em;top:22.7829em;"><span class="stl_338 stl_21 stl_497">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3529em;top:22.7829em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:22.7829em;"><span class="stl_338 stl_21 stl_249">255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:23.5772em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Depreciation, amortisation, and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9041em;top:23.5772em;"><span class="stl_298 stl_16 stl_317">-69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.971em;top:23.5772em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1891em;top:23.5772em;"><span class="stl_298 stl_16 stl_154">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2091em;top:23.5772em;z-index:900;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3529em;top:23.5772em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7104em;top:23.5772em;"><span class="stl_298 stl_16 stl_91">-90  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:24.3841em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">Operational EBIT</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8826em;top:24.384em;"><span class="stl_338 stl_21 stl_365">113  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1076em;top:24.384em;"><span class="stl_338 stl_21 stl_293">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1183em;top:24.384em;"><span class="stl_338 stl_21 stl_345">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.1226em;top:24.384em;"><span class="stl_338 stl_21 stl_522">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3539em;top:24.384em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6264em;top:24.384em;"><span class="stl_338 stl_21 stl_30">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:25.9853em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0381em;">Working capital</span><sup style="top: -0.2082em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.5723em;top:25.9852em;"><span class="stl_338 stl_21 stl_466">-739  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.108em;top:25.9852em;"><span class="stl_338 stl_21 stl_293">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0836em;top:25.9852em;"><span class="stl_338 stl_21 stl_63">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7611em;top:25.9852em;"><span class="stl_338 stl_21 stl_851">-40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3536em;top:25.9852em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3773em;top:25.9852em;"><span class="stl_338 stl_21 stl_502">-709  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:27.4945em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0344em;">Reconciliation to net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:28.5452em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0353em;">Operational EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:28.5452em;"><span class="stl_338 stl_21 stl_249">255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:29.3395em;"><span class="stl_298 stl_16 stl_246" style="word-spacing:-0.0368em;">One-off items</span><sup style="top: -0.2084em;"><span class="stl_340 stl_16 stl_276">3)  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:29.3393em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.1462em;"><span class="stl_338 stl_21 stl_62">EBITDA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5964em;top:30.1462em;"><span class="stl_338 stl_21 stl_249">255  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.9405em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Depreciation, amortisation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7102em;top:30.9405em;"><span class="stl_298 stl_16 stl_360">-90  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:31.7474em;"><span class="stl_338 stl_21 stl_38">EBIT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6258em;top:31.7474em;"><span class="stl_338 stl_21 stl_30">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:32.5418em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0286em;">Financial items, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8108em;top:32.5418em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:33.3487em;"><span class="stl_338 stl_21 stl_34">EBT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6427em;top:33.3487em;"><span class="stl_338 stl_21 stl_449">149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:34.143em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7158em;top:34.143em;"><span class="stl_298 stl_16 stl_164">-30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:34.9499em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net result - continuing operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6845em;top:34.9499em;"><span class="stl_338 stl_21 stl_806">119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:35.7443em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Net result - discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3139em;top:35.7443em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:36.5512em;"><span class="stl_338 stl_21 stl_339" style="word-spacing:-0.0374em;">Net result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6464em;top:36.5512em;"><span class="stl_338 stl_21 stl_479">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.7433em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_737">1)</span></sup><span class="stl_98 stl_16 stl_99" style="word-spacing:-0.0408em;">Revenue recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8502em;top:37.7433em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_231">2)</span></sup><span class="stl_98 stl_16 stl_489" style="word-spacing:-0.0397em;">Revenue recognised over time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.7205em;top:37.7433em;z-index:1271;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_342">3)</span></sup><span class="stl_98 stl_16 stl_199" style="word-spacing:-0.0278em;">Refer to note </span><span class="stl_98 stl_16 stl_373">7</span><span class="stl_98 stl_16 stl_209">.</span><span class="stl_98 stl_16 stl_374" style="word-spacing:-0.0418em;">5 Definitions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0385em;">Geographical information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.1667em;top:11.4245em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">Property, plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.8811em;top:12.0914em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">equitment and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.7048em;top:12.7576em;"><span class="stl_338 stl_21 stl_75">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5017em;top:12.7583em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:13.677em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.1061em;top:13.677em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.1136em;top:13.677em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1373em;top:13.677em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1448em;top:13.677em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:15.2745em;"><span class="stl_298 stl_16 stl_615">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5361em;top:15.2745em;"><span class="stl_298 stl_16 stl_344">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5773em;top:15.2745em;"><span class="stl_298 stl_16 stl_710">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8573em;top:15.2745em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9067em;top:15.2745em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:16.1695em;"><span class="stl_298 stl_16 stl_78">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4417em;top:16.1695em;"><span class="stl_298 stl_16 stl_101">906  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4973em;top:16.1695em;"><span class="stl_298 stl_16 stl_190">764  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4873em;top:16.1695em;"><span class="stl_298 stl_16 stl_225">363  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5142em;top:16.1695em;"><span class="stl_298 stl_16 stl_274">332  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:17.0645em;"><span class="stl_298 stl_16 stl_403">Sweden  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5223em;top:17.0645em;"><span class="stl_298 stl_16 stl_815">127  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5248em;top:17.0645em;"><span class="stl_298 stl_16 stl_842">122  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0198em;top:17.0645em;"><span class="stl_298 stl_16 stl_431">1,329  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5017em;top:17.0645em;"><span class="stl_298 stl_16 stl_249">995  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:17.9595em;"><span class="stl_298 stl_16 stl_154">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4579em;top:17.9595em;"><span class="stl_298 stl_16 stl_164">448  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4717em;top:17.9595em;"><span class="stl_298 stl_16 stl_34">399  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8842em;top:17.9595em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9011em;top:17.9595em;"><span class="stl_298 stl_16 stl_344">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:18.8545em;"><span class="stl_298 stl_16 stl_230">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4642em;top:18.8545em;"><span class="stl_298 stl_16 stl_79">295  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5098em;top:18.8545em;"><span class="stl_298 stl_16 stl_361">257  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8798em;top:18.8545em;"><span class="stl_298 stl_16 stl_823">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8686em;top:18.8545em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:19.7495em;"><span class="stl_298 stl_16 stl_211">USA  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5198em;top:19.7495em;"><span class="stl_298 stl_16 stl_795">613  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4979em;top:19.7495em;"><span class="stl_298 stl_16 stl_190">391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2036em;top:19.7495em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2192em;top:19.7495em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:20.6445em;"><span class="stl_298 stl_16 stl_564">Norway  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.5354em;top:20.6445em;"><span class="stl_298 stl_16 stl_816">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8286em;top:20.6445em;"><span class="stl_298 stl_16 stl_154">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8723em;top:20.6445em;"><span class="stl_298 stl_16 stl_116">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8686em;top:20.6445em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:21.5633em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Czech Republic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8361em;top:21.5633em;"><span class="stl_298 stl_16 stl_623">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8398em;top:21.5633em;"><span class="stl_298 stl_16 stl_42">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8398em;top:21.5633em;"><span class="stl_298 stl_16 stl_326">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8611em;top:21.5633em;"><span class="stl_298 stl_16 stl_71">83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:22.482em;"><span class="stl_298 stl_16 stl_62">France  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8523em;top:22.482em;"><span class="stl_298 stl_16 stl_758">71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8417em;top:22.482em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2029em;top:22.482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2186em;top:22.482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3611em;top:23.4008em;"><span class="stl_298 stl_16 stl_38">Netherlands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.8411em;top:23.4008em;"><span class="stl_298 stl_16 stl_428">75  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.8454em;top:23.4008em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2023em;top:23.4008em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2179em;top:23.4008em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3604em;top:24.3195em;"><span class="stl_298 stl_16 stl_243">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.1704em;top:24.3195em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1861em;top:24.3195em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5242em;top:24.3195em;"><span class="stl_298 stl_16 stl_361">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2173em;top:24.3195em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3598em;top:25.2145em;"><span class="stl_298 stl_16 stl_78">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:11.4611em;top:25.2145em;"><span class="stl_298 stl_16 stl_47">349  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.4654em;top:25.2145em;"><span class="stl_298 stl_16 stl_165">309  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2011em;top:25.2145em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2167em;top:25.2145em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:26.1158em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.9079em;top:26.1158em;"><span class="stl_338 stl_21 stl_563">3,252  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.9179em;top:26.1158em;"><span class="stl_338 stl_21 stl_615">2,567  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0611em;top:26.1158em;"><span class="stl_338 stl_21 stl_852">2,110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9854em;top:26.1158em;"><span class="stl_338 stl_21 stl_321">1,558  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:27.502em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">Intersegment transactions are performed on market terms. One customer in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:28.2939em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0219em;">the Solutions segment comprises more than 10% of the group's total revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:29.0858em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">amounting to EUR 612m (391m in 2023). The geographical disclosure of revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3592em;top:29.8776em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">based on the country of delivery.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.9335em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">Revenue from construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:29.7254em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">with customers with a high degree of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:30.5173em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">individual customisation and no alter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:31.3091em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">native use, are recognised as revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.101em;"><span class="stl_298 stl_16 stl_277" style="word-spacing:-0.0288em;">over time, provided that NKT Group has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.8929em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">secured an enforceable right to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:33.6848em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ment for work performed at any time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:34.4766em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">The revenue therefore corresponds to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:35.2685em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">the sales price of work performed dur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.0604em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">ing the year (the percentage-of-com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.8523em;"><span class="stl_298 stl_16 stl_134" style="word-spacing:-0.0217em;">pletion method). See note 4.5 Contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:37.6441em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0322em;">assets and liabilities for further informa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:38.436em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0301em;">tion concerning construction contracts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:13.1029em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Revenue from sale of goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:13.8948em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">and finished goods is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:14.6866em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">the income statement when control  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:15.4785em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">of the goods has transferred to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:16.2704em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">buyer, normally at delivery, and it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.0623em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">is probable that the income will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.8541em;"><span class="stl_298 stl_16 stl_164">received.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:19.4373em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Revenue from services that include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.2291em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">service packages and extended war-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.021em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">ranties relating to products and con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.8129em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">tracts is recognised over time with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:22.6048em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">supply of those services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:24.1879em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Revenue is measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:24.9798em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">value of the expected consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:25.7716em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.02em;">excluding VAT and taxes charged on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:26.5635em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">behalf of third parties. In determin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:27.3554em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">ing the transaction price, revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:28.1473em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">reduced by probable penalties and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:28.9391em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">other claims and discounts that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:29.731em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0251em;">payments to the customers. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:30.5229em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">transaction price is further adjusted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:31.3148em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">any variable elements of the transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:32.1066em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">tion price. The variable amount is esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:32.8985em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">mated at contract inception and revis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:33.6904em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">ited throughout the contract period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:34.4823em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Variable income is recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:35.2741em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">revenue when it is highly probable that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:36.066em;z-index:3272;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">a significant reversal will not occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.1141em;"><span class="stl_338 stl_21 stl_246">Projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.8998em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Revenue from the sale of cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:14.6916em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">jects accounted for as construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:15.4835em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">contracts comprises sale of onshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:16.2754em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">and offshore highly customised cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.0673em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">in Solutions, and delivery of highly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.8591em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">customised spare cables in Service.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:19.4423em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Projects are usually significant in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:20.2341em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">amount, have a long lead time affect-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.026em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">ing the financial statements of more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.8179em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">reporting periods, and have a high  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:22.6098em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">degree of project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.1929em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">Each project is normally considered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.9848em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">one performance obligation as each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:25.7766em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">project comprises highly interrelated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:26.5685em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">and interdependent physical assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:27.3604em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">and services, such as production,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:28.1523em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">installation and project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:29.7354em;"><span class="stl_298 stl_16 stl_80" style="word-spacing:-0.0213em;">However, depending on the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:30.5273em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">structure, the performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:31.3191em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">may consist of more than one con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:32.111em;"><span class="stl_298 stl_16 stl_97">tract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:33.6941em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Cable projects are often sold as fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:34.486em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">price contracts and revenue from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:35.2779em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">these are therefore recognised over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.0698em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">time by applying the percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.8616em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0233em;">completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:10.7358em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">Payment terms of a cable project con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:11.5276em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">tract usually comprise the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.3195em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:13.9022em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Prepayment from the customer at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:14.178em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:14.694em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">contract inception,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:15.4855em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">progress payments, linked to pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.7614em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:16.2774em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">ject milestones,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.0688em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">final payment upon completion and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:17.3447em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.8607em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">customer acceptance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:19.4438em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">NKT Group will usually obtain pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:20.2357em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ment guarantees to minimise counter  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.0276em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">party risk during the execution of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.8194em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">cable projects.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:23.4088em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0395em;">Sale of products  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.1944em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">Sale of products relates to the sale of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.9863em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">smaller less customised cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:25.7782em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">jects, standardised cables and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:26.5701em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">ment. Small cable projects with little or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:27.3619em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">no customisation usually have a short  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.1538em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0235em;">lead time of less than one year. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.9457em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">delivered product is considered one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:29.7376em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">performance obligation. Most of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:30.5294em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">products are sold at a fixed price and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:31.3213em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">revenue is usually recognised at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.1132em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">point in time when the control of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.9051em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">products transfers to the customers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:33.697em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">usually upon delivery.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:35.2801em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">For standardised products, NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.072em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Group is usually entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.8638em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">ment upon delivery, and payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:37.6557em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">terms vary by market but are usually  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:38.4476em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">between 0-60 days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:10.7457em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Service contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:11.5313em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">Service contracts comprise various  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:12.3232em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">service elements to support power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.1151em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">cable efficiency and prevent or mit-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.907em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">igate power cable failures and can  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:14.6988em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">include up to round-the-clock, 365  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:15.4907em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">days/year support. Service delivered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:16.2826em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">according to the contracts is consid-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.0745em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">ered as one performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.8663em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">delivered over time. Revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:18.6582em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">accordingly recognised over the life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:19.4501em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the contract using the the percentage  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:20.242em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">of completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.0338em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">NKT Group is either entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.8257em;"><span class="stl_298 stl_16 stl_669" style="word-spacing:-0.0376em;">ment once the service has been pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:22.6176em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">vided or on a periodic basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.2007em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Spare parts and other repair work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.9926em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">contracts are determined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:25.7845em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:26.5763em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">price is usually variable, depending on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:27.3682em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">the produced output, and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.1601em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">recognised over time, using the cost-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.952em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">to-cost method. In case of significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:29.7438em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uncertainties related to measuring the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:30.5357em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">revenue reliably, revenue is recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:31.3276em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">according to payments. NKT Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.1195em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">entitled to payment once the work or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.9113em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">spare parts are delivered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:34.4945em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Providing new highly customised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:35.2863em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">spare cables is defined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.0782em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.8701em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">price is usually fixed and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:37.662em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">typically recognised over time using  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:38.4538em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">the percentage of completion cost-to-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:10.7457em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0189em;">cost method. However, if the produc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:11.5376em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">tion time is less than one month, reve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:12.3295em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">nue is recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:13.9126em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The payment pattern for spare cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:14.7045em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">is similar to the pattern for cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:15.4963em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">jects described above and NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:16.2882em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">will usually obtain payment guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.0801em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">to minimise the risk during the execu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.872em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">tion of the cable project.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3099em;top:9.9301em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3099em;top:10.7219em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:12.3507em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Cable projects are to a certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.1426em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">degree measured based on man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.9344em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">agement judgement in terms of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:14.7263em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">when to recognise revenue and how  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:15.5182em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">to calculate the revenue in terms of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:16.3101em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">percentage-of-completion and esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:17.1019em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">mated profit on each project. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:17.8938em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">estimates include a risk provision,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:18.6857em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">which is based on an assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:19.4776em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the specific risks that each project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:20.2695em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">is exposed to as well as assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:21.0613em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">of cost development over the project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:21.8532em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">lifetime. The percentage-of-com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:22.6451em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">pletion is based on costs incurred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:23.4369em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">against estimated total project costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:24.2288em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Cost estimates include assessment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.0207em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">of short and long term development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.8126em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0241em;">of cost levels over the project lifetime.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:26.6045em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">In essence, the total project costs are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:27.3963em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">therefore to a large extent based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:28.1882em;"><span class="stl_298 stl_16 stl_141">estimates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:29.7713em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">Assumptions for the recognition of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:30.5632em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">revenue over time regarding larger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:31.3551em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">cable projects are determined con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:32.147em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0235em;">tract by contract. Control is trans-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:32.9388em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">ferred as the project progresses,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:33.7307em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">based on assumptions such as:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:35.3087em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Deliveries being approved on an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:35.5846em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.1006em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">ongoing basis,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:36.892em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0242em;">NKT Group’s ability to provide prod-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:37.1679em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:37.6839em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ucts according to specification and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:38.4758em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">the risk that the cable is rejected.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;"><span class="stl_801 stl_33 stl_37" style="word-spacing:0.3416em;">4.5 Contract</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.504em;top:8.9083em;"><span class="stl_801 stl_33 stl_80" style="word-spacing:-0.0213em;">assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.6961em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Contract assets comprise the sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.488em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">value of work performed on construc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.2799em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">tion contracts, where NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.0718em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">does not yet possess an unconditional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.8636em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0205em;">right to payment, as the work per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:10.6968em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">formed has not been approved by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:11.4886em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">customer. Contract liabilities comprise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:12.2805em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0288em;">contractual unconditional invoicing for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.0724em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">work not yet performed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.5253em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:15.5253em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:15.5253em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.3997em;"><span class="stl_380 stl_381 stl_204" style="word-spacing:-0.0285em;">Construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.3603em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">Contract value of work in progress  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9604em;top:18.3603em;"><span class="stl_298 stl_16 stl_873">4,142  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1373em;top:18.3603em;"><span class="stl_298 stl_16 stl_794">2,876  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.3259em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">Progress billing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5792em;top:19.3259em;"><span class="stl_298 stl_16 stl_216">-5,200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.8629em;top:19.3259em;"><span class="stl_298 stl_16 stl_81">-3,607  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.6148em;top:20.2978em;"><span class="stl_338 stl_21 stl_655">-1,058  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3904em;top:20.2978em;"><span class="stl_338 stl_21 stl_173">-731  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.8365em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Recognised as contract assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3967em;top:21.8365em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6573em;top:21.8365em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.8022em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">Recognised as contract liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7042em;top:22.8022em;"><span class="stl_298 stl_16 stl_874">-1,201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3567em;top:22.8022em;"><span class="stl_298 stl_16 stl_34">-838  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.6148em;top:23.774em;"><span class="stl_338 stl_21 stl_655">-1,058  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3904em;top:23.774em;"><span class="stl_338 stl_21 stl_173">-731  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.3128em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">Construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8879em;top:25.3128em;"><span class="stl_298 stl_16 stl_10">1,201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5998em;top:25.3128em;"><span class="stl_298 stl_16 stl_300">838  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4573em;top:26.2784em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">Prepayments for construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3867em;top:26.2784em;"><span class="stl_298 stl_16 stl_354">427  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6404em;top:26.2784em;"><span class="stl_298 stl_16 stl_756">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:27.244em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">Other prepayments from customers  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7554em;top:27.244em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9942em;top:27.244em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4586em;top:28.2097em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">Deferred income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0636em;top:28.2097em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3154em;top:28.2097em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:29.1815em;"><span class="stl_338 stl_21 stl_73" style="word-spacing:-0.0298em;">Total contract liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8486em;top:29.1815em;"><span class="stl_338 stl_21 stl_502">1,642  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1004em;top:29.1815em;"><span class="stl_338 stl_21 stl_502">1,037  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:10.7654em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:10.7654em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:10.7654em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.6411em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0442em;">Contract assets, 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4837em;top:12.6411em;"><span class="stl_338 stl_21 stl_744">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0449em;top:12.6411em;"><span class="stl_338 stl_21 stl_293">98  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.6004em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Addition from revenue recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.483em;top:13.6004em;"><span class="stl_298 stl_16 stl_871">133  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0512em;top:13.6004em;"><span class="stl_298 stl_16 stl_300">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:14.5661em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0235em;">Transferred to receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5599em;top:14.5661em;"><span class="stl_298 stl_16 stl_253">-95  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8755em;top:14.5661em;"><span class="stl_298 stl_16 stl_823">-76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:15.5317em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9349em;top:15.5317em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:15.5317em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:16.5036em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0387em;">Contract assets, 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4799em;top:16.5036em;"><span class="stl_338 stl_21 stl_333">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7349em;top:16.5036em;"><span class="stl_338 stl_21 stl_744">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:18.0486em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0397em;">Contract liabilities, 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9412em;top:18.0486em;"><span class="stl_338 stl_21 stl_502">1,037  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7055em;top:18.0486em;"><span class="stl_338 stl_21 stl_232">678  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:19.0079em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Decrease from revenue recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2524em;top:19.0079em;"><span class="stl_298 stl_16 stl_872">-616  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.4518em;top:19.0079em;"><span class="stl_298 stl_16 stl_155">-445  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:19.9736em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Prepayments received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9705em;top:19.9736em;"><span class="stl_298 stl_16 stl_197">1,232  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6824em;top:19.9736em;"><span class="stl_298 stl_16 stl_87">806  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:20.9392em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6837em;top:20.9392em;"><span class="stl_298 stl_16 stl_818">-11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1868em;top:20.9392em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:21.9111em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0369em;">Contract liabilities, 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9412em;top:21.9111em;"><span class="stl_338 stl_21 stl_502">1,642  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.193em;top:21.9111em;"><span class="stl_338 stl_21 stl_502">1,037  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:23.4561em;"><span class="stl_338 stl_21 stl_382" style="word-spacing:-0.0378em;">Contract liabilities are recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:24.1642em;"><span class="stl_338 stl_21 stl_391" style="word-spacing:-0.0382em;">balance sheet as:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:25.1236em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">Non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.023em;top:25.1236em;"><span class="stl_298 stl_16 stl_331">1,016  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7362em;top:25.1236em;"><span class="stl_298 stl_16 stl_167">324  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.0892em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4599em;top:26.0892em;"><span class="stl_298 stl_16 stl_63">626  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7724em;top:26.0892em;"><span class="stl_298 stl_16 stl_816">713  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0611em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9418em;top:27.0611em;"><span class="stl_338 stl_21 stl_502">1,642  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1937em;top:27.0611em;"><span class="stl_338 stl_21 stl_502">1,037  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.167em;"><span class="stl_338 stl_21 stl_291" style="word-spacing:-0.0373em;">Expected execution of the remaining performance obligations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.9589em;"><span class="stl_338 stl_21 stl_403" style="word-spacing:-0.0332em;">in the awarded high-voltage contracts (order backlog):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.8347em;top:13.8223em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0353em;">Expected execution  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.7434em;top:15.2135em;"><span class="stl_338 stl_21 stl_71">Market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.0422em;top:15.2129em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0363em;">Std. metal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.2822em;top:15.9216em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0387em;">prices in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:13.3603em;top:15.921em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:0.2393em;">prices in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.5522em;top:15.921em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0387em;">More than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.9484em;top:16.6298em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.2003em;top:16.6291em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6097em;top:16.6291em;"><span class="stl_338 stl_21 stl_413" style="word-spacing:-0.0153em;">1-2 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4303em;top:16.6291em;"><span class="stl_338 stl_21 stl_104" style="word-spacing:-0.041em;">2 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6447em;top:18.4979em;"><span class="stl_298 stl_16 stl_56">Remaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1022em;top:19.206em;"><span class="stl_298 stl_16 stl_43">order  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.9148em;"><span class="stl_298 stl_16 stl_274" style="word-spacing:-0.0149em;">31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.9028em;top:19.9148em;"><span class="stl_298 stl_16 stl_605">10,600  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4747em;top:19.9148em;"><span class="stl_298 stl_16 stl_208">9,300  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.1009em;top:19.9148em;"><span class="stl_298 stl_16 stl_257">29-30%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3703em;top:19.9141em;"><span class="stl_298 stl_16 stl_564">backlog  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6447em;top:20.8798em;"><span class="stl_298 stl_16 stl_56">Remaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1022em;top:21.5879em;"><span class="stl_298 stl_16 stl_43">order  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.2966em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0215em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.8966em;top:22.2966em;"><span class="stl_298 stl_16 stl_638">10,800  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4809em;top:22.2966em;"><span class="stl_298 stl_16 stl_285">9,500  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.1341em;top:22.2966em;"><span class="stl_298 stl_16 stl_63">26-29%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.3703em;top:22.296em;"><span class="stl_298 stl_16 stl_564">backlog  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2602em;top:11.4169em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0519em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0395em;">Construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.8375em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Construction contracts are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:14.6294em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">ured at the selling price of the work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:15.4212em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">performed less progress billings and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:16.2131em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">anticipated losses. If the value of work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.005em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">performed exceeds progress billings,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.7969em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">the excess is recognised as contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:18.5887em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">assets. and if progress billings exceed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:19.3806em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the value of work performed, the defi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:20.1725em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">cit is recognised as contract liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:20.9644em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Prepayments from customers are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:21.7562em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">ognised under contract liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:23.3394em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0245em;">Construction contracts are character-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:24.1312em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">ised by a high degree of customisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:24.9231em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">in the design of the cables produced.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:25.715em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">It is furthermore a requirement that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:26.5069em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">before commencement of the work,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:27.2987em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">a binding contract is signed that will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:28.0906em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">result in a fine or compensation in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:13.0487em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">case of subsequent cancellation. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:13.8406em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">contract value is measured according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:14.6325em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">to the percentage-of-completion,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:15.4244em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">which is determined on the basis of an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:16.2163em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">assessment of the work performed,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:17.0081em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">calculated as the ratio of expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:17.8em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">incurred compared to total anticipated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:18.5919em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">expenses on the contract concerned.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:19.3838em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">When it is probable that the total con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:20.1756em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">tract costs will exceed the total con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.9675em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">tract revenue, the anticipated loss on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.7594em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">the contract is immediately recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:22.5513em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">as a provision.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1344em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.037em;">When income and expenses on a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.9263em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">struction contract cannot be deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7181em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">mined reliably, the contract value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.51em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">measured as the costs incurred which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3019em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">are likely to be recoverable.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3571em;top:11.4194em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:13.0482em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">The recognition of revenue and related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:13.8401em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">contract assets and liabilities are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:14.6319em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">subject to uncertainty. Construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:15.4238em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">contracts are measured based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:16.2157em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">Management’s judgement in terms of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:17.0076em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">percentage-of-completion and esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:17.7994em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">mated profit on a project-by-project  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:18.5913em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">approach to estimate the expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:19.3832em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">selling prices which affect the value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:20.1751em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">recognised in the balance sheet. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:20.9669em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">estimate includes a risk provision,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:21.7588em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">which is based on an assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:22.5507em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">the specific risk that each project is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:23.3426em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0221em;">exposed to. Management’s estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:24.1344em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">are based on the most likely outcomes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:24.9263em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0245em;">of the projects.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2602em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0891em;"><span class="stl_157 stl_33 stl_292" style="word-spacing:-0.0491em;">Segment information  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.8847em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">The segment information is based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:14.6766em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">internal management reporting and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:15.4685em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">is presented in accordance with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:16.2604em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0224em;">Group’s accounting policies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.8435em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">Segment income and expenses and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:18.6354em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">segment working capital comprise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:19.4272em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">those items that are directly attribut-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:20.2191em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">able to the individual segment and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.011em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">those items that can be reliably allo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.8029em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">cated to it. Other items are shown as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:22.5947em;"><span class="stl_298 stl_16 stl_187">non-allocated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.1779em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">The operating segments are generally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.9697em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">referred to as business lines. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:25.7616em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">business lines consist of Solutions,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:26.5535em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">Applications and Service &amp; Accesso-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:27.3454em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">ries. For further details please refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:28.1373em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the Business review section of each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:28.9291em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">business line in Management's review.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:29.721em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">The Board of Directors assesses the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:30.5129em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">operating results of the business lines  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:31.3048em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">separately to enable decisions con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.0966em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">cerning allocation of resources and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.8885em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">measurement of performance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:34.4716em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">Revenue from goods and short-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:35.2635em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">service contracts (less than three  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.0554em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">months) are recognised at a point in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.8473em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">time while revenue from construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:37.6391em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">contracts and long-term service con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:38.431em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">tracts are recognised over time.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.0979em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">Other operating income comprises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.8898em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">items of a secondary nature relative to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.6816em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">the operations of the Group, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.4735em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0335em;">grant schemes, reimbursements and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:16.2654em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">gains on sale of non-current assets.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.0979em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">Other operating income comprises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.8898em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">items of a secondary nature relative to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.6816em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">the operations of the Group, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.4735em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0335em;">grant schemes, reimbursements and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:16.2654em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">gains on sale of non-current assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.8485em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">Costs of raw materials, consumables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.6404em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">and goods for resale refer to pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4323em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">chases and changes during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">in inventory levels, including shrink-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.016em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">age, waste production and any write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.8079em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">downs for obsolescence.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:23.391em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Other costs comprise external costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1829em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0281em;">relating to production, sale and admin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.9748em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">istration, as well as losses on disposal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7666em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">of tangible and intangible assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.5585em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Write-downs of receivables from sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3504em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">are also included.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.8485em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">Costs of raw materials, consumables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.6404em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">and goods for resale refer to pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4323em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">chases and changes during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">in inventory levels, including shrink-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.016em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">age, waste production and any write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.8079em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">downs for obsolescence.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:23.391em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Other costs comprise external costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1829em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0281em;">relating to production, sale and admin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.9748em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">istration, as well as losses on disposal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7666em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">of tangible and intangible assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.5585em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Write-downs of receivables from sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3504em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">are also included.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.8485em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">Costs of raw materials, consumables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.6404em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">and goods for resale refer to pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4323em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">chases and changes during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">in inventory levels, including shrink-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.016em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">age, waste production and any write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.8079em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">downs for obsolescence.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.8485em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">Costs of raw materials, consumables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.6404em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">and goods for resale refer to pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4323em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">chases and changes during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">in inventory levels, including shrink-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.016em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">age, waste production and any write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.8079em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">downs for obsolescence.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:23.391em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Other costs comprise external costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1829em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0281em;">relating to production, sale and admin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.9748em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">istration, as well as losses on disposal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7666em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">of tangible and intangible assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.5585em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Write-downs of receivables from sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3504em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">are also included.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.8485em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">Costs of raw materials, consumables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.6404em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">and goods for resale refer to pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4323em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">chases and changes during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">in inventory levels, including shrink-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.016em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">age, waste production and any write-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.8079em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">downs for obsolescence.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:23.391em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Other costs comprise external costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1829em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0281em;">relating to production, sale and admin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.9748em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">istration, as well as losses on disposal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7666em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">of tangible and intangible assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.5585em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Write-downs of receivables from sales  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3504em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">are also included.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.9335em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">Revenue from construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:29.7254em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">with customers with a high degree of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:30.5173em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">individual customisation and no alter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:31.3091em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">native use, are recognised as revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.101em;"><span class="stl_298 stl_16 stl_277" style="word-spacing:-0.0288em;">over time, provided that NKT Group has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.8929em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">secured an enforceable right to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:33.6848em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ment for work performed at any time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:34.4766em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">The revenue therefore corresponds to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:35.2685em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">the sales price of work performed dur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.0604em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">ing the year (the percentage-of-com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.8523em;"><span class="stl_298 stl_16 stl_134" style="word-spacing:-0.0217em;">pletion method). See note 4.5 Contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:37.6441em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0322em;">assets and liabilities for further informa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:38.436em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0301em;">tion concerning construction contracts.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:13.1029em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Revenue from sale of goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:13.8948em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">and finished goods is recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:14.6866em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">the income statement when control  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:15.4785em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">of the goods has transferred to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:16.2704em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">buyer, normally at delivery, and it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.0623em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">is probable that the income will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:17.8541em;"><span class="stl_298 stl_16 stl_164">received.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:19.4373em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Revenue from services that include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:20.2291em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">service packages and extended war-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.021em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">ranties relating to products and con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:21.8129em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">tracts is recognised over time with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:22.6048em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">supply of those services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:24.1879em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Revenue is measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:24.9798em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">value of the expected consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:25.7716em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.02em;">excluding VAT and taxes charged on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:26.5635em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">behalf of third parties. In determin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:27.3554em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">ing the transaction price, revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:28.1473em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">reduced by probable penalties and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:28.9391em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">other claims and discounts that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:29.731em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0251em;">payments to the customers. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:30.5229em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">transaction price is further adjusted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:31.3148em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">any variable elements of the transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:32.1066em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">tion price. The variable amount is esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:32.8985em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">mated at contract inception and revis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:33.6904em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">ited throughout the contract period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:34.4823em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Variable income is recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:35.2741em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">revenue when it is highly probable that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5514em;top:36.066em;z-index:3272;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">a significant reversal will not occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.1141em;"><span class="stl_338 stl_21 stl_246">Projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:13.8998em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Revenue from the sale of cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:14.6916em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">jects accounted for as construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:15.4835em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">contracts comprises sale of onshore  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:16.2754em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">and offshore highly customised cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.0673em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">in Solutions, and delivery of highly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:17.8591em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">customised spare cables in Service.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:19.4423em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Projects are usually significant in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:20.2341em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">amount, have a long lead time affect-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.026em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">ing the financial statements of more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:21.8179em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">reporting periods, and have a high  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:22.6098em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">degree of project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.1929em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">Each project is normally considered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:24.9848em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">one performance obligation as each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:25.7766em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">project comprises highly interrelated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:26.5685em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">and interdependent physical assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:27.3604em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">and services, such as production,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:28.1523em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">installation and project management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:29.7354em;"><span class="stl_298 stl_16 stl_80" style="word-spacing:-0.0213em;">However, depending on the contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:30.5273em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">structure, the performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:31.3191em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">may consist of more than one con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:32.111em;"><span class="stl_298 stl_16 stl_97">tract.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:33.6941em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Cable projects are often sold as fixed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:34.486em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">price contracts and revenue from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:35.2779em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">these are therefore recognised over  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.0698em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">time by applying the percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5989em;top:36.8616em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0233em;">completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:10.7358em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">Payment terms of a cable project con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:11.5276em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">tract usually comprise the following  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.3195em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:13.9022em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Prepayment from the customer at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:14.178em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:14.694em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">contract inception,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:15.4855em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">progress payments, linked to pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:15.7614em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:16.2774em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">ject milestones,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.0688em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">final payment upon completion and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:17.3447em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:17.8607em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">customer acceptance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:19.4438em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">NKT Group will usually obtain pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:20.2357em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ment guarantees to minimise counter  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.0276em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">party risk during the execution of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:21.8194em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">cable projects.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:23.4088em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0395em;">Sale of products  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.1944em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">Sale of products relates to the sale of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:24.9863em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">smaller less customised cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:25.7782em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">jects, standardised cables and equip-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:26.5701em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">ment. Small cable projects with little or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:27.3619em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">no customisation usually have a short  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.1538em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0235em;">lead time of less than one year. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:28.9457em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">delivered product is considered one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:29.7376em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">performance obligation. Most of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:30.5294em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">products are sold at a fixed price and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:31.3213em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">revenue is usually recognised at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.1132em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">point in time when the control of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:32.9051em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">products transfers to the customers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:33.697em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">usually upon delivery.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:35.2801em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">For standardised products, NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.072em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">Group is usually entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:36.8638em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">ment upon delivery, and payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:37.6557em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">terms vary by market but are usually  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:38.4476em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">between 0-60 days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:10.7457em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Service contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:11.5313em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">Service contracts comprise various  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:12.3232em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">service elements to support power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.1151em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">cable efficiency and prevent or mit-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:13.907em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">igate power cable failures and can  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:14.6988em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">include up to round-the-clock, 365  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:15.4907em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">days/year support. Service delivered  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:16.2826em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">according to the contracts is consid-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.0745em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">ered as one performance obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:17.8663em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">delivered over time. Revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:18.6582em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">accordingly recognised over the life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:19.4501em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the contract using the the percentage  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:20.242em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">of completion cost-to-cost method.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.0338em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">NKT Group is either entitled to pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:21.8257em;"><span class="stl_298 stl_16 stl_669" style="word-spacing:-0.0376em;">ment once the service has been pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:22.6176em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">vided or on a periodic basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.2007em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Spare parts and other repair work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:24.9926em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">contracts are determined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:25.7845em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:26.5763em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">price is usually variable, depending on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:27.3682em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">the produced output, and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.1601em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">recognised over time, using the cost-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:28.952em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">to-cost method. In case of significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:29.7438em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uncertainties related to measuring the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:30.5357em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">revenue reliably, revenue is recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:31.3276em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">according to payments. NKT Group is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.1195em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">entitled to payment once the work or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:32.9113em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">spare parts are delivered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:34.4945em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Providing new highly customised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:35.2863em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">spare cables is defined as one per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.0782em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">formance obligation. The transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:36.8701em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">price is usually fixed and revenue is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:37.662em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">typically recognised over time using  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4096em;top:38.4538em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">the percentage of completion cost-to-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:10.7457em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0189em;">cost method. However, if the produc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:11.5376em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">tion time is less than one month, reve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:12.3295em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">nue is recognised at a point in time.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:13.9126em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The payment pattern for spare cables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:14.7045em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">is similar to the pattern for cable pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:15.4963em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">jects described above and NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:16.2882em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">will usually obtain payment guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.0801em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">to minimise the risk during the execu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4571em;top:17.872em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">tion of the cable project.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:8.9083em;"><span class="stl_801 stl_33 stl_495" style="word-spacing:0.2797em;">2.2 Staff</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.820em;top:8.9083em;"><span class="stl_801 stl_33 stl_95">costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.6112em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">Wages and salaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4449em;top:12.6112em;"><span class="stl_298 stl_16 stl_58">335  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7049em;top:12.6112em;"><span class="stl_298 stl_16 stl_127">265  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.5768em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0359em;">Social security costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8199em;top:13.5768em;"><span class="stl_298 stl_16 stl_744">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0468em;top:13.5768em;"><span class="stl_298 stl_16 stl_317">60  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.5424em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">Defined contribution plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.838em;top:14.5424em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1005em;top:14.5424em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.5081em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Staff costs capitalised as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5605em;top:15.5081em;"><span class="stl_298 stl_16 stl_184">-34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8393em;top:15.5081em;"><span class="stl_298 stl_16 stl_349">-31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.4799em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4312em;top:16.4799em;"><span class="stl_338 stl_21 stl_87">393  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6893em;top:16.4737em;"><span class="stl_298 stl_16 stl_91">308  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.0187em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">Average number of full-time employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9299em;top:18.0187em;"><span class="stl_298 stl_16 stl_369">5,409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2443em;top:18.0187em;"><span class="stl_298 stl_16 stl_370">4,473  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.3796em;"><span class="stl_338 stl_21 stl_267">EURk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:20.3796em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:20.3796em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.2552em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0356em;">Remuneration to Executive Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.2146em;"><span class="stl_298 stl_16 stl_495">Salary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0843em;top:23.2146em;"><span class="stl_298 stl_16 stl_786">1,411  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2093em;top:23.2146em;"><span class="stl_298 stl_16 stl_237">1,344  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:24.1802em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">Short-term bonus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9618em;top:24.1802em;"><span class="stl_298 stl_16 stl_618">1,085  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.723em;top:24.1802em;"><span class="stl_298 stl_16 stl_481">722  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:25.1459em;"><span class="stl_298 stl_16 stl_342">Pension  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7937em;top:25.1459em;"><span class="stl_298 stl_16 stl_326">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0518em;top:25.1459em;"><span class="stl_298 stl_16 stl_300">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.1115em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">Long-term incentive programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4424em;top:26.1115em;"><span class="stl_298 stl_16 stl_201">962  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6849em;top:26.1115em;"><span class="stl_298 stl_16 stl_152">903  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0771em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">Other benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4968em;top:27.0771em;"><span class="stl_298 stl_16 stl_302">120  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.818em;top:27.0771em;"><span class="stl_298 stl_16 stl_680">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.0427em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">Severance payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:28.0427em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2099em;top:28.0427em;"><span class="stl_298 stl_16 stl_14">1,334  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:29.0146em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0355em;">Executive Management in total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9499em;top:29.0146em;"><span class="stl_338 stl_21 stl_122">3,674  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1405em;top:29.0146em;"><span class="stl_338 stl_21 stl_104">4,505  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:29.9802em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0386em;">Remuneration to Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4455em;top:29.9802em;"><span class="stl_338 stl_21 stl_211">735  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7074em;top:29.9802em;"><span class="stl_338 stl_21 stl_31">756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:30.9459em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8924em;top:30.9459em;"><span class="stl_338 stl_21 stl_64">4,409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1455em;top:30.9459em;"><span class="stl_338 stl_21 stl_267">5,261  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:32.9309em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">Key management personnel consist  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:33.7227em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">of Executive Management which is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:34.5146em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">the CEO and the CFO. Remuneration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:35.3065em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">to Executive Management comprises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:36.0984em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">fixed salary, short- and long-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:36.8902em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">incentive programs and other cus-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:37.6821em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">tomary benefits. Long-term incentive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:38.474em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">programs consist of share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:32.9321em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">ment programs. The accounting for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:33.724em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">share-based payments is presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:34.5159em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0235em;">in detail in note 2.3 Share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:35.3077em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0258em;">payment. For more information on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:36.0996em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">development, refer to the Remunera-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:36.8915em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0296em;">tion Report available at NKT's website  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:37.6834em;"><span class="stl_298 stl_16 stl_24">https://investors.nkt.com/corpo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:38.4752em;"><span class="stl_298 stl_16 stl_230">rate-governance/statutory-reports  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:12.2744em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.9031em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">Staff costs comprise wages and sal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.695em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">aries, remuneration, pensions, etc.,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4869em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">and share-based payment for NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2787em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Group's employees, including Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.0706em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">Management. The Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8625em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">does not receive share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6544em;"><span class="stl_298 stl_16 stl_52">ment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2375em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">Wages and salaries, social security  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.0294em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">contributions, leave and sick leave,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8212em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">bonuses and non-monetary benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.6131em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">are recognised in the financial year in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.405em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">which services are rendered by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.1969em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0327em;">employee. When NKT provides long-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.9887em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">term employee benefits, the costs are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.7806em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">accrued to match the rendering of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.5725em;"><span class="stl_298 stl_16 stl_517">services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.1556em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">Termination benefits are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.9475em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">when an agreement has been reached  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:29.7394em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">between NKT and the employee and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.5312em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">no future service is rendered by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:31.3231em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">employee in exchange for the benefits.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:8.9083em;"><span class="stl_801 stl_33 stl_191" style="word-spacing:0.3147em;">2.3 Share-based</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.249em;top:8.9083em;"><span class="stl_801 stl_33 stl_95">payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:10.7456em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0363em;">Long-term incentive programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:11.5375em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0341em;">for Executive Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:12.3294em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0316em;">and Group Leadership Team  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.115em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">The decision to award performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.9069em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">shares to the Executive Management,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6987em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">the Group Leadership Team (GLT) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4906em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">selected employees is made each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2825em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">year at the discretion of the Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0744em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">of Directors after recommendation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8662em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">from the Remuneration Committee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6581em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The awarded shares represent a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.45em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ditional right to receive shares after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2419em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">a three-year performance period at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0337em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">nil payment. The Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8256em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">may decide to make cash awards in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.6175em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">a given year. The performance shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.4094em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">vest subject to continued employment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.2012em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">and the achievement of certain per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9931em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">formance targets over a three-year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.785em;"><span class="stl_298 stl_16 stl_271">period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3681em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">For more information on the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.16em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">of performance shares, refer to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9519em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group’s Remuneration Report avail-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.7437em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">able on NKT's website.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3269em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0245em;">In 2024, a new performance share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1187em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0173em;">program was awarded to 23 par-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.9106em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0196em;">ticipants (20 in 2023) with a vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.7025em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">period of three years. All programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4944em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">contain two key performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2862em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">one relating to operational EBITDA,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.0781em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0223em;">and one relating to Total Shareholder  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.87em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">Return (TSR). The total market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6619em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.0211em;">at award date was EUR 3m (EUR 3m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:38.4537em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:10.7456em;"><span class="stl_298 stl_16 stl_192" style="word-spacing:-0.0203em;">For the 2022 program, both the TSR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:11.5375em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">target and EBITDA target were met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:12.3294em;"><span class="stl_298 stl_16 stl_235" style="word-spacing:-0.0168em;">and 50,513 shares will vest in Febru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:13.1212em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0187em;">ary 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:14.7044em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">Costs relating to share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:15.4962em;"><span class="stl_298 stl_16 stl_231" style="word-spacing:-0.0159em;">ments in 2024 was EUR 3m (EUR 2m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:16.2881em;"><span class="stl_298 stl_16 stl_235" style="word-spacing:-0.0167em;">in 2023). The lower costs in 2023 was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.08em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">mainly due to the former CEO forfeit-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.8719em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">ing the 2022 program.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:19.455em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">Remaining value to be expensed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.2469em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">relating to current programs is EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.0387em;"><span class="stl_298 stl_16 stl_209" style="word-spacing:-0.0181em;">4m (EUR 3m in 2023). The weighted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.8306em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">average remaining contractual life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:22.6225em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">of performance shares at the end of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:23.4144em;z-index:1981;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0078em;">the period was 1.2 years (1</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">1 </span><span class="stl_298 stl_16 stl_125">y</span><span class="stl_298 stl_16 stl_91" style="word-spacing:-0.038em;">ears in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.2062em;"><span class="stl_298 stl_16 stl_29">2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:25.7956em;"><span class="stl_338 stl_21 stl_105">Assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:26.5812em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0233em;">At grant date the fair value of awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:27.3731em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Performance shares has been cal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.165em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">culated based on the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.9569em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">awarded shares, the percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:29.7487em;"><span class="stl_298 stl_16 stl_411" style="word-spacing:-0.0292em;">shares expected to vest as well as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:30.5406em;"><span class="stl_298 stl_16 stl_376" style="word-spacing:-0.029em;">share price at grant date. As dividends  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:31.3325em;"><span class="stl_298 stl_16 stl_288" style="word-spacing:-0.0246em;">are not expected they have not been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.1244em;"><span class="stl_298 stl_16 stl_277" style="word-spacing:-0.0279em;">incorporated into the measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.9162em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:-0.0262em;">fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:10.7418em;"><span class="stl_338 stl_21 stl_561" style="word-spacing:-0.0424em;">Performance shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4302em;top:10.7418em;"><span class="stl_338 stl_21 stl_272">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9114em;top:10.7418em;"><span class="stl_338 stl_21 stl_450">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:11.4499em;"><span class="stl_338 stl_21 stl_91">outstanding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4389em;top:11.4499em;"><span class="stl_338 stl_21 stl_441">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3589em;top:11.4499em;"><span class="stl_338 stl_21 stl_272">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3814em;top:11.4499em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.3193em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5358em;top:13.3193em;z-index:3066;"><span class="stl_298 stl_16 stl_320">8</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_132">,</span><span class="stl_298 stl_16 stl_331">916  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3746em;top:13.3193em;"><span class="stl_298 stl_16 stl_750">134,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5658em;top:13.3193em;"><span class="stl_298 stl_16 stl_171">222,440  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.2849em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Shares granted during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4414em;top:14.2849em;"><span class="stl_298 stl_16 stl_310">24,357  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8327em;top:14.2849em;z-index:3117;"><span class="stl_298 stl_16 stl_744">3</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_764">,182  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9496em;top:14.2849em;"><span class="stl_298 stl_16 stl_28">61,539  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.2506em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Shares vested during the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.9587em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">other movements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.1439em;top:15.9587em;"><span class="stl_298 stl_16 stl_142">-65,598  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4189em;top:15.9587em;"><span class="stl_298 stl_16 stl_483">-39,929  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4183em;top:15.9587em;"><span class="stl_298 stl_16 stl_853">-105,527  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5033em;top:16.9306em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0351em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.3821em;top:16.9306em;"><span class="stl_338 stl_21 stl_209">46,675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3496em;top:16.9306em;"><span class="stl_338 stl_21 stl_217">131,777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5639em;top:16.9306em;"><span class="stl_338 stl_21 stl_171">178,452  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.4693em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4364em;top:18.4693em;"><span class="stl_298 stl_16 stl_353">46,675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4258em;top:18.4693em;"><span class="stl_298 stl_16 stl_845">131,777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6264em;top:18.4693em;"><span class="stl_298 stl_16 stl_320">178,452  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4349em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Shares granted during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5939em;top:19.4349em;z-index:3286;"><span class="stl_298 stl_16 stl_854">17</span><span class="stl_298 stl_16 stl_63">,</span><span class="stl_298 stl_16 stl_855">519  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7333em;top:19.4349em;z-index:3292;"><span class="stl_298 stl_16 stl_744">3</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_58">,</span><span class="stl_298 stl_16 stl_329">284  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8889em;top:19.4349em;"><span class="stl_298 stl_16 stl_305">54,803  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.4006em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Shares vested during the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.1087em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">other movements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5158em;top:21.1087em;"><span class="stl_298 stl_16 stl_336">-8,642  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.5352em;top:21.1087em;z-index:3352;"><span class="stl_298 stl_16 stl_457">-5</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_623">,758  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6358em;top:21.1087em;"><span class="stl_298 stl_16 stl_186">-66,400  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:22.0806em;"><span class="stl_338 stl_21 stl_401" style="word-spacing:-0.0327em;">31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.3583em;top:22.0806em;"><span class="stl_338 stl_21 stl_564">55,552  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3814em;top:22.0806em;"><span class="stl_338 stl_21 stl_856">111,303  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5196em;top:22.0806em;"><span class="stl_338 stl_21 stl_187">166,855  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:24.6511em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.2799em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">The share-based payments contain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.0717em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">internal performance measures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.8636em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">external market return measures. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">the grant date the value of services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.4474em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">received in exchange for share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.2392em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">payments are measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.0311em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">value. The fair value of share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.823em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">payments is estimated using a valu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.6149em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">ation model that takes into account  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.4067em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the terms and conditions upon which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.1986em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">granting took place. During the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.2817em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">period, the costs related to the plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0736em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">are recognised as staff costs and an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.8655em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">equal amount is recognised in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.6574em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">For the internal performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.4492em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">costs are recognised over the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.2411em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">period based on the number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.033em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">expected to vest, whereas for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.8249em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">market return elements, costs are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.6167em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ognised over the vesting period disre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.4086em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">garding any changes in the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.2005em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">shares expected to vest.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_68" style="word-spacing:0.3555em;">3.6 Pension</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.062em;top:8.9083em;"><span class="stl_801 stl_33 stl_214">liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1785em;top:10.8389em;"><span class="stl_338 stl_21 stl_54">Pension  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.547em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6503em;top:11.547em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0349em;">liabilities, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.357em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">Pension liabilities, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8647em;top:13.357em;"><span class="stl_298 stl_16 stl_211">40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.3226em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Service cost and Interest on obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2197em;top:14.3226em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.2883em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Benefits paid to employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9985em;top:15.2883em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2539em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">Actuarial gains/losses on defined benefit pension plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2197em;top:16.2539em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.2258em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.0341em;">Pension liabilities, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8716em;top:17.2258em;"><span class="stl_338 stl_21 stl_63">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.8939em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">Pension liabilities, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9116em;top:18.8939em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.8595em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0321em;">Service cost and Interest on obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2197em;top:19.8595em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.8251em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Benefits paid to employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9985em;top:20.8251em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.7908em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">Actuarial gains/losses on defined benefit pension plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.036em;top:21.7908em;z-index:392;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.7626em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0349em;">Pension liabilities, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8603em;top:22.7626em;"><span class="stl_338 stl_21 stl_91">40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.7532em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">In NKT Group, most employees are covered by pension schemes, primarily in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.5451em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0321em;">the form of defined contribution-based plans managed by independent pension  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.337em;"><span class="stl_298 stl_16 stl_36">funds.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.9201em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">NKT Group’s defined benefit plans, primarily relating to the activities in Germany,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.712em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are recognised at the present value of the actuarially measured obligations. If a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.5039em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">plan is not fully covered by plan assets, a plan liability is recognised in the balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.2958em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">sheet. Expenses relating to pension benefits are recognised as staff costs in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.0876em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0251em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7592em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Actuarial gains related to the pension liabilities are recognised in other compre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.5511em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">hensive income. The pension liability also include other long term benefits relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.343em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">to anniversary bonuses, etc., amounting to EUR 2m (EUR 2m in 2023). At the end  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.1348em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">of 2024, there were no plan assets to be offset in the present value of the liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.6145em;"><span class="stl_338 stl_21 stl_391" style="word-spacing:-0.0382em;">Actuarial assumptions applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:14.6145em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:14.6145em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.4839em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">Discount rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5154em;top:16.4839em;"><span class="stl_298 stl_16 stl_354">3%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7867em;top:16.4839em;"><span class="stl_298 stl_16 stl_764">4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.4495em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">Future salary increases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5154em;top:17.4495em;"><span class="stl_298 stl_16 stl_354">3%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7673em;top:17.4495em;"><span class="stl_298 stl_16 stl_354">3%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:18.4151em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Future pension increases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5129em;top:18.4151em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7648em;top:18.4151em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:19.8432em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">The table below shows the sensitivity of the liability to changes in key assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:20.6351em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.028em;">for the measurement of the pension liabilities, net. The analysis is based on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:21.427em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0278em;">changes in the applied key assumptions considered reasonably likely provided the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:22.2189em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">other parameters in the calculation are unchanged.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.7873em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:23.7873em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:23.7873em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.6566em;"><span class="stl_298 stl_16 stl_93" style="word-spacing:-0.0176em;">+0.5%-point in discount rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8411em;top:25.6566em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0929em;top:25.6566em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.6223em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">-0.5%-point in discount rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:26.6223em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:26.6223em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:28.1673em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">+0.5%-point in future pension increase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0611em;top:28.1673em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3129em;top:28.1673em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:29.1329em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">-0.5%-point in future pension increase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8398em;top:29.1329em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0917em;top:29.1329em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.474em;"><span class="stl_98 stl_16 stl_280" style="word-spacing:-0.0396em;">A change in the salary increase of 0.5%-points is not considered to have a material effect.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">For the Group’s defined benefit plans,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0316em;">an annual actuarial calculation (the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">Projected Unit Credit Method) of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">present value of future benefits pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">able under the plan is provided. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">present value is determined based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">assumptions about the future deve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.0371em;">lopment in variables such as salary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0219em;">levels, interest rates, inflation and mor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">tality. The present value is determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">only for benefits earned by employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8035em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">from their employment within the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5954em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">Group. The actuarial present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3873em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">less the fair value of any plan assets is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1791em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">recognised in the balance sheet under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.971em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">pension liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Pension expenses and other long-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">term employee benefits are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">nised in the income statement based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">on actuarial estimates and financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;z-index:2410;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0229em;">expectations at the start of the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">Actuarial gains or losses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">nised in other comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8885em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">If a pension plan constitutes a net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6804em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">asset, the asset is only recognised if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4723em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">it offsets cumulative actuarial losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:35.2641em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0287em;">or future refunds from the plan, or if it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.056em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">will lead to reduced future payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.8479em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">to the plan.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.0187em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">Average number of full-time employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9299em;top:18.0187em;"><span class="stl_298 stl_16 stl_369">5,409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2443em;top:18.0187em;"><span class="stl_298 stl_16 stl_370">4,473  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.3796em;"><span class="stl_338 stl_21 stl_267">EURk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:20.3796em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:20.3796em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.2552em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0356em;">Remuneration to Executive Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.2146em;"><span class="stl_298 stl_16 stl_495">Salary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0843em;top:23.2146em;"><span class="stl_298 stl_16 stl_786">1,411  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2093em;top:23.2146em;"><span class="stl_298 stl_16 stl_237">1,344  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:24.1802em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">Short-term bonus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9618em;top:24.1802em;"><span class="stl_298 stl_16 stl_618">1,085  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.723em;top:24.1802em;"><span class="stl_298 stl_16 stl_481">722  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:25.1459em;"><span class="stl_298 stl_16 stl_342">Pension  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7937em;top:25.1459em;"><span class="stl_298 stl_16 stl_326">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0518em;top:25.1459em;"><span class="stl_298 stl_16 stl_300">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.1115em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">Long-term incentive programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4424em;top:26.1115em;"><span class="stl_298 stl_16 stl_201">962  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6849em;top:26.1115em;"><span class="stl_298 stl_16 stl_152">903  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0771em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">Other benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4968em;top:27.0771em;"><span class="stl_298 stl_16 stl_302">120  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.818em;top:27.0771em;"><span class="stl_298 stl_16 stl_680">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.0427em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">Severance payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:28.0427em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2099em;top:28.0427em;"><span class="stl_298 stl_16 stl_14">1,334  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:29.0146em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0355em;">Executive Management in total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9499em;top:29.0146em;"><span class="stl_338 stl_21 stl_122">3,674  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1405em;top:29.0146em;"><span class="stl_338 stl_21 stl_104">4,505  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:29.9802em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0386em;">Remuneration to Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4455em;top:29.9802em;"><span class="stl_338 stl_21 stl_211">735  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7074em;top:29.9802em;"><span class="stl_338 stl_21 stl_31">756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:30.9459em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8924em;top:30.9459em;"><span class="stl_338 stl_21 stl_64">4,409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1455em;top:30.9459em;"><span class="stl_338 stl_21 stl_267">5,261  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:32.9309em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">Key management personnel consist  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:33.7227em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">of Executive Management which is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:34.5146em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">the CEO and the CFO. Remuneration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:35.3065em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">to Executive Management comprises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:36.0984em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">fixed salary, short- and long-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:36.8902em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">incentive programs and other cus-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:37.6821em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">tomary benefits. Long-term incentive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:38.474em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">programs consist of share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:32.9321em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">ment programs. The accounting for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:33.724em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">share-based payments is presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:34.5159em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0235em;">in detail in note 2.3 Share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:35.3077em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0258em;">payment. For more information on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:36.0996em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">development, refer to the Remunera-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:36.8915em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0296em;">tion Report available at NKT's website  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:37.6834em;"><span class="stl_298 stl_16 stl_24">https://investors.nkt.com/corpo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:38.4752em;"><span class="stl_298 stl_16 stl_230">rate-governance/statutory-reports  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:8.9083em;"><span class="stl_801 stl_33 stl_191" style="word-spacing:0.3147em;">2.3 Share-based</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.249em;top:8.9083em;"><span class="stl_801 stl_33 stl_95">payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:10.7456em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0363em;">Long-term incentive programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:11.5375em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0341em;">for Executive Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:12.3294em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0316em;">and Group Leadership Team  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.115em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">The decision to award performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.9069em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">shares to the Executive Management,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6987em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">the Group Leadership Team (GLT) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4906em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">selected employees is made each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2825em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">year at the discretion of the Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0744em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">of Directors after recommendation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8662em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">from the Remuneration Committee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6581em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The awarded shares represent a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.45em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ditional right to receive shares after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2419em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">a three-year performance period at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0337em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">nil payment. The Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8256em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">may decide to make cash awards in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.6175em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">a given year. The performance shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.4094em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">vest subject to continued employment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.2012em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">and the achievement of certain per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9931em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">formance targets over a three-year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.785em;"><span class="stl_298 stl_16 stl_271">period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3681em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">For more information on the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.16em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">of performance shares, refer to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9519em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group’s Remuneration Report avail-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.7437em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">able on NKT's website.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3269em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0245em;">In 2024, a new performance share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1187em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0173em;">program was awarded to 23 par-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.9106em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0196em;">ticipants (20 in 2023) with a vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.7025em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">period of three years. All programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4944em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">contain two key performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2862em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">one relating to operational EBITDA,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.0781em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0223em;">and one relating to Total Shareholder  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.87em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">Return (TSR). The total market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6619em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.0211em;">at award date was EUR 3m (EUR 3m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:38.4537em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:10.7456em;"><span class="stl_298 stl_16 stl_192" style="word-spacing:-0.0203em;">For the 2022 program, both the TSR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:11.5375em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">target and EBITDA target were met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:12.3294em;"><span class="stl_298 stl_16 stl_235" style="word-spacing:-0.0168em;">and 50,513 shares will vest in Febru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:13.1212em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0187em;">ary 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:14.7044em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">Costs relating to share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:15.4962em;"><span class="stl_298 stl_16 stl_231" style="word-spacing:-0.0159em;">ments in 2024 was EUR 3m (EUR 2m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:16.2881em;"><span class="stl_298 stl_16 stl_235" style="word-spacing:-0.0167em;">in 2023). The lower costs in 2023 was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.08em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">mainly due to the former CEO forfeit-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.8719em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">ing the 2022 program.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:19.455em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">Remaining value to be expensed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.2469em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">relating to current programs is EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.0387em;"><span class="stl_298 stl_16 stl_209" style="word-spacing:-0.0181em;">4m (EUR 3m in 2023). The weighted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.8306em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">average remaining contractual life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:22.6225em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">of performance shares at the end of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:23.4144em;z-index:1981;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0078em;">the period was 1.2 years (1</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">1 </span><span class="stl_298 stl_16 stl_125">y</span><span class="stl_298 stl_16 stl_91" style="word-spacing:-0.038em;">ears in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.2062em;"><span class="stl_298 stl_16 stl_29">2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:25.7956em;"><span class="stl_338 stl_21 stl_105">Assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:26.5812em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0233em;">At grant date the fair value of awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:27.3731em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Performance shares has been cal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.165em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">culated based on the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.9569em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">awarded shares, the percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:29.7487em;"><span class="stl_298 stl_16 stl_411" style="word-spacing:-0.0292em;">shares expected to vest as well as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:30.5406em;"><span class="stl_298 stl_16 stl_376" style="word-spacing:-0.029em;">share price at grant date. As dividends  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:31.3325em;"><span class="stl_298 stl_16 stl_288" style="word-spacing:-0.0246em;">are not expected they have not been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.1244em;"><span class="stl_298 stl_16 stl_277" style="word-spacing:-0.0279em;">incorporated into the measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.9162em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:-0.0262em;">fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:10.7418em;"><span class="stl_338 stl_21 stl_561" style="word-spacing:-0.0424em;">Performance shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4302em;top:10.7418em;"><span class="stl_338 stl_21 stl_272">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9114em;top:10.7418em;"><span class="stl_338 stl_21 stl_450">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:11.4499em;"><span class="stl_338 stl_21 stl_91">outstanding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4389em;top:11.4499em;"><span class="stl_338 stl_21 stl_441">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3589em;top:11.4499em;"><span class="stl_338 stl_21 stl_272">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3814em;top:11.4499em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.3193em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5358em;top:13.3193em;z-index:3066;"><span class="stl_298 stl_16 stl_320">8</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_132">,</span><span class="stl_298 stl_16 stl_331">916  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3746em;top:13.3193em;"><span class="stl_298 stl_16 stl_750">134,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5658em;top:13.3193em;"><span class="stl_298 stl_16 stl_171">222,440  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.2849em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Shares granted during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4414em;top:14.2849em;"><span class="stl_298 stl_16 stl_310">24,357  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8327em;top:14.2849em;z-index:3117;"><span class="stl_298 stl_16 stl_744">3</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_764">,182  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9496em;top:14.2849em;"><span class="stl_298 stl_16 stl_28">61,539  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.2506em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Shares vested during the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.9587em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">other movements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.1439em;top:15.9587em;"><span class="stl_298 stl_16 stl_142">-65,598  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4189em;top:15.9587em;"><span class="stl_298 stl_16 stl_483">-39,929  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4183em;top:15.9587em;"><span class="stl_298 stl_16 stl_853">-105,527  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5033em;top:16.9306em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0351em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.3821em;top:16.9306em;"><span class="stl_338 stl_21 stl_209">46,675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3496em;top:16.9306em;"><span class="stl_338 stl_21 stl_217">131,777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5639em;top:16.9306em;"><span class="stl_338 stl_21 stl_171">178,452  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.4693em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4364em;top:18.4693em;"><span class="stl_298 stl_16 stl_353">46,675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4258em;top:18.4693em;"><span class="stl_298 stl_16 stl_845">131,777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6264em;top:18.4693em;"><span class="stl_298 stl_16 stl_320">178,452  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4349em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Shares granted during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5939em;top:19.4349em;z-index:3286;"><span class="stl_298 stl_16 stl_854">17</span><span class="stl_298 stl_16 stl_63">,</span><span class="stl_298 stl_16 stl_855">519  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7333em;top:19.4349em;z-index:3292;"><span class="stl_298 stl_16 stl_744">3</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_58">,</span><span class="stl_298 stl_16 stl_329">284  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8889em;top:19.4349em;"><span class="stl_298 stl_16 stl_305">54,803  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.4006em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Shares vested during the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.1087em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">other movements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5158em;top:21.1087em;"><span class="stl_298 stl_16 stl_336">-8,642  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.5352em;top:21.1087em;z-index:3352;"><span class="stl_298 stl_16 stl_457">-5</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_623">,758  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6358em;top:21.1087em;"><span class="stl_298 stl_16 stl_186">-66,400  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:22.0806em;"><span class="stl_338 stl_21 stl_401" style="word-spacing:-0.0327em;">31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.3583em;top:22.0806em;"><span class="stl_338 stl_21 stl_564">55,552  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3814em;top:22.0806em;"><span class="stl_338 stl_21 stl_856">111,303  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5196em;top:22.0806em;"><span class="stl_338 stl_21 stl_187">166,855  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:24.6511em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.2799em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">The share-based payments contain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.0717em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">internal performance measures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.8636em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">external market return measures. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">the grant date the value of services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.4474em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">received in exchange for share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.2392em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">payments are measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.0311em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">value. The fair value of share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.823em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">payments is estimated using a valu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.6149em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">ation model that takes into account  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.4067em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the terms and conditions upon which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.1986em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">granting took place. During the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.2817em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">period, the costs related to the plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0736em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">are recognised as staff costs and an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.8655em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">equal amount is recognised in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.6574em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">For the internal performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.4492em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">costs are recognised over the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.2411em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">period based on the number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.033em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">expected to vest, whereas for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.8249em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">market return elements, costs are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.6167em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ognised over the vesting period disre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.4086em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">garding any changes in the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.2005em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">shares expected to vest.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.3796em;"><span class="stl_338 stl_21 stl_267">EURk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:20.3796em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:20.3796em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.2552em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0356em;">Remuneration to Executive Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.2146em;"><span class="stl_298 stl_16 stl_495">Salary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0843em;top:23.2146em;"><span class="stl_298 stl_16 stl_786">1,411  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2093em;top:23.2146em;"><span class="stl_298 stl_16 stl_237">1,344  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:24.1802em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">Short-term bonus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9618em;top:24.1802em;"><span class="stl_298 stl_16 stl_618">1,085  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.723em;top:24.1802em;"><span class="stl_298 stl_16 stl_481">722  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:25.1459em;"><span class="stl_298 stl_16 stl_342">Pension  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7937em;top:25.1459em;"><span class="stl_298 stl_16 stl_326">96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0518em;top:25.1459em;"><span class="stl_298 stl_16 stl_300">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.1115em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">Long-term incentive programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4424em;top:26.1115em;"><span class="stl_298 stl_16 stl_201">962  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6849em;top:26.1115em;"><span class="stl_298 stl_16 stl_152">903  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0771em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">Other benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4968em;top:27.0771em;"><span class="stl_298 stl_16 stl_302">120  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.818em;top:27.0771em;"><span class="stl_298 stl_16 stl_680">117  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.0427em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">Severance payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:28.0427em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2099em;top:28.0427em;"><span class="stl_298 stl_16 stl_14">1,334  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:29.0146em;"><span class="stl_338 stl_21 stl_267" style="word-spacing:-0.0355em;">Executive Management in total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9499em;top:29.0146em;"><span class="stl_338 stl_21 stl_122">3,674  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1405em;top:29.0146em;"><span class="stl_338 stl_21 stl_104">4,505  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:29.9802em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0386em;">Remuneration to Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4455em;top:29.9802em;"><span class="stl_338 stl_21 stl_211">735  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7074em;top:29.9802em;"><span class="stl_338 stl_21 stl_31">756  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:30.9459em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8924em;top:30.9459em;"><span class="stl_338 stl_21 stl_64">4,409  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1455em;top:30.9459em;"><span class="stl_338 stl_21 stl_267">5,261  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:32.9309em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">Key management personnel consist  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:33.7227em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">of Executive Management which is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:34.5146em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">the CEO and the CFO. Remuneration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:35.3065em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">to Executive Management comprises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:36.0984em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">fixed salary, short- and long-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:36.8902em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">incentive programs and other cus-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:37.6821em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">tomary benefits. Long-term incentive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:38.474em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">programs consist of share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:32.9321em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">ment programs. The accounting for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:33.724em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">share-based payments is presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:34.5159em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0235em;">in detail in note 2.3 Share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:35.3077em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0258em;">payment. For more information on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:36.0996em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">development, refer to the Remunera-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:36.8915em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0296em;">tion Report available at NKT's website  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:37.6834em;"><span class="stl_298 stl_16 stl_24">https://investors.nkt.com/corpo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.598em;top:38.4752em;"><span class="stl_298 stl_16 stl_230">rate-governance/statutory-reports  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:8.9083em;"><span class="stl_801 stl_33 stl_191" style="word-spacing:0.3147em;">2.3 Share-based</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.249em;top:8.9083em;"><span class="stl_801 stl_33 stl_95">payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:10.7456em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0363em;">Long-term incentive programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:11.5375em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0341em;">for Executive Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:12.3294em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0316em;">and Group Leadership Team  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.115em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">The decision to award performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.9069em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">shares to the Executive Management,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6987em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">the Group Leadership Team (GLT) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4906em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">selected employees is made each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2825em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">year at the discretion of the Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0744em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">of Directors after recommendation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8662em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">from the Remuneration Committee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6581em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The awarded shares represent a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.45em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ditional right to receive shares after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2419em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">a three-year performance period at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0337em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">nil payment. The Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8256em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">may decide to make cash awards in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.6175em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">a given year. The performance shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.4094em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">vest subject to continued employment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.2012em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">and the achievement of certain per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9931em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">formance targets over a three-year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.785em;"><span class="stl_298 stl_16 stl_271">period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3681em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">For more information on the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.16em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">of performance shares, refer to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9519em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group’s Remuneration Report avail-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.7437em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">able on NKT's website.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3269em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0245em;">In 2024, a new performance share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1187em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0173em;">program was awarded to 23 par-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.9106em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0196em;">ticipants (20 in 2023) with a vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.7025em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">period of three years. All programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4944em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">contain two key performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2862em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">one relating to operational EBITDA,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.0781em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0223em;">and one relating to Total Shareholder  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.87em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">Return (TSR). The total market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6619em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.0211em;">at award date was EUR 3m (EUR 3m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:38.4537em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:10.7456em;"><span class="stl_298 stl_16 stl_192" style="word-spacing:-0.0203em;">For the 2022 program, both the TSR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:11.5375em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">target and EBITDA target were met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:12.3294em;"><span class="stl_298 stl_16 stl_235" style="word-spacing:-0.0168em;">and 50,513 shares will vest in Febru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:13.1212em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0187em;">ary 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:14.7044em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">Costs relating to share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:15.4962em;"><span class="stl_298 stl_16 stl_231" style="word-spacing:-0.0159em;">ments in 2024 was EUR 3m (EUR 2m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:16.2881em;"><span class="stl_298 stl_16 stl_235" style="word-spacing:-0.0167em;">in 2023). The lower costs in 2023 was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.08em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">mainly due to the former CEO forfeit-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.8719em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">ing the 2022 program.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:19.455em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">Remaining value to be expensed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.2469em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">relating to current programs is EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.0387em;"><span class="stl_298 stl_16 stl_209" style="word-spacing:-0.0181em;">4m (EUR 3m in 2023). The weighted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.8306em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">average remaining contractual life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:22.6225em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">of performance shares at the end of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:23.4144em;z-index:1981;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0078em;">the period was 1.2 years (1</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">1 </span><span class="stl_298 stl_16 stl_125">y</span><span class="stl_298 stl_16 stl_91" style="word-spacing:-0.038em;">ears in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.2062em;"><span class="stl_298 stl_16 stl_29">2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:25.7956em;"><span class="stl_338 stl_21 stl_105">Assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:26.5812em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0233em;">At grant date the fair value of awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:27.3731em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Performance shares has been cal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.165em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">culated based on the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.9569em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">awarded shares, the percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:29.7487em;"><span class="stl_298 stl_16 stl_411" style="word-spacing:-0.0292em;">shares expected to vest as well as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:30.5406em;"><span class="stl_298 stl_16 stl_376" style="word-spacing:-0.029em;">share price at grant date. As dividends  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:31.3325em;"><span class="stl_298 stl_16 stl_288" style="word-spacing:-0.0246em;">are not expected they have not been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.1244em;"><span class="stl_298 stl_16 stl_277" style="word-spacing:-0.0279em;">incorporated into the measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.9162em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:-0.0262em;">fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:10.7418em;"><span class="stl_338 stl_21 stl_561" style="word-spacing:-0.0424em;">Performance shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4302em;top:10.7418em;"><span class="stl_338 stl_21 stl_272">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9114em;top:10.7418em;"><span class="stl_338 stl_21 stl_450">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:11.4499em;"><span class="stl_338 stl_21 stl_91">outstanding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4389em;top:11.4499em;"><span class="stl_338 stl_21 stl_441">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3589em;top:11.4499em;"><span class="stl_338 stl_21 stl_272">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3814em;top:11.4499em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.3193em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5358em;top:13.3193em;z-index:3066;"><span class="stl_298 stl_16 stl_320">8</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_132">,</span><span class="stl_298 stl_16 stl_331">916  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3746em;top:13.3193em;"><span class="stl_298 stl_16 stl_750">134,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5658em;top:13.3193em;"><span class="stl_298 stl_16 stl_171">222,440  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.2849em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Shares granted during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4414em;top:14.2849em;"><span class="stl_298 stl_16 stl_310">24,357  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8327em;top:14.2849em;z-index:3117;"><span class="stl_298 stl_16 stl_744">3</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_764">,182  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9496em;top:14.2849em;"><span class="stl_298 stl_16 stl_28">61,539  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.2506em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Shares vested during the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.9587em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">other movements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.1439em;top:15.9587em;"><span class="stl_298 stl_16 stl_142">-65,598  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4189em;top:15.9587em;"><span class="stl_298 stl_16 stl_483">-39,929  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4183em;top:15.9587em;"><span class="stl_298 stl_16 stl_853">-105,527  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5033em;top:16.9306em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0351em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.3821em;top:16.9306em;"><span class="stl_338 stl_21 stl_209">46,675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3496em;top:16.9306em;"><span class="stl_338 stl_21 stl_217">131,777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5639em;top:16.9306em;"><span class="stl_338 stl_21 stl_171">178,452  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.4693em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4364em;top:18.4693em;"><span class="stl_298 stl_16 stl_353">46,675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4258em;top:18.4693em;"><span class="stl_298 stl_16 stl_845">131,777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6264em;top:18.4693em;"><span class="stl_298 stl_16 stl_320">178,452  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4349em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Shares granted during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5939em;top:19.4349em;z-index:3286;"><span class="stl_298 stl_16 stl_854">17</span><span class="stl_298 stl_16 stl_63">,</span><span class="stl_298 stl_16 stl_855">519  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7333em;top:19.4349em;z-index:3292;"><span class="stl_298 stl_16 stl_744">3</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_58">,</span><span class="stl_298 stl_16 stl_329">284  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8889em;top:19.4349em;"><span class="stl_298 stl_16 stl_305">54,803  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.4006em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Shares vested during the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.1087em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">other movements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5158em;top:21.1087em;"><span class="stl_298 stl_16 stl_336">-8,642  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.5352em;top:21.1087em;z-index:3352;"><span class="stl_298 stl_16 stl_457">-5</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_623">,758  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6358em;top:21.1087em;"><span class="stl_298 stl_16 stl_186">-66,400  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:22.0806em;"><span class="stl_338 stl_21 stl_401" style="word-spacing:-0.0327em;">31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.3583em;top:22.0806em;"><span class="stl_338 stl_21 stl_564">55,552  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3814em;top:22.0806em;"><span class="stl_338 stl_21 stl_856">111,303  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5196em;top:22.0806em;"><span class="stl_338 stl_21 stl_187">166,855  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:24.6511em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.2799em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">The share-based payments contain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.0717em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">internal performance measures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.8636em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">external market return measures. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">the grant date the value of services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.4474em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">received in exchange for share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.2392em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">payments are measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.0311em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">value. The fair value of share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.823em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">payments is estimated using a valu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.6149em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">ation model that takes into account  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.4067em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the terms and conditions upon which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.1986em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">granting took place. During the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.2817em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">period, the costs related to the plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0736em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">are recognised as staff costs and an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.8655em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">equal amount is recognised in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.6574em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">For the internal performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.4492em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">costs are recognised over the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.2411em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">period based on the number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.033em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">expected to vest, whereas for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.8249em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">market return elements, costs are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.6167em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ognised over the vesting period disre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.4086em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">garding any changes in the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.2005em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">shares expected to vest.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;"><span class="stl_801 stl_33 stl_188" style="word-spacing:0.3407em;">6.3 Group</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.356em;top:8.9083em;"><span class="stl_801 stl_33 stl_185">companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.4859em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Group companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4654em;top:11.4859em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:0.4425em;">Domicile Group</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.3022em;"><span class="stl_338 stl_21 stl_419" style="word-spacing:-0.0477em;">NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.574em;"><span class="stl_666 stl_21 stl_327">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.3627em;"><span class="stl_524 stl_16 stl_455" style="word-spacing:-0.0458em;">NKT Cables Group A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6992em;top:15.3627em;"><span class="stl_524 stl_16 stl_77">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.1572em;"><span class="stl_524 stl_16 stl_443" style="word-spacing:-0.0482em;">NKT (Denmark) A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6992em;top:16.1572em;"><span class="stl_524 stl_16 stl_77">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.9517em;"><span class="stl_524 stl_16 stl_407" style="word-spacing:-0.0436em;">NKT Invest A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6992em;top:16.9517em;"><span class="stl_524 stl_16 stl_77">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.1895em;"><span class="stl_666 stl_21 stl_165">Europe  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.9782em;"><span class="stl_524 stl_16 stl_563" style="word-spacing:-0.0355em;">NKT Group GmbH</span><sup style="top: -0.1946em;"><span class="stl_901 stl_16 stl_404" style="word-spacing:-0.0609em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:18.9779em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:19.7724em;"><span class="stl_524 stl_16 stl_615" style="word-spacing:-0.0393em;">NKT Verwaltungs GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:19.7724em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:20.5669em;"><span class="stl_524 stl_16 stl_155" style="word-spacing:-0.0315em;">NKT GmbH &amp; Co. KG  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:20.5669em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:21.3614em;"><span class="stl_524 stl_16 stl_153" style="word-spacing:-0.0532em;">NKT GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:21.3614em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:22.1559em;"><span class="stl_524 stl_16 stl_566" style="word-spacing:-0.0336em;">Zweite NKT GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:22.1559em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:22.9504em;"><span class="stl_524 stl_16 stl_503" style="word-spacing:0.0003em;">NKT s.r.o.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.984em;top:22.9504em;"><span class="stl_524 stl_16 stl_154" style="word-spacing:-0.036em;">Czech Republic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:23.7449em;"><span class="stl_524 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT (Ibérica) S.L.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5851em;top:23.7449em;"><span class="stl_524 stl_16 stl_91">Spain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:24.5394em;"><span class="stl_524 stl_16 stl_339" style="word-spacing:-0.0375em;">Solicabel, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5851em;top:24.5394em;"><span class="stl_524 stl_16 stl_91">Spain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:25.3339em;"><span class="stl_524 stl_16 stl_64" style="word-spacing:-0.037em;">NKT (Sweden) AB  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9458em;top:25.3339em;"><span class="stl_524 stl_16 stl_669">Sweden  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:26.1284em;"><span class="stl_524 stl_16 stl_327" style="word-spacing:-0.0473em;">NKT HV Cables AB  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9458em;top:26.1284em;"><span class="stl_524 stl_16 stl_669">Sweden  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:26.9229em;"><span class="stl_524 stl_16 stl_41" style="word-spacing:-0.0553em;">NKT AS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0741em;top:26.9229em;"><span class="stl_524 stl_16 stl_441">Norway  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:27.7174em;"><span class="stl_524 stl_16 stl_280" style="word-spacing:-0.0396em;">NKT HVC AS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0741em;top:27.7174em;"><span class="stl_524 stl_16 stl_441">Norway  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:28.5119em;"><span class="stl_524 stl_16 stl_213" style="word-spacing:-0.0148em;">NKT (U.K.) Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2658em;top:28.5119em;"><span class="stl_524 stl_16 stl_165">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:29.3064em;"><span class="stl_524 stl_16 stl_62" style="word-spacing:-0.0251em;">NKT HVC Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2658em;top:29.3064em;"><span class="stl_524 stl_16 stl_165">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:30.1009em;"><span class="stl_524 stl_16 stl_231" style="word-spacing:-0.0158em;">Ventcroft Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2658em;top:30.1009em;"><span class="stl_524 stl_16 stl_165">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:30.8954em;"><span class="stl_524 stl_16 stl_903" style="word-spacing:-0.0548em;">NKT S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2578em;top:30.8954em;"><span class="stl_524 stl_16 stl_272">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:31.6899em;z-index:415;"><span class="stl_524 stl_16 stl_122" style="word-spacing:0.0086em;">NKT HVC B.V.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9197em;top:31.6899em;"><span class="stl_524 stl_16 stl_669">Netherlands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:32.4844em;"><span class="stl_524 stl_16 stl_275" style="word-spacing:-0.046em;">NKT HV Cables GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0416em;top:32.4844em;"><span class="stl_524 stl_16 stl_165">Switzerland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.554em;top:11.4859em;"><span class="stl_338 stl_21 stl_291">companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5363em;top:11.4859em;"><span class="stl_338 stl_21 stl_59">Domicile  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:13.3065em;"><span class="stl_524 stl_16 stl_559" style="word-spacing:-0.0378em;">NKT Lithuania, UAB  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7911em;top:13.3065em;"><span class="stl_524 stl_16 stl_669">Lithuania  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:14.101em;"><span class="stl_524 stl_16 stl_59" style="word-spacing:-0.0347em;">Solidal – Condutores Eléctricos, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:14.101em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:14.8955em;"><span class="stl_524 stl_16 stl_563" style="word-spacing:-0.0355em;">Gandra Land, Sociedade Unipessoal, Lda.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:14.8955em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:15.69em;"><span class="stl_524 stl_16 stl_300" style="word-spacing:-0.0299em;">Póvoa Land, Unipessoal, Lda.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:15.69em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:16.4845em;"><span class="stl_524 stl_16 stl_59" style="word-spacing:-0.0347em;">Quintas &amp; Quintas – Condutores Eléctricos, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:16.4845em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:17.279em;"><span class="stl_524 stl_16 stl_246" style="word-spacing:-0.0369em;">Bobimade – Indústria de Bobines, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:17.279em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:18.5169em;"><span class="stl_666 stl_21 stl_702" style="word-spacing:-0.0514em;">North America  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:19.3055em;z-index:740;"><span class="stl_524 stl_16 stl_900">NK</span><span class="stl_524 stl_16 stl_549">T</span><span class="stl_524 stl_16 stl_42" style="word-spacing:0em;">, </span><span class="stl_524 stl_16 stl_300">I</span><span class="stl_524 stl_16 stl_154">nc  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3497em;top:19.3055em;"><span class="stl_524 stl_16 stl_34">US  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:20.1em;"><span class="stl_524 stl_16 stl_91" style="word-spacing:-0.038em;">Câbles NKT JV Canada Inc.</span><sup style="top: -0.1947em;"><span class="stl_901 stl_16 stl_902" style="word-spacing:-0.0652em;">3  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1068em;top:20.0996em;"><span class="stl_524 stl_16 stl_243">Canada  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:21.3374em;"><span class="stl_666 stl_21 stl_450" style="word-spacing:-0.043em;">Middle East  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:22.1261em;"><span class="stl_524 stl_16 stl_77" style="word-spacing:-0.0434em;">NKT Middle East DMCC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.6213em;top:22.1261em;"><span class="stl_524 stl_16 stl_280">Dubai  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:23.3639em;"><span class="stl_666 stl_21 stl_419">Asia/Pacific  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:24.1526em;"><span class="stl_524 stl_16 stl_327" style="word-spacing:-0.0473em;">NKT Pty Ltd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9126em;top:24.1526em;"><span class="stl_524 stl_16 stl_156">Australia  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:24.9471em;"><span class="stl_524 stl_16 stl_59" style="word-spacing:-0.0349em;">NKT South Asia Private Limited  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8966em;top:24.9471em;"><span class="stl_524 stl_16 stl_563">India  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:25.7416em;"><span class="stl_524 stl_16 stl_71" style="word-spacing:-0.0341em;">NKT Operations India Private Limited  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8966em;top:25.7416em;"><span class="stl_524 stl_16 stl_563">India  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:26.5361em;"><span class="stl_524 stl_16 stl_60" style="word-spacing:-0.0277em;">Walsin Energy Cable System Co. Ltd</span><sup style="top: -0.1947em;"><span class="stl_901 stl_16 stl_327" style="word-spacing:-0.0474em;">2  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3382em;top:26.5356em;"><span class="stl_524 stl_16 stl_607">Taiwan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.7435em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">All Group companies are wholly owned.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.5353em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Companies without material interest and dormant companies are omitted from the list.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.9408em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1989em;">1 </span></sup><span class="stl_98 stl_16 stl_158" style="word-spacing:-0.0444em;">The Group has applied Section 264 (3) of the German Commercial Code (“Handelsgesetzbuch”) by which NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7578em;top:37.5243em;"><span class="stl_98 stl_16 stl_104" style="word-spacing:-0.0409em;">GmbH is exempted from filing local financial statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:38.2256em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1989em;">2 </span></sup><span class="stl_98 stl_16 stl_489" style="word-spacing:-0.0398em;">The owned share in the entity is 10%. The entity is treated as an associated company in accordance with IAS 28.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:38.927em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1989em;">3 </span></sup><span class="stl_98 stl_16 stl_517" style="word-spacing:-0.0423em;">The owned share in the entity is 80%.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:8.9083em;"><span class="stl_801 stl_33 stl_358" style="word-spacing:0.4755em;">7.4 Related</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.913em;top:8.9083em;"><span class="stl_801 stl_33 stl_43">parties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.6961em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">NKT Group has no individuals or legal entities with control or any significant influ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">ence on the Group other than key management. Other related parties consist of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Associated companies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8593em;"><span class="stl_157 stl_33 stl_782" style="word-spacing:-0.0552em;">Related-party transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6549em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0306em;">Transactions with related parties comprise remunerations of the Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.4468em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">and the Executive Board. Moreover, transactions with related parties comprise of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2386em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">transactions with associated companies as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.718em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:17.718em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:17.718em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.5936em;"><span class="stl_338 stl_21 stl_450" style="word-spacing:-0.043em;">Related-party transactions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.553em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Fees, income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9672em;top:20.553em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2191em;top:20.553em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:21.5186em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">Receivables, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9666em;top:21.5186em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2185em;top:21.5186em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:22.4842em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">Payables, current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.966em;top:22.4842em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2178em;top:22.4842em;"><span class="stl_298 stl_16 stl_42">4</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:8.9083em;"><span class="stl_801 stl_33 stl_191" style="word-spacing:0.3147em;">2.3 Share-based</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.249em;top:8.9083em;"><span class="stl_801 stl_33 stl_95">payment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:10.7456em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0363em;">Long-term incentive programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:11.5375em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0341em;">for Executive Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:12.3294em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0316em;">and Group Leadership Team  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.115em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">The decision to award performance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.9069em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">shares to the Executive Management,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6987em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">the Group Leadership Team (GLT) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4906em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">selected employees is made each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2825em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">year at the discretion of the Board  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0744em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">of Directors after recommendation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8662em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">from the Remuneration Committee.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6581em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The awarded shares represent a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.45em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ditional right to receive shares after  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2419em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">a three-year performance period at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0337em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">nil payment. The Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8256em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">may decide to make cash awards in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.6175em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">a given year. The performance shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.4094em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">vest subject to continued employment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.2012em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">and the achievement of certain per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9931em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">formance targets over a three-year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.785em;"><span class="stl_298 stl_16 stl_271">period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3681em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">For more information on the grant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.16em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">of performance shares, refer to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9519em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group’s Remuneration Report avail-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.7437em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">able on NKT's website.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3269em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0245em;">In 2024, a new performance share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1187em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0173em;">program was awarded to 23 par-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.9106em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0196em;">ticipants (20 in 2023) with a vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.7025em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">period of three years. All programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4944em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">contain two key performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2862em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">one relating to operational EBITDA,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.0781em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0223em;">and one relating to Total Shareholder  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.87em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">Return (TSR). The total market value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6619em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.0211em;">at award date was EUR 3m (EUR 3m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:38.4537em;"><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:10.7456em;"><span class="stl_298 stl_16 stl_192" style="word-spacing:-0.0203em;">For the 2022 program, both the TSR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:11.5375em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">target and EBITDA target were met  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:12.3294em;"><span class="stl_298 stl_16 stl_235" style="word-spacing:-0.0168em;">and 50,513 shares will vest in Febru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:13.1212em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0187em;">ary 2025.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:14.7044em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">Costs relating to share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:15.4962em;"><span class="stl_298 stl_16 stl_231" style="word-spacing:-0.0159em;">ments in 2024 was EUR 3m (EUR 2m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:16.2881em;"><span class="stl_298 stl_16 stl_235" style="word-spacing:-0.0167em;">in 2023). The lower costs in 2023 was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.08em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">mainly due to the former CEO forfeit-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:17.8719em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">ing the 2022 program.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:19.455em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">Remaining value to be expensed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:20.2469em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">relating to current programs is EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.0387em;"><span class="stl_298 stl_16 stl_209" style="word-spacing:-0.0181em;">4m (EUR 3m in 2023). The weighted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:21.8306em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">average remaining contractual life  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:22.6225em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">of performance shares at the end of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:23.4144em;z-index:1981;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0078em;">the period was 1.2 years (1</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">1 </span><span class="stl_298 stl_16 stl_125">y</span><span class="stl_298 stl_16 stl_91" style="word-spacing:-0.038em;">ears in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:24.2062em;"><span class="stl_298 stl_16 stl_29">2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:25.7956em;"><span class="stl_338 stl_21 stl_105">Assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:26.5812em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0233em;">At grant date the fair value of awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:27.3731em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Performance shares has been cal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.165em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">culated based on the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:28.9569em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">awarded shares, the percentage of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:29.7487em;"><span class="stl_298 stl_16 stl_411" style="word-spacing:-0.0292em;">shares expected to vest as well as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:30.5406em;"><span class="stl_298 stl_16 stl_376" style="word-spacing:-0.029em;">share price at grant date. As dividends  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:31.3325em;"><span class="stl_298 stl_16 stl_288" style="word-spacing:-0.0246em;">are not expected they have not been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.1244em;"><span class="stl_298 stl_16 stl_277" style="word-spacing:-0.0279em;">incorporated into the measurement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.457em;top:32.9162em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:-0.0262em;">fair value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:10.7418em;"><span class="stl_338 stl_21 stl_561" style="word-spacing:-0.0424em;">Performance shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.4302em;top:10.7418em;"><span class="stl_338 stl_21 stl_272">Executive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.9114em;top:10.7418em;"><span class="stl_338 stl_21 stl_450">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:11.4499em;"><span class="stl_338 stl_21 stl_91">outstanding  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4389em;top:11.4499em;"><span class="stl_338 stl_21 stl_441">management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3589em;top:11.4499em;"><span class="stl_338 stl_21 stl_272">employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3814em;top:11.4499em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.3193em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5358em;top:13.3193em;z-index:3066;"><span class="stl_298 stl_16 stl_320">8</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_132">,</span><span class="stl_298 stl_16 stl_331">916  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3746em;top:13.3193em;"><span class="stl_298 stl_16 stl_750">134,524  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5658em;top:13.3193em;"><span class="stl_298 stl_16 stl_171">222,440  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.2849em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Shares granted during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4414em;top:14.2849em;"><span class="stl_298 stl_16 stl_310">24,357  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8327em;top:14.2849em;z-index:3117;"><span class="stl_298 stl_16 stl_744">3</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_764">,182  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9496em;top:14.2849em;"><span class="stl_298 stl_16 stl_28">61,539  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.2506em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Shares vested during the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.9587em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">other movements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.1439em;top:15.9587em;"><span class="stl_298 stl_16 stl_142">-65,598  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4189em;top:15.9587em;"><span class="stl_298 stl_16 stl_483">-39,929  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4183em;top:15.9587em;"><span class="stl_298 stl_16 stl_853">-105,527  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5033em;top:16.9306em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0351em;">31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.3821em;top:16.9306em;"><span class="stl_338 stl_21 stl_209">46,675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3496em;top:16.9306em;"><span class="stl_338 stl_21 stl_217">131,777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5639em;top:16.9306em;"><span class="stl_338 stl_21 stl_171">178,452  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.4693em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4364em;top:18.4693em;"><span class="stl_298 stl_16 stl_353">46,675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4258em;top:18.4693em;"><span class="stl_298 stl_16 stl_845">131,777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6264em;top:18.4693em;"><span class="stl_298 stl_16 stl_320">178,452  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4349em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Shares granted during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5939em;top:19.4349em;z-index:3286;"><span class="stl_298 stl_16 stl_854">17</span><span class="stl_298 stl_16 stl_63">,</span><span class="stl_298 stl_16 stl_855">519  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.7333em;top:19.4349em;z-index:3292;"><span class="stl_298 stl_16 stl_744">3</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_58">,</span><span class="stl_298 stl_16 stl_329">284  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8889em;top:19.4349em;"><span class="stl_298 stl_16 stl_305">54,803  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.4006em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Shares vested during the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.1087em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">other movements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5158em;top:21.1087em;"><span class="stl_298 stl_16 stl_336">-8,642  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.5352em;top:21.1087em;z-index:3352;"><span class="stl_298 stl_16 stl_457">-5</span><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_623">,758  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6358em;top:21.1087em;"><span class="stl_298 stl_16 stl_186">-66,400  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:22.0806em;"><span class="stl_338 stl_21 stl_401" style="word-spacing:-0.0327em;">31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.3583em;top:22.0806em;"><span class="stl_338 stl_21 stl_564">55,552  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3814em;top:22.0806em;"><span class="stl_338 stl_21 stl_856">111,303  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.5196em;top:22.0806em;"><span class="stl_338 stl_21 stl_187">166,855  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:24.6511em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.2799em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">The share-based payments contain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.0717em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">internal performance measures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.8636em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">external market return measures. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">the grant date the value of services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.4474em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">received in exchange for share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.2392em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">payments are measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.0311em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">value. The fair value of share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.823em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">payments is estimated using a valu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.6149em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">ation model that takes into account  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.4067em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the terms and conditions upon which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.1986em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">granting took place. During the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.2817em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">period, the costs related to the plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0736em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">are recognised as staff costs and an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.8655em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">equal amount is recognised in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.6574em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">For the internal performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.4492em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">costs are recognised over the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.2411em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">period based on the number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.033em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">expected to vest, whereas for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.8249em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">market return elements, costs are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.6167em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ognised over the vesting period disre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.4086em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">garding any changes in the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.2005em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">shares expected to vest.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:12.2744em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.9031em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">Staff costs comprise wages and sal-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.695em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">aries, remuneration, pensions, etc.,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4869em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">and share-based payment for NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2787em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Group's employees, including Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.0706em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">Management. The Board of Directors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8625em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">does not receive share-based pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6544em;"><span class="stl_298 stl_16 stl_52">ment.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2375em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">Wages and salaries, social security  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.0294em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">contributions, leave and sick leave,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8212em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">bonuses and non-monetary benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.6131em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">are recognised in the financial year in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.405em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">which services are rendered by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.1969em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0327em;">employee. When NKT provides long-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.9887em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">term employee benefits, the costs are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.7806em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">accrued to match the rendering of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.5725em;"><span class="stl_298 stl_16 stl_517">services.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.1556em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">Termination benefits are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.9475em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">when an agreement has been reached  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:29.7394em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">between NKT and the employee and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.5312em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">no future service is rendered by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:31.3231em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">employee in exchange for the benefits.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:24.6511em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.2799em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">The share-based payments contain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.0717em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">internal performance measures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.8636em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">external market return measures. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">the grant date the value of services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.4474em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">received in exchange for share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.2392em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">payments are measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.0311em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">value. The fair value of share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.823em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">payments is estimated using a valu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.6149em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">ation model that takes into account  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.4067em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the terms and conditions upon which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.1986em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">granting took place. During the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.2817em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">period, the costs related to the plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0736em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">are recognised as staff costs and an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.8655em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">equal amount is recognised in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.6574em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">For the internal performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.4492em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">costs are recognised over the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.2411em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">period based on the number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.033em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">expected to vest, whereas for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.8249em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">market return elements, costs are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.6167em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ognised over the vesting period disre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.4086em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">garding any changes in the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.2005em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">shares expected to vest.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">For the Group’s defined benefit plans,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0316em;">an annual actuarial calculation (the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">Projected Unit Credit Method) of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">present value of future benefits pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">able under the plan is provided. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">present value is determined based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">assumptions about the future deve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.0371em;">lopment in variables such as salary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0219em;">levels, interest rates, inflation and mor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">tality. The present value is determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">only for benefits earned by employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8035em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">from their employment within the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5954em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">Group. The actuarial present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3873em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">less the fair value of any plan assets is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1791em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">recognised in the balance sheet under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.971em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">pension liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Pension expenses and other long-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">term employee benefits are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">nised in the income statement based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">on actuarial estimates and financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;z-index:2410;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0229em;">expectations at the start of the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">Actuarial gains or losses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">nised in other comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8885em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">If a pension plan constitutes a net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6804em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">asset, the asset is only recognised if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4723em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">it offsets cumulative actuarial losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:35.2641em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0287em;">or future refunds from the plan, or if it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.056em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">will lead to reduced future payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.8479em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">to the plan.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:24.6511em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.2799em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">The share-based payments contain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.0717em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">internal performance measures and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.8636em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">external market return measures. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">the grant date the value of services  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.4474em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">received in exchange for share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.2392em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">payments are measured at the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.0311em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">value. The fair value of share-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.823em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">payments is estimated using a valu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.6149em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">ation model that takes into account  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.4067em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the terms and conditions upon which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.1986em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">granting took place. During the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.2817em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">period, the costs related to the plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.0736em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">are recognised as staff costs and an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.8655em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">equal amount is recognised in equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.6574em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">For the internal performance targets,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.4492em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">costs are recognised over the vesting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.2411em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">period based on the number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.033em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">expected to vest, whereas for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.8249em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">market return elements, costs are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.6167em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ognised over the vesting period disre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.4086em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">garding any changes in the number of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.2005em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">shares expected to vest.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.1556em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">Termination benefits are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.9475em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">when an agreement has been reached  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:29.7394em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">between NKT and the employee and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.5312em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">no future service is rendered by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:31.3231em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">employee in exchange for the benefits.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_229" style="word-spacing:0.3282em;">2.4 Research</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.722em;top:8.9083em;"><span class="stl_801 stl_33 stl_256" style="word-spacing:-0.017em;">and development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.6112em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Research and development costs – staff costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9672em;top:12.6112em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2191em;top:12.6112em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:13.5768em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">Research and development costs – other costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6097em;top:13.5768em;"><span class="stl_298 stl_16 stl_300">36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8703em;top:13.5768em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:14.5487em;"><span class="stl_338 stl_21 stl_34" style="word-spacing:-0.0319em;">Total research and development costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6047em;top:14.5487em;"><span class="stl_338 stl_21 stl_275">43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8528em;top:14.5487em;"><span class="stl_338 stl_21 stl_571">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:16.0924em;"><span class="stl_380 stl_381 stl_103" style="word-spacing:-0.0308em;">Recognised as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:17.0531em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">Expensed in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6785em;top:17.0531em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2191em;top:17.0531em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:18.0187em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">Capitalised in the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6185em;top:18.0187em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8891em;top:18.0187em;"><span class="stl_298 stl_16 stl_428">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:18.9906em;"><span class="stl_338 stl_21 stl_34" style="word-spacing:-0.032em;">Total research and development costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6047em;top:18.9906em;"><span class="stl_338 stl_21 stl_275">43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8528em;top:18.9906em;"><span class="stl_338 stl_21 stl_571">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:21.8276em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.4564em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">Research costs are expensed in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.2483em;z-index:384;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0216em;">income statement as they occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.0401em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0343em;">Clearly defined and identifiable devel-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.832em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">opment projects are recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.6239em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">intangible assets provided that certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.457em;z-index:515;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">requirements are met refer to note 3</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_70">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.2489em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">Intangible assets. Other development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.0408em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">costs are expensed in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.8326em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">statement as incurred.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;"><span class="stl_801 stl_33 stl_696" style="word-spacing:0.287em;">2.5 </span><span class="stl_801 stl_33 stl_710">T</span><span class="stl_801 stl_33 stl_317">ax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.6162em;"><span class="stl_380 stl_381 stl_857">T</span><span class="stl_380 stl_381 stl_611">a</span><span class="stl_380 stl_381 stl_43" style="word-spacing:-0.0315em;">x recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.5768em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">Current tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7136em;top:13.5768em;"><span class="stl_298 stl_16 stl_162">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9761em;top:13.5768em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.5424em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0326em;">Current tax, adjustment prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5667em;top:14.5424em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3142em;top:14.5424em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.5081em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4936em;top:15.5081em;"><span class="stl_298 stl_16 stl_349">-20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3142em;top:15.5081em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.4737em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Deferred tax, adjustment prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7736em;top:16.4737em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1129em;top:16.4737em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6967em;top:17.4456em;"><span class="stl_338 stl_21 stl_571">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9498em;top:17.4456em;"><span class="stl_338 stl_21 stl_541">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.4049em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">x rate for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2267em;top:18.4049em;"><span class="stl_298 stl_16 stl_367">14%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4123em;top:18.4049em;"><span class="stl_298 stl_16 stl_355">20%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.9549em;"><span class="stl_380 stl_381 stl_92" style="word-spacing:-0.0342em;">Reconciliation of tax:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.9156em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Calculated 22% tax on earnings before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7004em;top:20.9156em;"><span class="stl_298 stl_16 stl_317">60  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9573em;top:20.9156em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.4656em;"><span class="stl_380 stl_381 stl_857">T</span><span class="stl_380 stl_381 stl_611">a</span><span class="stl_380 stl_381 stl_92" style="word-spacing:-0.0343em;">x effect of:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.4262em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">Foreign tax rates relative to Danish tax rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8198em;top:23.4262em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0711em;top:23.4262em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.3918em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Non-taxable income/non-deductible expenses, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:24.3918em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:24.3918em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:25.3574em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">Adjustment for prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8779em;top:25.3574em;z-index:967;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0742em;top:25.3574em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:26.3231em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">Value adjustment of tax assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5761em;top:26.3231em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:26.3231em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6961em;top:27.2949em;"><span class="stl_338 stl_21 stl_571">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9492em;top:27.2949em;"><span class="stl_338 stl_21 stl_541">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.6112em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">Deferred tax, 1 January, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6118em;top:12.6112em;"><span class="stl_298 stl_16 stl_858">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8093em;top:12.6112em;"><span class="stl_298 stl_16 stl_225">-43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.5768em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">x recognised in other comprehensive income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5874em;top:13.5768em;"><span class="stl_298 stl_16 stl_349">-31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.908em;top:13.5768em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.5424em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">x recognised on deferred hedge gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.2506em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">losses transferred from equity to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7999em;top:15.2506em;"><span class="stl_298 stl_16 stl_253">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.053em;top:15.2506em;"><span class="stl_298 stl_16 stl_211">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2162em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">Addition from acquisitions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.908em;top:16.2162em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4087em;top:16.2162em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.1818em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Deferred tax recognised in income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:17.1818em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2249em;top:17.1818em;z-index:1264;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.1474em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">Foreign exchange adjustment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:18.1474em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:18.1474em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:19.1193em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0351em;">Deferred tax, 31 December, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6124em;top:19.1193em;"><span class="stl_338 stl_21 stl_823">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8168em;top:19.1193em;"><span class="stl_338 stl_21 stl_262">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:20.6631em;"><span class="stl_380 stl_381 stl_559" style="word-spacing:-0.0383em;">Recognised deferred tax:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:21.6237em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">Deferred tax assets, 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8237em;top:21.6237em;"><span class="stl_298 stl_16 stl_650">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0955em;top:21.6237em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:22.5893em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">Deferred tax liabilities, 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5599em;top:22.5893em;"><span class="stl_298 stl_16 stl_184">-34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8118em;top:22.5893em;"><span class="stl_298 stl_16 stl_184">-36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:23.5612em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0351em;">Deferred tax, 31 December, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6124em;top:23.5612em;"><span class="stl_338 stl_21 stl_823">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8168em;top:23.5612em;"><span class="stl_338 stl_21 stl_262">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:25.1049em;"><span class="stl_380 stl_381 stl_174" style="word-spacing:-0.0363em;">Specification on deferred tax assets and liabilities:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:26.0656em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5587em;top:26.0656em;"><span class="stl_298 stl_16 stl_164">-40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8412em;top:26.0656em;"><span class="stl_298 stl_16 stl_377">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:27.0312em;"><span class="stl_298 stl_16 stl_24" style="word-spacing:-0.0178em;">Tangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5893em;top:27.0312em;"><span class="stl_298 stl_16 stl_377">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9362em;top:27.0312em;"><span class="stl_298 stl_16 stl_818">-11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.9968em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:27.9968em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:27.9968em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:28.9624em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5593em;top:28.9624em;"><span class="stl_298 stl_16 stl_253">-50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8093em;top:28.9624em;"><span class="stl_298 stl_16 stl_300">-53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:29.9281em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">Non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1549em;top:29.9281em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:29.9281em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:30.8937em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1543em;top:30.8937em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:30.8937em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:31.8593em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">x losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4831em;top:31.8593em;"><span class="stl_298 stl_16 stl_449">155  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7462em;top:31.8593em;"><span class="stl_298 stl_16 stl_302">149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:32.8249em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">Unrecognised tax assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6162em;top:32.8249em;"><span class="stl_298 stl_16 stl_393">-73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8118em;top:32.8249em;"><span class="stl_298 stl_16 stl_186">-94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:33.7906em;"><span class="stl_298 stl_16 stl_78">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1543em;top:33.7906em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:33.7906em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:34.7624em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0351em;">Deferred tax, 31 December, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6106em;top:34.7624em;"><span class="stl_338 stl_21 stl_823">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8149em;top:34.7624em;"><span class="stl_338 stl_21 stl_262">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_843">T</span><span class="stl_338 stl_21 stl_859">a</span><span class="stl_338 stl_21 stl_606" style="word-spacing:-0.0403em;">x Approach  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5275em;"><span class="stl_298 stl_16 stl_391" style="word-spacing:-0.0382em;">NKT Group complies with the tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.3193em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">legislation of the countries in which it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.1112em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">operates and seeks to pay the right  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.9031em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">amount of tax in the countries where it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.695em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">is applicable.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2781em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0365em;">NKT Group only uses business struc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.07em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">tures that are driven by commercial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.8618em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">consideration and have a genuine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.6537em;"><span class="stl_298 stl_16 stl_254">substance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.2368em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">NKT Group does not operate in tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.0287em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">havens. In accordance with NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.8206em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0195em;">Group’s tax policy, any future opera-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.6125em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">tions in tax havens will be purely for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.4043em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">commercial reasons.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.9875em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">NKT Group believes in collaboration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.7793em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">and transparency regarding its tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.5712em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">matters and actively pursues oppor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.3631em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">tunities to engage with tax authorities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.155em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">and other relevant stakeholders with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9468em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the purpose of building trust through  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.7387em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">collaboration and openness.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.3218em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">NKT Group realised earnings before  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1137em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">tax (EBT) of EUR 2</span><span class="stl_298 stl_16 stl_761">7</span><span class="stl_298 stl_16 stl_31">4</span><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0049em;">m (EUR 149m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.9056em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">2023), which resulted in a reported tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6975em;"><span class="stl_298 stl_16 stl_592" style="word-spacing:0.0129em;">rate of 14% (20% in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.2806em;"><span class="stl_298 stl_16 stl_97" style="word-spacing:-0.0164em;">The reported tax rate of 14% was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.0725em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0322em;">primarily impacted by additional tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.8643em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.0361em;">losses carried forward being capital-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.6562em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">ised in Germany.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.74em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">OECD Pillar 2 had a limited impact on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.5318em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0233em;">NKT Group in 2024 of around EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.3237em;"><span class="stl_298 stl_16 stl_58">0m.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.9068em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">In 2024, NKT Group paid a net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:14.6987em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">amount of EUR 38m in corporate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:15.4906em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">income tax compared to paying a net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:16.2825em;"><span class="stl_298 stl_16 stl_436" style="word-spacing:-0.0163em;">amount of EUR 25m in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.8656em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0316em;">Earnings realised in NKT Group's Dan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:18.6575em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">ish companies resulted in a corporate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:19.4493em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">tax receivable of EUR 4m (Corporate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.2412em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">tax receivable of EUR </span><span class="stl_298 stl_16 stl_70">1</span><span class="stl_298 stl_16 stl_499" style="word-spacing:0.0137em;">1m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.8243em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">The majority of the deferred tax assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:22.6162em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">relate to NKT Group’s German tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:23.4081em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">unit. The business outlook and oper-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.2em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0245em;">ational execution have improved sig-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.9918em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">nificantly during 2024, which has led  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:25.7837em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">to further capitalisation of tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:26.5756em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0383em;">carried forward. The tax losses carried  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:27.3675em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0356em;">forward from the German tax unit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.1593em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">increased from EUR 449m in 2023 to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.9512em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0198em;">EUR 480m in 2024. The total deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:29.7431em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">tax value amounts to EUR 154m. NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:30.535em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">Group has recognised a deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:31.3268em;"><span class="stl_298 stl_16 stl_255" style="word-spacing:-0.0065em;">asset of EUR 87m at year-end 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.1187em;"><span class="stl_298 stl_16 stl_389" style="word-spacing:-0.0144em;">(EUR 50m in 2023). Tax losses in Ger-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.9106em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">many have no expiry date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:34.4937em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">Interests carried forward in the</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.149em;top:34.4937em;"><span class="stl_298 stl_16 stl_300">Swe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:35.2856em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">dish tax unit were fully utilised during  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.0775em;"><span class="stl_298 stl_16 stl_458">2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:37.6606em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">x losses in Danish tax units have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:38.4525em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">been fully utilised in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:10.7443em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">NKT Group reported a net deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:11.5362em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.0201em;">tax liability of EUR 13m (EUR 24m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:12.3281em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">in 2023). The development mainly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:13.12em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">relates to deferred tax liability from the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:13.9118em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">acquisition of SolidAl, and deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:14.7037em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">liability related to hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:15.4956em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:16.2875em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">income. Furthermore, the develop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.0793em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">ment relates to revenue recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.8712em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">in Germany as well as recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:18.6631em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">of deferred tax assets related to tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:19.455em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">losses carried forward in Germany.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:21.0381em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">The measurement of deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:21.83em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">assets and liabilities is based on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:22.6218em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">corporate tax rate applicable in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:23.4137em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">years when the assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:24.2056em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">are expected to be utilised. The meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:24.9975em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">urement of the tax assets is based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:25.7893em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">budgets and estimates for the coming  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:26.5812em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">years, which by nature are subject to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:27.3731em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0287em;">uncertainty. As a result, there can be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:28.165em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">a substantial difference between the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:28.9568em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">expected use of the tax asset and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:29.7487em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">actual use of the tax asset related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:30.5406em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">previous years in the consolidated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:31.3325em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.8857em;"><span class="stl_338 stl_21 stl_443" style="word-spacing:-0.0482em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.6714em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Deferred tax is measured according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.4632em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">to the balance sheet liability method  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.2551em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0384em;">on all temporary differences between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.047em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">the carrying amount and the tax base  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.8389em;z-index:3107;"><span class="stl_298 stl_16 stl_192" style="word-spacing:-0.0202em;">of assets and liabilities. However,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.6307em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">deferred tax is not recognised on tax-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.4226em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">able temporary differences relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.2145em;"><span class="stl_298 stl_16 stl_291" style="word-spacing:-0.0371em;">goodwill and on temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.0064em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">arising on the initial recognition of an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.7982em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">asset and liability which affects neither  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:35.5901em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">accounting profit nor taxable income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.382em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">and does not result in a deductible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.1739em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0383em;">and taxable temporary difference  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.9657em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0225em;">of the same amount. Where alter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:10.2722em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">native taxation rules can be applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:11.0641em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">to determine the tax base, deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:11.856em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">tax is measured according to Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:12.6479em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">Management’s planned use of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:13.4397em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">assets or settlement of the liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:14.2316em;"><span class="stl_298 stl_16 stl_61">respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:15.8147em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">Deferred tax assets, including the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:16.6066em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">tax base of tax losses allowed for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:17.3985em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">carry forward, are recognised at their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:18.1904em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">expected utilisation value within the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:18.9822em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">foreseeable future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:20.5654em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">Deferred tax assets and tax liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:21.3572em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">are offset if the company has a legal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:22.1491em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">right to offset current tax assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:22.941em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">liabilities and intends to settle current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:23.7329em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">tax assets and liabilities on a net basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:24.5247em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">or to realise the assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:25.3166em;"><span class="stl_298 stl_16 stl_62">simultaneously.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3571em;top:27.6216em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3571em;top:28.4135em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:30.0485em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.039em;">Management judgements and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:30.8403em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0386em;">estimates regarding deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:31.6322em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">tax assets and provisions for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:32.4241em;"><span class="stl_338 stl_21 stl_415" style="word-spacing:-0.0449em;">uncertain tax positions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.2097em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Deferred tax assets relating to tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.0016em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">losses carried forward are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.7935em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">when Management assesses that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:35.5853em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">these can be utilised in the fore-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:36.3772em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">seeable future. The assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:37.1691em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">possible utilisation include significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:37.961em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">estimates and judgements, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:10.2214em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">assessment is based on budgets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:11.0132em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0298em;">business plans for the following years,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:11.8051em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">including the development in revenues  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:12.597em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0251em;">based on the high-voltage order back-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:13.3889em;z-index:3526;"><span class="stl_298 stl_16 stl_47">log</span><span class="stl_298 stl_16 stl_860">.</span><span class="stl_298 stl_16 stl_87">T</span><span class="stl_298 stl_16 stl_246" style="word-spacing:-0.0369em;">he assessment is performed at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:14.1807em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0321em;">the reporting date considering local  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:14.9726em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">tax legislation and Management’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:15.7645em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">business plans, and are only recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:16.5564em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">nised if it is probable that future tax-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:17.3482em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">able profit will allow the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:18.1401em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">asset to be recovered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:19.7232em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">As the NKT Group conducts business  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:20.5151em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">around the world, tax and transfer  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:21.307em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">pricing disputes with local tax author-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:22.0989em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">ities may occur. When assessing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:22.8907em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">expected outcome of these possible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:23.6826em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">disputes, NKT Group applies IFRIC 23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:24.4745em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.02em;">‘Uncertainty over Income Tax Treat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:25.2664em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">ments’ and methods directed herein  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:26.0582em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">when making provisions for uncertain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:26.8501em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">tax positions. As this is an assess-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:27.642em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">ment, the actual obligations may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:28.4339em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">deviate and will depend on the result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:29.2257em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">of litigations and settlements with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:30.0176em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">tax authorities. Any taxes relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:30.8095em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">tax disputes are included in Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:31.6014em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">tax receivables, Income tax payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:32.3933em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">or deferred tax based on an assess-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:33.1851em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">ment of the most likely outcome of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:33.977em;"><span class="stl_298 stl_16 stl_210">disputes.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;"><span class="stl_801 stl_33 stl_696" style="word-spacing:0.287em;">2.5 </span><span class="stl_801 stl_33 stl_710">T</span><span class="stl_801 stl_33 stl_317">ax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.6162em;"><span class="stl_380 stl_381 stl_857">T</span><span class="stl_380 stl_381 stl_611">a</span><span class="stl_380 stl_381 stl_43" style="word-spacing:-0.0315em;">x recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.5768em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">Current tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7136em;top:13.5768em;"><span class="stl_298 stl_16 stl_162">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9761em;top:13.5768em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.5424em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0326em;">Current tax, adjustment prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5667em;top:14.5424em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3142em;top:14.5424em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.5081em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4936em;top:15.5081em;"><span class="stl_298 stl_16 stl_349">-20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3142em;top:15.5081em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.4737em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Deferred tax, adjustment prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7736em;top:16.4737em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1129em;top:16.4737em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6967em;top:17.4456em;"><span class="stl_338 stl_21 stl_571">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9498em;top:17.4456em;"><span class="stl_338 stl_21 stl_541">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.4049em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">x rate for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2267em;top:18.4049em;"><span class="stl_298 stl_16 stl_367">14%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4123em;top:18.4049em;"><span class="stl_298 stl_16 stl_355">20%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.9549em;"><span class="stl_380 stl_381 stl_92" style="word-spacing:-0.0342em;">Reconciliation of tax:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.9156em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Calculated 22% tax on earnings before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7004em;top:20.9156em;"><span class="stl_298 stl_16 stl_317">60  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9573em;top:20.9156em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.4656em;"><span class="stl_380 stl_381 stl_857">T</span><span class="stl_380 stl_381 stl_611">a</span><span class="stl_380 stl_381 stl_92" style="word-spacing:-0.0343em;">x effect of:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.4262em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">Foreign tax rates relative to Danish tax rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8198em;top:23.4262em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0711em;top:23.4262em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.3918em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Non-taxable income/non-deductible expenses, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:24.3918em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:24.3918em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:25.3574em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">Adjustment for prior years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8779em;top:25.3574em;z-index:967;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0742em;top:25.3574em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:26.3231em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">Value adjustment of tax assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5761em;top:26.3231em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:26.3231em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6961em;top:27.2949em;"><span class="stl_338 stl_21 stl_571">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9492em;top:27.2949em;"><span class="stl_338 stl_21 stl_541">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_843">T</span><span class="stl_338 stl_21 stl_859">a</span><span class="stl_338 stl_21 stl_606" style="word-spacing:-0.0403em;">x Approach  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5275em;"><span class="stl_298 stl_16 stl_391" style="word-spacing:-0.0382em;">NKT Group complies with the tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.3193em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">legislation of the countries in which it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.1112em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">operates and seeks to pay the right  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.9031em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">amount of tax in the countries where it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.695em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">is applicable.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2781em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0365em;">NKT Group only uses business struc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.07em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">tures that are driven by commercial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.8618em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">consideration and have a genuine  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.6537em;"><span class="stl_298 stl_16 stl_254">substance.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.2368em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">NKT Group does not operate in tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.0287em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">havens. In accordance with NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.8206em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0195em;">Group’s tax policy, any future opera-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.6125em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">tions in tax havens will be purely for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.4043em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">commercial reasons.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.9875em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">NKT Group believes in collaboration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.7793em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">and transparency regarding its tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.5712em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">matters and actively pursues oppor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.3631em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">tunities to engage with tax authorities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.155em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">and other relevant stakeholders with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9468em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the purpose of building trust through  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.7387em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">collaboration and openness.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.3218em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">NKT Group realised earnings before  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1137em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">tax (EBT) of EUR 2</span><span class="stl_298 stl_16 stl_761">7</span><span class="stl_298 stl_16 stl_31">4</span><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0049em;">m (EUR 149m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.9056em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">2023), which resulted in a reported tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6975em;"><span class="stl_298 stl_16 stl_592" style="word-spacing:0.0129em;">rate of 14% (20% in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.2806em;"><span class="stl_298 stl_16 stl_97" style="word-spacing:-0.0164em;">The reported tax rate of 14% was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.0725em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0322em;">primarily impacted by additional tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.8643em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.0361em;">losses carried forward being capital-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.6562em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">ised in Germany.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.74em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">OECD Pillar 2 had a limited impact on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.5318em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0233em;">NKT Group in 2024 of around EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.3237em;"><span class="stl_298 stl_16 stl_58">0m.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.9068em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">In 2024, NKT Group paid a net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:14.6987em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">amount of EUR 38m in corporate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:15.4906em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">income tax compared to paying a net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:16.2825em;"><span class="stl_298 stl_16 stl_436" style="word-spacing:-0.0163em;">amount of EUR 25m in 2023.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.8656em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0316em;">Earnings realised in NKT Group's Dan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:18.6575em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">ish companies resulted in a corporate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:19.4493em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">tax receivable of EUR 4m (Corporate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.2412em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">tax receivable of EUR </span><span class="stl_298 stl_16 stl_70">1</span><span class="stl_298 stl_16 stl_499" style="word-spacing:0.0137em;">1m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.8243em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">The majority of the deferred tax assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:22.6162em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">relate to NKT Group’s German tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:23.4081em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">unit. The business outlook and oper-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.2em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0245em;">ational execution have improved sig-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.9918em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">nificantly during 2024, which has led  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:25.7837em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">to further capitalisation of tax losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:26.5756em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0383em;">carried forward. The tax losses carried  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:27.3675em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0356em;">forward from the German tax unit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.1593em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">increased from EUR 449m in 2023 to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.9512em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0198em;">EUR 480m in 2024. The total deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:29.7431em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">tax value amounts to EUR 154m. NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:30.535em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">Group has recognised a deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:31.3268em;"><span class="stl_298 stl_16 stl_255" style="word-spacing:-0.0065em;">asset of EUR 87m at year-end 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.1187em;"><span class="stl_298 stl_16 stl_389" style="word-spacing:-0.0144em;">(EUR 50m in 2023). Tax losses in Ger-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.9106em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">many have no expiry date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:34.4937em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">Interests carried forward in the</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.149em;top:34.4937em;"><span class="stl_298 stl_16 stl_300">Swe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:35.2856em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">dish tax unit were fully utilised during  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.0775em;"><span class="stl_298 stl_16 stl_458">2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:37.6606em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">x losses in Danish tax units have  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:38.4525em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">been fully utilised in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:10.7443em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">NKT Group reported a net deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:11.5362em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.0201em;">tax liability of EUR 13m (EUR 24m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:12.3281em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">in 2023). The development mainly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:13.12em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">relates to deferred tax liability from the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:13.9118em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">acquisition of SolidAl, and deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:14.7037em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">liability related to hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:15.4956em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:16.2875em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">income. Furthermore, the develop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.0793em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">ment relates to revenue recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.8712em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">in Germany as well as recognition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:18.6631em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">of deferred tax assets related to tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:19.455em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">losses carried forward in Germany.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:21.0381em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">The measurement of deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:21.83em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">assets and liabilities is based on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:22.6218em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">corporate tax rate applicable in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:23.4137em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">years when the assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:24.2056em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">are expected to be utilised. The meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:24.9975em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">urement of the tax assets is based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:25.7893em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">budgets and estimates for the coming  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:26.5812em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">years, which by nature are subject to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:27.3731em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0287em;">uncertainty. As a result, there can be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:28.165em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">a substantial difference between the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:28.9568em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">expected use of the tax asset and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:29.7487em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">actual use of the tax asset related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:30.5406em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">previous years in the consolidated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:31.3325em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:10.9982em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.6332em;"><span class="stl_338 stl_21 stl_77" style="word-spacing:-0.0434em;">Current income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.4189em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">x for the period, consists of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.2107em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">year’s current tax, change in deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.0026em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">tax and adjustments related to previ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.7945em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">ous years. Tax for the period is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.5864em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">nised in the income statement includ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.3782em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ing the effect of coupon payments on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.1701em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0224em;">the hybrid capital. Tax relating to other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.962em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">items is recognised in other compre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.7539em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">hensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.337em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Current tax payable and receivable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.1289em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">is recognised in the balance sheet as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.9207em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">tax estimated on taxable income for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.7126em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">the year, adjusted for tax on taxable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.5045em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">income for previous years and for tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.2964em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">paid on account.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3571em;top:27.6216em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3571em;top:28.4135em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:30.0485em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.039em;">Management judgements and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:30.8403em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0386em;">estimates regarding deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:31.6322em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">tax assets and provisions for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:32.4241em;"><span class="stl_338 stl_21 stl_415" style="word-spacing:-0.0449em;">uncertain tax positions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.2097em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Deferred tax assets relating to tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.0016em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">losses carried forward are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.7935em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">when Management assesses that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:35.5853em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">these can be utilised in the fore-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:36.3772em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">seeable future. The assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:37.1691em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">possible utilisation include significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:37.961em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">estimates and judgements, and the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:10.2214em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">assessment is based on budgets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:11.0132em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0298em;">business plans for the following years,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:11.8051em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">including the development in revenues  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:12.597em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.0251em;">based on the high-voltage order back-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:13.3889em;z-index:3526;"><span class="stl_298 stl_16 stl_47">log</span><span class="stl_298 stl_16 stl_860">.</span><span class="stl_298 stl_16 stl_87">T</span><span class="stl_298 stl_16 stl_246" style="word-spacing:-0.0369em;">he assessment is performed at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:14.1807em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0321em;">the reporting date considering local  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:14.9726em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">tax legislation and Management’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:15.7645em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">business plans, and are only recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:16.5564em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">nised if it is probable that future tax-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:17.3482em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">able profit will allow the deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:18.1401em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">asset to be recovered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:19.7232em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">As the NKT Group conducts business  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:20.5151em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">around the world, tax and transfer  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:21.307em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">pricing disputes with local tax author-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:22.0989em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">ities may occur. When assessing the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:22.8907em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">expected outcome of these possible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:23.6826em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">disputes, NKT Group applies IFRIC 23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:24.4745em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.02em;">‘Uncertainty over Income Tax Treat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:25.2664em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">ments’ and methods directed herein  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:26.0582em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">when making provisions for uncertain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:26.8501em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">tax positions. As this is an assess-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:27.642em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">ment, the actual obligations may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:28.4339em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">deviate and will depend on the result  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:29.2257em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">of litigations and settlements with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:30.0176em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">tax authorities. Any taxes relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:30.8095em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">tax disputes are included in Income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:31.6014em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">tax receivables, Income tax payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:32.3933em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">or deferred tax based on an assess-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:33.1851em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">ment of the most likely outcome of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5981em;top:33.977em;"><span class="stl_298 stl_16 stl_210">disputes.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:21.8276em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.4564em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">Research costs are expensed in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.2483em;z-index:384;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0216em;">income statement as they occur.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.0401em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0343em;">Clearly defined and identifiable devel-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.832em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">opment projects are recognised as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.6239em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">intangible assets provided that certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.457em;z-index:515;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">requirements are met refer to note 3</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_70">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.2489em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">Intangible assets. Other development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.0408em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">costs are expensed in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.8326em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">statement as incurred.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:10.9982em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.6332em;"><span class="stl_338 stl_21 stl_77" style="word-spacing:-0.0434em;">Current income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.4189em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">x for the period, consists of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.2107em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">year’s current tax, change in deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.0026em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">tax and adjustments related to previ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.7945em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">ous years. Tax for the period is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.5864em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">nised in the income statement includ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.3782em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ing the effect of coupon payments on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.1701em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0224em;">the hybrid capital. Tax relating to other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.962em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">items is recognised in other compre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.7539em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">hensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.337em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Current tax payable and receivable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.1289em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">is recognised in the balance sheet as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.9207em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">tax estimated on taxable income for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.7126em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">the year, adjusted for tax on taxable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.5045em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">income for previous years and for tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.2964em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">paid on account.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.8857em;"><span class="stl_338 stl_21 stl_443" style="word-spacing:-0.0482em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.6714em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">Deferred tax is measured according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.4632em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">to the balance sheet liability method  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.2551em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0384em;">on all temporary differences between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.047em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">the carrying amount and the tax base  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.8389em;z-index:3107;"><span class="stl_298 stl_16 stl_192" style="word-spacing:-0.0202em;">of assets and liabilities. However,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.6307em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">deferred tax is not recognised on tax-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.4226em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">able temporary differences relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.2145em;"><span class="stl_298 stl_16 stl_291" style="word-spacing:-0.0371em;">goodwill and on temporary differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.0064em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">arising on the initial recognition of an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.7982em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">asset and liability which affects neither  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:35.5901em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">accounting profit nor taxable income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.382em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">and does not result in a deductible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.1739em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0383em;">and taxable temporary difference  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.9657em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0225em;">of the same amount. Where alter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:10.2722em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">native taxation rules can be applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:11.0641em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">to determine the tax base, deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:11.856em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">tax is measured according to Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:12.6479em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">Management’s planned use of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:13.4397em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">assets or settlement of the liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:14.2316em;"><span class="stl_298 stl_16 stl_61">respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:15.8147em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">Deferred tax assets, including the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:16.6066em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">tax base of tax losses allowed for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:17.3985em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">carry forward, are recognised at their  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:18.1904em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">expected utilisation value within the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:18.9822em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">foreseeable future.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:20.5654em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">Deferred tax assets and tax liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:21.3572em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">are offset if the company has a legal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:22.1491em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">right to offset current tax assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:22.941em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">liabilities and intends to settle current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:23.7329em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">tax assets and liabilities on a net basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:24.5247em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">or to realise the assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:25.3166em;"><span class="stl_298 stl_16 stl_62">simultaneously.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:5.3942em;"><span class="stl_594 stl_08 stl_122" style="word-spacing:0.0086em;">3. Non-current assets and liabilities</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_833 stl_26 stl_398" style="word-spacing:0.0012em;">NKT Group’s investments in non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.0752em;"><span class="stl_833 stl_26 stl_220" style="word-spacing:0.0046em;">form a basis for the Group’s operation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.2421em;"><span class="stl_833 stl_26 stl_707" style="word-spacing:-0.0006em;">non-current liabilities arising as a result thereof.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.409em;"><span class="stl_833 stl_26 stl_514" style="word-spacing:-0.0021em;">The non-current liabilities in this section are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.5759em;"><span class="stl_833 stl_26 stl_42" style="word-spacing:0.0001em;">regarded as non interest-bearing.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6778em;top:10.2696em;"><span class="stl_338 stl_21 stl_91">Manufacturing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.366em;top:10.2702em;"><span class="stl_338 stl_21 stl_104" style="word-spacing:-0.04em;">Fixtures, fittings,</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.039em;top:10.2702em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">Property, plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3135em;top:10.2715em;"><span class="stl_338 stl_21 stl_187" style="word-spacing:-0.0255em;">Total property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3128em;top:10.9358em;"><span class="stl_338 stl_21 stl_319" style="word-spacing:-0.0464em;">Land and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2172em;top:10.9365em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0397em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6291em;top:10.9371em;"><span class="stl_338 stl_21 stl_109" style="word-spacing:-0.0327em;">tools and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6972em;top:10.9377em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">equipment under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8785em;top:10.9383em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0397em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.6027em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3828em;top:11.6027em;"><span class="stl_338 stl_21 stl_96">buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8878em;top:11.6033em;"><span class="stl_338 stl_21 stl_152">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2072em;top:11.604em;"><span class="stl_338 stl_21 stl_174">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9966em;top:11.6046em;"><span class="stl_338 stl_21 stl_360">construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.491em;top:11.6052em;"><span class="stl_338 stl_21 stl_174">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.2958em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">Cost, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1216em;top:13.2958em;"><span class="stl_298 stl_16 stl_454">418  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9797em;top:13.2958em;"><span class="stl_298 stl_16 stl_744">727  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3685em;top:13.2958em;"><span class="stl_298 stl_16 stl_842">129  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6997em;top:13.2958em;"><span class="stl_298 stl_16 stl_47">209  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1247em;top:13.2958em;"><span class="stl_298 stl_16 stl_662">1,483  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:14.1202em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3991em;top:14.1202em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.336em;top:14.1202em;"><span class="stl_298 stl_16 stl_548">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.031em;top:14.1202em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7535em;top:14.1202em;"><span class="stl_298 stl_16 stl_770">187  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6116em;top:14.1202em;"><span class="stl_298 stl_16 stl_127">236  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:14.9446em;"><span class="stl_298 stl_16 stl_249">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2466em;top:14.9446em;"><span class="stl_298 stl_16 stl_864">-18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4103em;top:14.9446em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8097em;top:14.9446em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4085em;top:14.9446em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7516em;top:14.9446em;"><span class="stl_298 stl_16 stl_570">-28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.769em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4072em;top:15.769em;"><span class="stl_298 stl_16 stl_351">67  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.971em;top:15.769em;"><span class="stl_298 stl_16 stl_28">108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6835em;top:15.769em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5497em;top:15.769em;"><span class="stl_298 stl_16 stl_383">-195  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3147em;top:15.769em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:16.5933em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7478em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6535em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0316em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4097em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3153em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3634em;top:17.424em;"><span class="stl_338 stl_21 stl_382" style="word-spacing:-0.0379em;">Cost, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0353em;top:17.424em;"><span class="stl_338 stl_21 stl_184">501  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9284em;top:17.424em;"><span class="stl_338 stl_21 stl_434">846  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3591em;top:17.424em;"><span class="stl_338 stl_21 stl_167">152  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6966em;top:17.424em;"><span class="stl_338 stl_21 stl_253">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1116em;top:17.424em;"><span class="stl_338 stl_21 stl_296">1,700  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3634em;top:18.2421em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">Depreciation and impairment, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9072em;top:18.2421em;"><span class="stl_298 stl_16 stl_865">-126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7222em;top:18.2421em;"><span class="stl_298 stl_16 stl_297">-429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4303em;top:18.2421em;"><span class="stl_298 stl_16 stl_154">-84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4097em;top:18.2421em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3522em;top:18.2421em;"><span class="stl_298 stl_16 stl_378">-639  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3634em;top:19.0665em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Depreciation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2453em;top:19.0665em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0728em;top:19.0665em;"><span class="stl_298 stl_16 stl_685">-42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5316em;top:19.0665em;"><span class="stl_298 stl_16 stl_554">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4097em;top:19.0665em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7947em;top:19.0665em;"><span class="stl_298 stl_16 stl_804">-71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:19.8908em;"><span class="stl_298 stl_16 stl_249">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4309em;top:19.8908em;"><span class="stl_298 stl_16 stl_344">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6541em;top:19.8908em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0322em;top:19.8908em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4103em;top:19.8908em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9747em;top:19.8908em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:20.7152em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7491em;top:20.7152em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4153em;top:20.7152em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8491em;top:20.7152em;z-index:2014;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4103em;top:20.7152em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0734em;top:20.7152em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:21.5458em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0381em;">Depreciation and impairment, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8603em;top:21.5458em;"><span class="stl_338 stl_21 stl_866">-124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6566em;top:21.5458em;"><span class="stl_338 stl_21 stl_867">-466  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4053em;top:21.5458em;"><span class="stl_338 stl_21 stl_571">-96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4103em;top:21.5458em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3153em;top:21.5458em;"><span class="stl_338 stl_21 stl_518">-686  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:22.3702em;"><span class="stl_338 stl_21 stl_185" style="word-spacing:-0.0398em;">Carrying amount, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0397em;top:22.3702em;"><span class="stl_338 stl_21 stl_226">377  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9247em;top:22.3702em;"><span class="stl_338 stl_21 stl_101">380  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6716em;top:22.3702em;"><span class="stl_338 stl_21 stl_317">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6978em;top:22.3702em;"><span class="stl_338 stl_21 stl_253">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1497em;top:22.3702em;"><span class="stl_338 stl_21 stl_839">1,014  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:23.6965em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">Cost, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0603em;top:23.6965em;"><span class="stl_298 stl_16 stl_242">501  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9428em;top:23.6965em;"><span class="stl_298 stl_16 stl_58">846  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3741em;top:23.6965em;"><span class="stl_298 stl_16 stl_763">152  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7272em;top:23.6965em;"><span class="stl_298 stl_16 stl_377">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1553em;top:23.6965em;"><span class="stl_298 stl_16 stl_682">1,700  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:24.5208em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4322em;top:24.5208em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3135em;top:24.5208em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7141em;top:24.5208em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6966em;top:24.5208em;"><span class="stl_298 stl_16 stl_300">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6059em;top:24.5208em;"><span class="stl_298 stl_16 stl_211">498  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:25.3452em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Additions through business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4416em;top:25.3452em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6553em;top:25.3452em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6766em;top:25.3452em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4116em;top:25.3452em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9622em;top:25.3452em;"><span class="stl_298 stl_16 stl_211">53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3653em;top:26.1696em;"><span class="stl_298 stl_16 stl_249">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5291em;top:26.1696em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4128em;top:26.1696em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7947em;top:26.1696em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4116em;top:26.1696em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8122em;top:26.1696em;"><span class="stl_298 stl_16 stl_807">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3653em;top:27.1015em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4284em;top:27.1015em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3003em;top:27.1015em;"><span class="stl_298 stl_16 stl_211">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6953em;top:27.1015em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8753em;top:27.1015em;"><span class="stl_298 stl_16 stl_822">-70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3166em;top:27.1015em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:27.9258em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5066em;top:27.9258em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4166em;top:27.9258em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7941em;top:27.9258em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2097em;top:27.9258em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7584em;top:27.9258em;"><span class="stl_298 stl_16 stl_320">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:28.7565em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0363em;">Cost, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0234em;top:28.7565em;"><span class="stl_338 stl_21 stl_326">530  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9309em;top:28.7565em;"><span class="stl_338 stl_21 stl_275">895  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3253em;top:28.7565em;"><span class="stl_338 stl_21 stl_79">224  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6878em;top:28.7565em;"><span class="stl_338 stl_21 stl_152">565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0897em;top:28.7565em;"><span class="stl_338 stl_21 stl_51">2,214  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:29.5746em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Depreciation and impairment, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9303em;top:29.5746em;"><span class="stl_298 stl_16 stl_786">-124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7003em;top:29.5746em;"><span class="stl_298 stl_16 stl_300">-466  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4316em;top:29.5746em;"><span class="stl_298 stl_16 stl_64">-96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4109em;top:29.5746em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3503em;top:29.5746em;"><span class="stl_298 stl_16 stl_384">-686  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:30.399em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Depreciation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2484em;top:30.399em;"><span class="stl_298 stl_16 stl_864">-18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0916em;top:30.399em;"><span class="stl_298 stl_16 stl_197">-47  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5472em;top:30.399em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4103em;top:30.399em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7228em;top:30.399em;"><span class="stl_298 stl_16 stl_47">-82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:31.2233em;"><span class="stl_298 stl_16 stl_249">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7491em;top:31.2233em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6547em;top:31.2233em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0328em;top:31.2233em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4109em;top:31.2233em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9953em;top:31.2233em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3653em;top:32.0477em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7503em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6559em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0341em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4122em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3178em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3659em;top:32.8783em;"><span class="stl_338 stl_21 stl_291" style="word-spacing:-0.0373em;">Depreciation and impairment, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8434em;top:32.8783em;"><span class="stl_338 stl_21 stl_10">-139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6678em;top:32.8783em;"><span class="stl_338 stl_21 stl_765">-503  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1241em;top:32.8783em;"><span class="stl_338 stl_21 stl_354">-108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4128em;top:32.8783em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3922em;top:32.8783em;"><span class="stl_338 stl_21 stl_560">-750  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3666em;top:33.7027em;"><span class="stl_338 stl_21 stl_234" style="word-spacing:-0.0387em;">Carrying amount, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0347em;top:33.7027em;"><span class="stl_338 stl_21 stl_71">391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9372em;top:33.7027em;"><span class="stl_338 stl_21 stl_360">392  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4041em;top:33.7027em;"><span class="stl_338 stl_21 stl_868">116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6897em;top:33.7027em;"><span class="stl_338 stl_21 stl_152">565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0903em;top:33.7027em;"><span class="stl_338 stl_21 stl_224">1,464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5403em;top:34.9702em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">In 2024, borrowing costs of EUR 10m have been capitalised as part of property, plant and equipment under construction.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0299em;">Property, plant and equipment are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">measured at cost less accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">depreciation and impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2597em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0336em;">The cost comprises the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0516em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0308em;">price and any costs directly attributa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8435em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.0269em;">ble to the acquisition. Borrowing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.6354em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0296em;">directly attributable to assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4272em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.03em;">construction with a lengthy construc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2191em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0314em;">tion period are recognised in costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.011em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0319em;">during the construction period. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8029em;"><span class="stl_298 stl_16 stl_429" style="word-spacing:-0.0281em;">cost of self-constructed assets com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0288em;">prises costs of materials, components,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0294em;">subcontractors and wages. The cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0286em;">is supplemented by the present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0253em;">of estimated liabilities related to dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0303em;">mantling and removing the asset and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0274em;">restoring the site on which the asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0254em;">was utilised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9291em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0216em;">Subsequent costs, e.g. relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.721em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">replacement of parts of an item of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5129em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">property, plant and equipment, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3048em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">recognised in the carrying amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0966em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">the asset if it is probable that the costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8885em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">will result in future economic benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6804em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">for the Group. All other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4723em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">to ordinary repair and maintenance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:35.2641em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">are recognised in the income state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.056em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">ment as incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">Depreciation is done on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">basis over the expected useful life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:14.6816em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">the assets, as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_155">Buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5472em;top:16.2648em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.011em;">10 – 50 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Manufacturing plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_606" style="word-spacing:-0.0402em;">and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8747em;top:17.8485em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">4 – 20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">Fixtures, fittings, tools  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.9053em;top:19.4323em;"><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">3 – 15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_212">Vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8822em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_77">Land  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7722em;top:21.016em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">not depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5991em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">If individual parts of an item of prop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.391em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">erty, plant and equipment have differ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1829em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ent useful lives, they are depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9748em;"><span class="stl_298 stl_16 stl_97">separately.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5579em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">The basis of depreciation is calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3498em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">according to the residual value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1416em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">impairment losses. The residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9335em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">is determined at the acquisition date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.7254em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and reviewed annually. If the residual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5173em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">value exceeds the carrying amount,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3091em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">depreciation is discontinued.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:5.3942em;"><span class="stl_594 stl_08 stl_122" style="word-spacing:0.0086em;">3. Non-current assets and liabilities</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_833 stl_26 stl_398" style="word-spacing:0.0012em;">NKT Group’s investments in non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.0752em;"><span class="stl_833 stl_26 stl_220" style="word-spacing:0.0046em;">form a basis for the Group’s operation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.2421em;"><span class="stl_833 stl_26 stl_707" style="word-spacing:-0.0006em;">non-current liabilities arising as a result thereof.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.409em;"><span class="stl_833 stl_26 stl_514" style="word-spacing:-0.0021em;">The non-current liabilities in this section are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.5759em;"><span class="stl_833 stl_26 stl_42" style="word-spacing:0.0001em;">regarded as non interest-bearing.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:8.9092em;z-index:228;"><span class="stl_801 stl_33 stl_71">3</span><span class="stl_801 stl_33 stl_835">.</span><span class="stl_801 stl_33 stl_216" style="word-spacing:0.4284em;">1 Intangible</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.014em;top:8.9092em;z-index:228;"><span class="stl_801 stl_33 stl_216">assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2745em;top:9.8843em;"><span class="stl_338 stl_21 stl_186">Trademarks,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4296em;top:9.8837em;"><span class="stl_338 stl_21 stl_88">Development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6077em;top:9.883em;"><span class="stl_338 stl_21 stl_53">Intangible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3102em;top:9.8824em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4408em;top:10.5924em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0355em;">patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9233em;top:10.5918em;"><span class="stl_338 stl_21 stl_615">projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7277em;top:10.5912em;"><span class="stl_338 stl_21 stl_165" style="word-spacing:-0.04em;">assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8045em;top:10.5906em;"><span class="stl_338 stl_21 stl_53">Intangible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:11.3012em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1589em;top:11.3012em;"><span class="stl_338 stl_21 stl_92">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2402em;top:11.3006em;"><span class="stl_338 stl_21 stl_96" style="word-spacing:-0.0338em;">licences etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.8364em;top:11.3006em;"><span class="stl_338 stl_21 stl_442" style="word-spacing:-0.0428em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.1977em;top:11.2999em;"><span class="stl_338 stl_21 stl_92">completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6995em;top:11.2993em;"><span class="stl_338 stl_21 stl_55">development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8127em;top:11.2987em;"><span class="stl_338 stl_21 stl_442">assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0499em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">Cost, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7152em;top:13.0499em;"><span class="stl_298 stl_16 stl_47">350  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2608em;top:13.0499em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4702em;top:13.0499em;"><span class="stl_298 stl_16 stl_42">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6552em;top:13.0499em;"><span class="stl_298 stl_16 stl_154">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8527em;top:13.0499em;"><span class="stl_298 stl_16 stl_71">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6902em;top:13.0499em;"><span class="stl_298 stl_16 stl_249">644  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:14.0156em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4233em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6202em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0139em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8545em;top:14.0156em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0514em;top:14.0156em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:14.9812em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4233em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6202em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6758em;top:14.9812em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6514em;top:14.9812em;"><span class="stl_298 stl_16 stl_333">-25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4077em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:15.9468em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4233em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6202em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0139em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2108em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4077em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:16.9187em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0361em;">Costs, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7195em;top:16.9187em;"><span class="stl_338 stl_21 stl_276">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2545em;top:16.9187em;"><span class="stl_338 stl_21 stl_571">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4583em;top:16.9187em;"><span class="stl_338 stl_21 stl_154">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6476em;top:16.9187em;"><span class="stl_338 stl_21 stl_571">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8608em;top:16.9187em;"><span class="stl_338 stl_21 stl_31">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.702em;top:16.9187em;"><span class="stl_338 stl_21 stl_256">679  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:18.128em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Amortisation and impairment, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.062em;top:18.128em;"><span class="stl_298 stl_16 stl_320">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2189em;top:18.128em;"><span class="stl_298 stl_16 stl_201">-45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4139em;top:18.128em;"><span class="stl_298 stl_16 stl_225">-44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2108em;top:18.128em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6158em;top:18.128em;"><span class="stl_298 stl_16 stl_90">-116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:19.0937em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Amortisation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3776em;top:19.0937em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5739em;top:19.0937em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.812em;top:19.0937em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2101em;top:19.0937em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9051em;top:19.0937em;"><span class="stl_298 stl_16 stl_777">-19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:20.0593em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6195em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8164em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0133em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2101em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.407em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:21.0312em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Amortisation and impairment, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0076em;top:21.0312em;"><span class="stl_338 stl_21 stl_225">-31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.1889em;top:21.0312em;"><span class="stl_338 stl_21 stl_571">-53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4051em;top:21.0312em;"><span class="stl_338 stl_21 stl_184">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2095em;top:21.0249em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5008em;top:21.0312em;"><span class="stl_338 stl_21 stl_744">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4545em;top:21.9968em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Carrying amount, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7183em;top:21.9968em;"><span class="stl_338 stl_21 stl_276">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2576em;top:21.9968em;"><span class="stl_338 stl_21 stl_275">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4664em;top:21.9968em;"><span class="stl_338 stl_21 stl_125">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.662em;top:21.9968em;"><span class="stl_338 stl_21 stl_321">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8601em;top:21.9968em;"><span class="stl_338 stl_21 stl_31">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6789em;top:21.9968em;"><span class="stl_338 stl_21 stl_293">544  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:23.5355em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">Cost, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7564em;top:23.5355em;"><span class="stl_298 stl_16 stl_471">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2595em;top:23.5355em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4689em;top:23.5355em;"><span class="stl_298 stl_16 stl_42">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6551em;top:23.5355em;"><span class="stl_298 stl_16 stl_71">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8745em;top:23.5355em;"><span class="stl_298 stl_16 stl_623">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7283em;top:23.5355em;"><span class="stl_298 stl_16 stl_570">679  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:24.5012em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4226em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6195em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8164em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0133em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.862em;top:24.5012em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0589em;top:24.5012em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:25.4668em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Additions through business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.0639em;top:25.4668em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2839em;top:25.4668em;"><span class="stl_298 stl_16 stl_10">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8176em;top:25.4668em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0145em;top:25.4668em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2114em;top:25.4668em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7276em;top:25.4668em;"><span class="stl_298 stl_16 stl_351">105  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:26.4324em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4239em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6208em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8176em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6908em;top:26.4324em;"><span class="stl_298 stl_16 stl_823">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6664em;top:26.4324em;"><span class="stl_298 stl_16 stl_858">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4076em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4557em;top:27.398em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.9276em;top:27.398em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.4364em;top:27.398em;z-index:985;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8164em;top:27.398em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.792em;top:27.398em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9889em;top:27.398em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9214em;top:27.398em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:28.3699em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0345em;">Costs, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7001em;top:28.3699em;"><span class="stl_338 stl_21 stl_317">405  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9389em;top:28.3699em;"><span class="stl_338 stl_21 stl_771">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4645em;top:28.3699em;"><span class="stl_338 stl_21 stl_305">79  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3832em;top:28.3699em;"><span class="stl_338 stl_21 stl_775">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.5226em;top:28.3699em;"><span class="stl_338 stl_21 stl_30">103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6895em;top:28.3699em;"><span class="stl_338 stl_21 stl_154">799  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4557em;top:29.8018em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">Amortisation and impairment, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0514em;top:29.8018em;"><span class="stl_298 stl_16 stl_349">-31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2195em;top:29.8018em;"><span class="stl_298 stl_16 stl_300">-53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4608em;top:29.8018em;"><span class="stl_298 stl_16 stl_839">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2114em;top:29.8018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5526em;top:29.8018em;"><span class="stl_298 stl_16 stl_823">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:30.7674em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Amortisation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.372em;top:30.7674em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.6158em;top:30.7674em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8126em;top:30.7674em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2108em;top:30.7674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8389em;top:30.7674em;"><span class="stl_298 stl_16 stl_349">-20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:31.733em;"><span class="stl_298 stl_16 stl_109">Impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6201em;top:31.733em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:31.733em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0139em;top:31.733em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0276em;top:31.733em;z-index:1129;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2245em;top:31.733em;z-index:1131;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.6987em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6208em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8176em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0145em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2114em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4082em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:33.6705em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.039em;">Amortisation and impairment, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9926em;top:33.6705em;"><span class="stl_338 stl_21 stl_861">-36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.1945em;top:33.6705em;"><span class="stl_338 stl_21 stl_293">-59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.387em;top:33.6705em;"><span class="stl_338 stl_21 stl_571">-58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2107em;top:33.6705em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5032em;top:33.6705em;"><span class="stl_338 stl_21 stl_639">-153  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4557em;top:34.6362em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">Carrying amount, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7007em;top:34.6362em;"><span class="stl_338 stl_21 stl_317">405  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2545em;top:34.6362em;"><span class="stl_338 stl_21 stl_571">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4558em;top:34.6362em;"><span class="stl_338 stl_21 stl_384">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6626em;top:34.6362em;"><span class="stl_338 stl_21 stl_321">52  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.5226em;top:34.6362em;"><span class="stl_338 stl_21 stl_30">103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6832em;top:34.6362em;"><span class="stl_338 stl_21 stl_275">646  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Goodwill is initially recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">balance sheet at cost. Subsequently,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">goodwill is measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">accumulated impairment losses and is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">not amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8435em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6354em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">allocated to NKT Group’s cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:19.4272em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">erating units at the acquisition date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Cash-generating units are based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">the managerial structure and inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">nal financial control. As a result of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">the integration of acquisitions in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">existing NKT Group, and identifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1785em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">tion of operating segments based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9704em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the presence of segment managers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:25.7623em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Group Management finds that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">smallest cash-generating units to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.346em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">which the carrying amount of goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1379em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">can be allocated during testing for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9298em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">impairment are identical to the operat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.7216em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">ing segments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Other intangible assets, which include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0966em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">IT software, trademarks, patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8885em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">licences, are measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6804em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">accumulated amortisation and impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4723em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0355em;">ment losses and are amortised on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2641em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">straight-line basis over the remaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.056em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">patent or contract period or the useful  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.8479em;z-index:944;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0218em;">life, whichever is the shorter.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0979em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Expected useful life is determined as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8898em;"><span class="stl_298 stl_16 stl_231">follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4729em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0156em;">Trademarks, patents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2648em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and licences, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1832em;top:16.2648em;z-index:1020;"><span class="stl_298 stl_16 stl_300">3</span><span class="stl_298 stl_16 stl_683">-</span><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0566em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4407em;top:17.0566em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">3-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8485em;"><span class="stl_298 stl_16 stl_254">Completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6404em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.467em;top:18.6404em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0193em;">2-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">Intangible assets under development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0154em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">consists of clearly defined and iden-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8073em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">tifiable development projects where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5991em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">the following requirements are met:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.391em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">The technical feasibility, adequacy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1829em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">of resources and a potential future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9748em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">market can be demonstrated, it is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7666em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">intended to manufacture, market or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.5585em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">utilise the project, the cost can be reli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3504em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ably determined, and there is reason-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.1423em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">able certainty that the future earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9341em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or net selling prices can cover the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.726em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">carrying amount as well as the devel-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:30.5179em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">opment costs necessary to finalise the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3098em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">project as incurred. Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1016em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">under development are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.8935em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">cost less accumulated impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.6854em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">losses. The cost includes wages,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4773em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">amortisation and other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2691em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">to the Group’s development activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.061em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">On completion the development work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.8529em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">is transferred to Development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6448em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">completed or IT software.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:5.3942em;"><span class="stl_594 stl_08 stl_122" style="word-spacing:0.0086em;">3. Non-current assets and liabilities</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_833 stl_26 stl_398" style="word-spacing:0.0012em;">NKT Group’s investments in non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.0752em;"><span class="stl_833 stl_26 stl_220" style="word-spacing:0.0046em;">form a basis for the Group’s operation and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.2421em;"><span class="stl_833 stl_26 stl_707" style="word-spacing:-0.0006em;">non-current liabilities arising as a result thereof.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.409em;"><span class="stl_833 stl_26 stl_514" style="word-spacing:-0.0021em;">The non-current liabilities in this section are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.5759em;"><span class="stl_833 stl_26 stl_42" style="word-spacing:0.0001em;">regarded as non interest-bearing.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:8.9092em;z-index:228;"><span class="stl_801 stl_33 stl_71">3</span><span class="stl_801 stl_33 stl_835">.</span><span class="stl_801 stl_33 stl_216" style="word-spacing:0.4284em;">1 Intangible</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.014em;top:8.9092em;z-index:228;"><span class="stl_801 stl_33 stl_216">assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2745em;top:9.8843em;"><span class="stl_338 stl_21 stl_186">Trademarks,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4296em;top:9.8837em;"><span class="stl_338 stl_21 stl_88">Development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6077em;top:9.883em;"><span class="stl_338 stl_21 stl_53">Intangible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3102em;top:9.8824em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4408em;top:10.5924em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0355em;">patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9233em;top:10.5918em;"><span class="stl_338 stl_21 stl_615">projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7277em;top:10.5912em;"><span class="stl_338 stl_21 stl_165" style="word-spacing:-0.04em;">assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8045em;top:10.5906em;"><span class="stl_338 stl_21 stl_53">Intangible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:11.3012em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1589em;top:11.3012em;"><span class="stl_338 stl_21 stl_92">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2402em;top:11.3006em;"><span class="stl_338 stl_21 stl_96" style="word-spacing:-0.0338em;">licences etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.8364em;top:11.3006em;"><span class="stl_338 stl_21 stl_442" style="word-spacing:-0.0428em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.1977em;top:11.2999em;"><span class="stl_338 stl_21 stl_92">completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6995em;top:11.2993em;"><span class="stl_338 stl_21 stl_55">development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8127em;top:11.2987em;"><span class="stl_338 stl_21 stl_442">assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0499em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">Cost, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7152em;top:13.0499em;"><span class="stl_298 stl_16 stl_47">350  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2608em;top:13.0499em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4702em;top:13.0499em;"><span class="stl_298 stl_16 stl_42">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6552em;top:13.0499em;"><span class="stl_298 stl_16 stl_154">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8527em;top:13.0499em;"><span class="stl_298 stl_16 stl_71">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6902em;top:13.0499em;"><span class="stl_298 stl_16 stl_249">644  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:14.0156em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4233em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6202em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0139em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8545em;top:14.0156em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0514em;top:14.0156em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:14.9812em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4233em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6202em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6758em;top:14.9812em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6514em;top:14.9812em;"><span class="stl_298 stl_16 stl_333">-25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4077em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:15.9468em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4233em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6202em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0139em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2108em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4077em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:16.9187em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0361em;">Costs, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7195em;top:16.9187em;"><span class="stl_338 stl_21 stl_276">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2545em;top:16.9187em;"><span class="stl_338 stl_21 stl_571">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4583em;top:16.9187em;"><span class="stl_338 stl_21 stl_154">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6476em;top:16.9187em;"><span class="stl_338 stl_21 stl_571">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8608em;top:16.9187em;"><span class="stl_338 stl_21 stl_31">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.702em;top:16.9187em;"><span class="stl_338 stl_21 stl_256">679  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:18.128em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Amortisation and impairment, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.062em;top:18.128em;"><span class="stl_298 stl_16 stl_320">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2189em;top:18.128em;"><span class="stl_298 stl_16 stl_201">-45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4139em;top:18.128em;"><span class="stl_298 stl_16 stl_225">-44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2108em;top:18.128em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6158em;top:18.128em;"><span class="stl_298 stl_16 stl_90">-116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:19.0937em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Amortisation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3776em;top:19.0937em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5739em;top:19.0937em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.812em;top:19.0937em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2101em;top:19.0937em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9051em;top:19.0937em;"><span class="stl_298 stl_16 stl_777">-19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:20.0593em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6195em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8164em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0133em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2101em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.407em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:21.0312em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Amortisation and impairment, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0076em;top:21.0312em;"><span class="stl_338 stl_21 stl_225">-31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.1889em;top:21.0312em;"><span class="stl_338 stl_21 stl_571">-53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4051em;top:21.0312em;"><span class="stl_338 stl_21 stl_184">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2095em;top:21.0249em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5008em;top:21.0312em;"><span class="stl_338 stl_21 stl_744">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4545em;top:21.9968em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Carrying amount, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7183em;top:21.9968em;"><span class="stl_338 stl_21 stl_276">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2576em;top:21.9968em;"><span class="stl_338 stl_21 stl_275">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4664em;top:21.9968em;"><span class="stl_338 stl_21 stl_125">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.662em;top:21.9968em;"><span class="stl_338 stl_21 stl_321">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8601em;top:21.9968em;"><span class="stl_338 stl_21 stl_31">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6789em;top:21.9968em;"><span class="stl_338 stl_21 stl_293">544  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:23.5355em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">Cost, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7564em;top:23.5355em;"><span class="stl_298 stl_16 stl_471">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2595em;top:23.5355em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4689em;top:23.5355em;"><span class="stl_298 stl_16 stl_42">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6551em;top:23.5355em;"><span class="stl_298 stl_16 stl_71">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8745em;top:23.5355em;"><span class="stl_298 stl_16 stl_623">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7283em;top:23.5355em;"><span class="stl_298 stl_16 stl_570">679  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:24.5012em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4226em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6195em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8164em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0133em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.862em;top:24.5012em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0589em;top:24.5012em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:25.4668em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Additions through business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.0639em;top:25.4668em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2839em;top:25.4668em;"><span class="stl_298 stl_16 stl_10">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8176em;top:25.4668em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0145em;top:25.4668em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2114em;top:25.4668em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7276em;top:25.4668em;"><span class="stl_298 stl_16 stl_351">105  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:26.4324em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4239em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6208em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8176em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6908em;top:26.4324em;"><span class="stl_298 stl_16 stl_823">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6664em;top:26.4324em;"><span class="stl_298 stl_16 stl_858">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4076em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4557em;top:27.398em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.9276em;top:27.398em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.4364em;top:27.398em;z-index:985;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8164em;top:27.398em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.792em;top:27.398em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9889em;top:27.398em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9214em;top:27.398em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:28.3699em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0345em;">Costs, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7001em;top:28.3699em;"><span class="stl_338 stl_21 stl_317">405  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9389em;top:28.3699em;"><span class="stl_338 stl_21 stl_771">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4645em;top:28.3699em;"><span class="stl_338 stl_21 stl_305">79  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3832em;top:28.3699em;"><span class="stl_338 stl_21 stl_775">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.5226em;top:28.3699em;"><span class="stl_338 stl_21 stl_30">103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6895em;top:28.3699em;"><span class="stl_338 stl_21 stl_154">799  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4557em;top:29.8018em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">Amortisation and impairment, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0514em;top:29.8018em;"><span class="stl_298 stl_16 stl_349">-31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2195em;top:29.8018em;"><span class="stl_298 stl_16 stl_300">-53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4608em;top:29.8018em;"><span class="stl_298 stl_16 stl_839">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2114em;top:29.8018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5526em;top:29.8018em;"><span class="stl_298 stl_16 stl_823">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:30.7674em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Amortisation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.372em;top:30.7674em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.6158em;top:30.7674em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8126em;top:30.7674em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2108em;top:30.7674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8389em;top:30.7674em;"><span class="stl_298 stl_16 stl_349">-20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:31.733em;"><span class="stl_298 stl_16 stl_109">Impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6201em;top:31.733em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:31.733em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0139em;top:31.733em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0276em;top:31.733em;z-index:1129;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2245em;top:31.733em;z-index:1131;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.6987em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6208em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8176em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0145em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2114em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4082em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:33.6705em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.039em;">Amortisation and impairment, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9926em;top:33.6705em;"><span class="stl_338 stl_21 stl_861">-36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.1945em;top:33.6705em;"><span class="stl_338 stl_21 stl_293">-59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.387em;top:33.6705em;"><span class="stl_338 stl_21 stl_571">-58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2107em;top:33.6705em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5032em;top:33.6705em;"><span class="stl_338 stl_21 stl_639">-153  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4557em;top:34.6362em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">Carrying amount, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7007em;top:34.6362em;"><span class="stl_338 stl_21 stl_317">405  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2545em;top:34.6362em;"><span class="stl_338 stl_21 stl_571">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4558em;top:34.6362em;"><span class="stl_338 stl_21 stl_384">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6626em;top:34.6362em;"><span class="stl_338 stl_21 stl_321">52  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.5226em;top:34.6362em;"><span class="stl_338 stl_21 stl_30">103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6832em;top:34.6362em;"><span class="stl_338 stl_21 stl_275">646  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Goodwill is initially recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">balance sheet at cost. Subsequently,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">goodwill is measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">accumulated impairment losses and is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">not amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8435em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6354em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">allocated to NKT Group’s cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:19.4272em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">erating units at the acquisition date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Cash-generating units are based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">the managerial structure and inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">nal financial control. As a result of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">the integration of acquisitions in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">existing NKT Group, and identifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1785em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">tion of operating segments based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9704em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the presence of segment managers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:25.7623em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Group Management finds that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">smallest cash-generating units to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.346em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">which the carrying amount of goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1379em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">can be allocated during testing for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9298em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">impairment are identical to the operat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.7216em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">ing segments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:0.3493em;">3.4 Impairment</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.596em;top:8.9083em;"><span class="stl_801 stl_33 stl_209">test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_184" style="word-spacing:-0.037em;">Result of the annual impairment test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5275em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">On 31 December 2024 goodwill was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.3193em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">tested for impairment. The impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.1112em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">test did not identify any impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.9031em;"><span class="stl_298 stl_16 stl_66" style="word-spacing:-0.0086em;">(none in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.4862em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">The lowest level at which goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2781em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">monitored is equal to the cash gener-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.07em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0233em;">ating units.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.7368em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Goodwill has been allocated to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.5287em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0327em;">cash-generating units according to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.3206em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0199em;">split presented below. In 2024, SolidAl  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.1125em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">was acquired and added to the Appli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.9043em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">cations business line. The carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:14.6962em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">amount of goodwill was:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.1972em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:19.1972em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:19.1972em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.0666em;"><span class="stl_298 stl_16 stl_103">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2685em;top:21.0666em;"><span class="stl_298 stl_16 stl_457">289  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5097em;top:21.0666em;"><span class="stl_298 stl_16 stl_226">299  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.0322em;"><span class="stl_298 stl_16 stl_34">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6322em;top:22.0322em;"><span class="stl_298 stl_16 stl_623">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2197em;top:22.0322em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.9978em;"><span class="stl_298 stl_16 stl_490" style="word-spacing:-0.0415em;">Service &amp; Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6097em;top:22.9978em;"><span class="stl_298 stl_16 stl_34">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8666em;top:22.9978em;"><span class="stl_298 stl_16 stl_209">46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.9697em;"><span class="stl_338 stl_21 stl_183" style="word-spacing:-0.0205em;">Total goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2447em;top:23.9697em;"><span class="stl_338 stl_21 stl_317">405  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5153em;top:23.9697em;"><span class="stl_338 stl_21 stl_276">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.1525em;"><span class="stl_338 stl_21 stl_492" style="word-spacing:-0.0403em;">Cash-generating units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9381em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">Cash-generating units identified in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.73em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">NKT Group are similar to the operating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.5218em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">segments, being Solutions, App-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.3137em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0351em;">lications and Service &amp; Accessories.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1056em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0287em;">These are considered to be the low-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.8975em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">est level of cash-generating units as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6893em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">defined by management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.2725em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">The definition of cash-generating units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.0643em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">is based on the smallest identifiable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.8562em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">group of assets that together generate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.1481em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">cash inflows from continued use and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.94em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">which are independent of the cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:29.7318em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">flows from other assets or groups of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:30.5237em;"><span class="stl_298 stl_16 stl_186">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.1068em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">The definition of cash-generating units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.8987em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">aligns with the managerial structure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:33.6906em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">and the internal financial reporting in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:34.4825em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">NKT Group. For impairment test pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:35.2743em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">poses, tangible assets and intangible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.0662em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">assets are allocated to the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.8581em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">cash-generating units.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:10.741em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0315em;">Key Assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:11.5266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">The recoverable amount is based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:12.3185em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">on a value-in-use calculation. For all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:13.1103em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">cash-generating units, the calculation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:13.9022em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">uses cash flow projections (budget  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:14.6941em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">period) based on the financial budget  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:15.486em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">for 2025 and financial forecasts for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:16.2778em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">2026–2029, hence a 5-year budget  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:17.0697em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">period. Significant parameters in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:17.8616em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">these estimates are revenue growth,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:18.6535em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">discount rate before tax, and growth  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:19.4453em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">expectations for the terminal period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:21.0285em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">The discount rate before tax has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:21.8203em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">revised for each cash-generating unit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:22.6122em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">to reflect the latest market assump-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:23.4041em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">tions for the risk-free rate based on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:24.196em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">10-year German government bond,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:24.9878em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">the equity risk premium and the cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:25.7797em;"><span class="stl_298 stl_16 stl_97" style="word-spacing:-0.0164em;">of debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:27.3628em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0196em;">The long-term growth rate for the ter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:28.1547em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">minal period is based on the expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:28.9466em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">growth in the world economy as well  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:29.7385em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">as long-term development for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:30.5303em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">industries and markets in which the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:31.3222em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">cash-generating units operate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:32.9053em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Group Management determines the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:33.6972em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">expected annual growth rate in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:34.4891em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">budget period and in the terminal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:35.281em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">period based on historical experience  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:36.0728em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">and the assumptions about expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:36.8647em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">market developments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:10.7402em;"><span class="stl_338 stl_21 stl_563">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:11.5258em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0344em;">No reasonably possible change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:12.3177em;"><span class="stl_298 stl_16 stl_213" style="word-spacing:-0.0248em;">assumptions could lead to an impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:13.1095em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0288em;">ment in Solutions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:14.6927em;"><span class="stl_298 stl_16 stl_24" style="word-spacing:-0.0177em;">In 2024, Solutions was awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:15.4845em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">high-voltage projects with a com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:16.2764em;"><span class="stl_298 stl_16 stl_274" style="word-spacing:-0.0151em;">bined value of EUR 1.7bn, resulting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:17.0683em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">in a high-voltage order backlog of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:17.8602em;z-index:2567;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0095em;">EUR 10.6bn at the end of the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:18.652em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0231em;">This was a positive addition to 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:19.4439em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">record high order intake, maintaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:20.2358em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">the order backlog at the same level  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:21.0277em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0195em;">as 2023, despite delivering 1.8bn of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:21.8195em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">revenue during the year. NKT remains  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:22.6114em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">firmly entrenched as a key supplier of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:23.4033em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">high-voltage DC technology, and will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:24.1952em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">play a key role in enabling the transi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:24.9871em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">tion to renewable energy, especially  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:25.7789em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">across Europe. The need for more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:26.5708em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0291em;">modern and interconnected power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:10.7408em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">grids, capable of meeting structurally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:11.5327em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0289em;">higher demand for electricity, contin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:12.3246em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">ues to be a key growth driver for Solu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:13.1164em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">tions. As the investment programme  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:13.9083em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">related to new high-voltage capacity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:14.7002em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">and capabilities in Karlskrona has pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:15.4921em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">gressed, NKT has identified additional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:16.2839em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">opportunities and risks as well as gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:17.0758em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">eral cost inflation. Therefore, invest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:17.8677em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">ments related to this programme are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:18.6596em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">expected to increase by approximately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:19.4514em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">EUR 300m, and it remains accretive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:20.2433em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">to NKT’s medium-term financial ambi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:21.0352em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.0199em;">tions of a RoCE &gt;20%. The expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:21.8271em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">timeline is unchanged and the new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:22.6189em;z-index:3960;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">assets will be operational from 202</span><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_423">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:24.2021em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">Following a record-high level of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:24.9939em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0219em;">awards in 2022 and 2023, NKT anti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:25.7858em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">cipates that its average addressable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:26.5777em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">high-voltage market will be above EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:10.7377em;"><span class="stl_298 stl_16 stl_209" style="word-spacing:-0.0181em;">10.0bn per year between 2024 and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:11.5296em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">2030. Assessing future awards to NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:12.3214em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0251em;">is by nature subject to uncertainty,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:13.1133em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">and the value-in-use calculation of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:13.9052em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">Solution cash-generating unit is sen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:14.6971em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">sitive to changes in the actual share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:15.4889em;z-index:3122;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">of projects awarded to NK</span><span class="stl_298 stl_16 stl_549">T</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_34">H</span><span class="stl_298 stl_16 stl_122">owever,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:16.2808em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">the high-voltage order backlog at end-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:17.0727em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">2024 provides higher certainty regard-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:17.8646em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">ing future revenue and earnings.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:19.4539em;"><span class="stl_338 stl_21 stl_78">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:20.2396em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">No reasonably possible change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:21.0314em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">assumptions could lead to an impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:21.8233em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">ment in Applications.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:23.4064em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0336em;">The Applications business line is also  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:24.1983em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">positively affected by the power and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:24.9902em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">grid modernisation and extensions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:25.7821em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">that drives growth in Solutions and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:26.5739em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0385em;">Service &amp; Accessories.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.0991em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0379em;">Goodwill and intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Goodwill, intangible assets with indef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.6766em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">inite useful lives, and development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.4685em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">projects are tested at least annually for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.2604em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">impairment, and furthermore when a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.0522em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">trigger event occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.6354em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.4272em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">tested for impairment together with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.2191em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">the other non-current assets in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.011em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.8029em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">is allocated. The recoverable amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.5947em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">is generally computed as the present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">value of the expected future net cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.1785em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">flows from the business or activity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.9704em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">(cash-generating unit) to which good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.7623em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">will is allocated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.3516em;"><span class="stl_338 stl_21 stl_312" style="word-spacing:-0.0425em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.1373em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">The carrying amount of other non-cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.9291em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">rent assets is tested when a trigger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.721em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">event occurs which could indicate an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.5129em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">impairment, in which case, the recov-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.3048em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">erable amount of the asset is deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.0966em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">mined. The recoverable amount is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.8885em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">fair value of the asset less anticipated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.6804em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">cost of disposal, or its value-in-use,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.4723em;z-index:3568;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">whichever is higher.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.0554em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The value-in-use is calculated as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.8473em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">present value of expected future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.6391em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">flows from the asset or the cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:38.431em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">erating unit of which the asset is part.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.1041em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.037em;">Recognition of impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.896em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.6816em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">Impairment is recognised if the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4735em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">rying amount of an asset or a cash-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2654em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">generating unit exceeds the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.0573em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recoverable amount. The impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8491em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">is recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.641em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">and impairment of goodwill is rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.4329em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">ognised in a separate line item in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.2248em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.8079em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0298em;">Impairment of goodwill is not reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.5998em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Impairment of other assets is reversed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.3916em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">in the event of changes having taken  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.1835em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">place in the conditions and estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.9754em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">on which the impairment calcula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.7673em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">tion was based. Impairment is only  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.5591em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">reversed if the new carrying amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.351em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">of the asset does not exceed the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.1429em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">rying amount that would have applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.9348em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">after amortisation if the asset had not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.7266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">been impaired.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.6722em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.051em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">For goodwill impairment testing, a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.8429em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">number of estimates are made on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6347em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">the development in revenues, gross  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4266em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">profits, conversion ratios, future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2185em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">capital expenditures, discount rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0237em;">and growth expectations in the ter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8022em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">minal period. These are based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.5941em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">an assessment of current and future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.386em;"><span class="stl_298 stl_16 stl_36">developments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9691em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">in the three cash-generating units and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.761em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">on historical data and assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.5529em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">of future expected market develop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3447em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">ments, including expected long-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1366em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">average market growth rates. Data  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9285em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">includes both internal and external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7204em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">data sources.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:8.9092em;z-index:228;"><span class="stl_801 stl_33 stl_71">3</span><span class="stl_801 stl_33 stl_835">.</span><span class="stl_801 stl_33 stl_216" style="word-spacing:0.4284em;">1 Intangible</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.014em;top:8.9092em;z-index:228;"><span class="stl_801 stl_33 stl_216">assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2745em;top:9.8843em;"><span class="stl_338 stl_21 stl_186">Trademarks,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.4296em;top:9.8837em;"><span class="stl_338 stl_21 stl_88">Development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6077em;top:9.883em;"><span class="stl_338 stl_21 stl_53">Intangible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3102em;top:9.8824em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4408em;top:10.5924em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0355em;">patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9233em;top:10.5918em;"><span class="stl_338 stl_21 stl_615">projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7277em;top:10.5912em;"><span class="stl_338 stl_21 stl_165" style="word-spacing:-0.04em;">assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8045em;top:10.5906em;"><span class="stl_338 stl_21 stl_53">Intangible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:11.3012em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1589em;top:11.3012em;"><span class="stl_338 stl_21 stl_92">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2402em;top:11.3006em;"><span class="stl_338 stl_21 stl_96" style="word-spacing:-0.0338em;">licences etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.8364em;top:11.3006em;"><span class="stl_338 stl_21 stl_442" style="word-spacing:-0.0428em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.1977em;top:11.2999em;"><span class="stl_338 stl_21 stl_92">completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6995em;top:11.2993em;"><span class="stl_338 stl_21 stl_55">development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8127em;top:11.2987em;"><span class="stl_338 stl_21 stl_442">assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0499em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">Cost, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7152em;top:13.0499em;"><span class="stl_298 stl_16 stl_47">350  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2608em;top:13.0499em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4702em;top:13.0499em;"><span class="stl_298 stl_16 stl_42">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6552em;top:13.0499em;"><span class="stl_298 stl_16 stl_154">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8527em;top:13.0499em;"><span class="stl_298 stl_16 stl_71">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6902em;top:13.0499em;"><span class="stl_298 stl_16 stl_249">644  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:14.0156em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4233em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6202em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0139em;top:14.0156em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8545em;top:14.0156em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0514em;top:14.0156em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:14.9812em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4233em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6202em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6758em;top:14.9812em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6514em;top:14.9812em;"><span class="stl_298 stl_16 stl_333">-25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4077em;top:14.9812em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:15.9468em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4233em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6202em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0139em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2108em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4077em;top:15.9468em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:16.9187em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0361em;">Costs, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7195em;top:16.9187em;"><span class="stl_338 stl_21 stl_276">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2545em;top:16.9187em;"><span class="stl_338 stl_21 stl_571">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4583em;top:16.9187em;"><span class="stl_338 stl_21 stl_154">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6476em;top:16.9187em;"><span class="stl_338 stl_21 stl_571">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8608em;top:16.9187em;"><span class="stl_338 stl_21 stl_31">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.702em;top:16.9187em;"><span class="stl_338 stl_21 stl_256">679  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:18.128em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Amortisation and impairment, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.062em;top:18.128em;"><span class="stl_298 stl_16 stl_320">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2189em;top:18.128em;"><span class="stl_298 stl_16 stl_201">-45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4139em;top:18.128em;"><span class="stl_298 stl_16 stl_225">-44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2108em;top:18.128em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6158em;top:18.128em;"><span class="stl_298 stl_16 stl_90">-116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:19.0937em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Amortisation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3776em;top:19.0937em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5739em;top:19.0937em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.812em;top:19.0937em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2101em;top:19.0937em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9051em;top:19.0937em;"><span class="stl_298 stl_16 stl_777">-19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:20.0593em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6195em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8164em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0133em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2101em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.407em;top:20.0593em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:21.0312em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Amortisation and impairment, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0076em;top:21.0312em;"><span class="stl_338 stl_21 stl_225">-31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.1889em;top:21.0312em;"><span class="stl_338 stl_21 stl_571">-53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4051em;top:21.0312em;"><span class="stl_338 stl_21 stl_184">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2095em;top:21.0249em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5008em;top:21.0312em;"><span class="stl_338 stl_21 stl_744">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4545em;top:21.9968em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Carrying amount, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7183em;top:21.9968em;"><span class="stl_338 stl_21 stl_276">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2576em;top:21.9968em;"><span class="stl_338 stl_21 stl_275">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4664em;top:21.9968em;"><span class="stl_338 stl_21 stl_125">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.662em;top:21.9968em;"><span class="stl_338 stl_21 stl_321">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8601em;top:21.9968em;"><span class="stl_338 stl_21 stl_31">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6789em;top:21.9968em;"><span class="stl_338 stl_21 stl_293">544  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:23.5355em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">Cost, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7564em;top:23.5355em;"><span class="stl_298 stl_16 stl_471">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2595em;top:23.5355em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4689em;top:23.5355em;"><span class="stl_298 stl_16 stl_42">77  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6551em;top:23.5355em;"><span class="stl_298 stl_16 stl_71">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.8745em;top:23.5355em;"><span class="stl_298 stl_16 stl_623">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7283em;top:23.5355em;"><span class="stl_298 stl_16 stl_570">679  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:24.5012em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4226em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6195em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8164em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0133em;top:24.5012em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.862em;top:24.5012em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0589em;top:24.5012em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:25.4668em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Additions through business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.0639em;top:25.4668em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2839em;top:25.4668em;"><span class="stl_298 stl_16 stl_10">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8176em;top:25.4668em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0145em;top:25.4668em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2114em;top:25.4668em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7276em;top:25.4668em;"><span class="stl_298 stl_16 stl_351">105  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:26.4324em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4239em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6208em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8176em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6908em;top:26.4324em;"><span class="stl_298 stl_16 stl_823">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.6664em;top:26.4324em;"><span class="stl_298 stl_16 stl_858">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4076em;top:26.4324em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4557em;top:27.398em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.9276em;top:27.398em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.4364em;top:27.398em;z-index:985;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8164em;top:27.398em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.792em;top:27.398em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.9889em;top:27.398em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9214em;top:27.398em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4551em;top:28.3699em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0345em;">Costs, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7001em;top:28.3699em;"><span class="stl_338 stl_21 stl_317">405  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9389em;top:28.3699em;"><span class="stl_338 stl_21 stl_771">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4645em;top:28.3699em;"><span class="stl_338 stl_21 stl_305">79  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3832em;top:28.3699em;"><span class="stl_338 stl_21 stl_775">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.5226em;top:28.3699em;"><span class="stl_338 stl_21 stl_30">103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6895em;top:28.3699em;"><span class="stl_338 stl_21 stl_154">799  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4557em;top:29.8018em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">Amortisation and impairment, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0514em;top:29.8018em;"><span class="stl_298 stl_16 stl_349">-31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2195em;top:29.8018em;"><span class="stl_298 stl_16 stl_300">-53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4608em;top:29.8018em;"><span class="stl_298 stl_16 stl_839">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2114em;top:29.8018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5526em;top:29.8018em;"><span class="stl_298 stl_16 stl_823">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:30.7674em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Amortisation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.372em;top:30.7674em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.6158em;top:30.7674em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8126em;top:30.7674em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2108em;top:30.7674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8389em;top:30.7674em;"><span class="stl_298 stl_16 stl_349">-20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4558em;top:31.733em;"><span class="stl_298 stl_16 stl_109">Impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6201em;top:31.733em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.817em;top:31.733em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0139em;top:31.733em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0276em;top:31.733em;z-index:1129;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2245em;top:31.733em;z-index:1131;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.6987em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6208em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.8176em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.0145em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2114em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4082em;top:32.6987em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:33.6705em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.039em;">Amortisation and impairment, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9926em;top:33.6705em;"><span class="stl_338 stl_21 stl_861">-36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.1945em;top:33.6705em;"><span class="stl_338 stl_21 stl_293">-59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.387em;top:33.6705em;"><span class="stl_338 stl_21 stl_571">-58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.2107em;top:33.6705em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5032em;top:33.6705em;"><span class="stl_338 stl_21 stl_639">-153  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4557em;top:34.6362em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">Carrying amount, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.7007em;top:34.6362em;"><span class="stl_338 stl_21 stl_317">405  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2545em;top:34.6362em;"><span class="stl_338 stl_21 stl_571">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4558em;top:34.6362em;"><span class="stl_338 stl_21 stl_384">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6626em;top:34.6362em;"><span class="stl_338 stl_21 stl_321">52  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.5226em;top:34.6362em;"><span class="stl_338 stl_21 stl_30">103  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6832em;top:34.6362em;"><span class="stl_338 stl_21 stl_275">646  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Goodwill is initially recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">balance sheet at cost. Subsequently,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">goodwill is measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">accumulated impairment losses and is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">not amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8435em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6354em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">allocated to NKT Group’s cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:19.4272em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">erating units at the acquisition date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Cash-generating units are based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">the managerial structure and inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">nal financial control. As a result of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">the integration of acquisitions in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">existing NKT Group, and identifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1785em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">tion of operating segments based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9704em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the presence of segment managers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:25.7623em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Group Management finds that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">smallest cash-generating units to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.346em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">which the carrying amount of goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1379em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">can be allocated during testing for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9298em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">impairment are identical to the operat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.7216em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">ing segments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Other intangible assets, which include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0966em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">IT software, trademarks, patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8885em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">licences, are measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6804em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">accumulated amortisation and impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4723em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0355em;">ment losses and are amortised on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2641em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">straight-line basis over the remaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.056em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">patent or contract period or the useful  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.8479em;z-index:944;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0218em;">life, whichever is the shorter.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0979em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Expected useful life is determined as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8898em;"><span class="stl_298 stl_16 stl_231">follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4729em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0156em;">Trademarks, patents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2648em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and licences, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1832em;top:16.2648em;z-index:1020;"><span class="stl_298 stl_16 stl_300">3</span><span class="stl_298 stl_16 stl_683">-</span><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0566em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4407em;top:17.0566em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">3-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8485em;"><span class="stl_298 stl_16 stl_254">Completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6404em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.467em;top:18.6404em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0193em;">2-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">Intangible assets under development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0154em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">consists of clearly defined and iden-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8073em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">tifiable development projects where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5991em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">the following requirements are met:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.391em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">The technical feasibility, adequacy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1829em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">of resources and a potential future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9748em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">market can be demonstrated, it is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7666em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">intended to manufacture, market or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.5585em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">utilise the project, the cost can be reli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3504em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ably determined, and there is reason-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.1423em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">able certainty that the future earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9341em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or net selling prices can cover the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.726em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">carrying amount as well as the devel-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:30.5179em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">opment costs necessary to finalise the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3098em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">project as incurred. Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1016em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">under development are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.8935em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">cost less accumulated impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.6854em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">losses. The cost includes wages,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4773em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">amortisation and other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2691em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">to the Group’s development activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.061em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">On completion the development work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.8529em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">is transferred to Development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6448em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">completed or IT software.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Goodwill is initially recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">balance sheet at cost. Subsequently,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">goodwill is measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">accumulated impairment losses and is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">not amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8435em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6354em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">allocated to NKT Group’s cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:19.4272em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">erating units at the acquisition date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Cash-generating units are based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">the managerial structure and inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">nal financial control. As a result of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">the integration of acquisitions in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">existing NKT Group, and identifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1785em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">tion of operating segments based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9704em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the presence of segment managers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:25.7623em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Group Management finds that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">smallest cash-generating units to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.346em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">which the carrying amount of goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1379em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">can be allocated during testing for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9298em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">impairment are identical to the operat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.7216em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">ing segments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Other intangible assets, which include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0966em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">IT software, trademarks, patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8885em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">licences, are measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6804em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">accumulated amortisation and impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4723em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0355em;">ment losses and are amortised on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2641em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">straight-line basis over the remaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.056em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">patent or contract period or the useful  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.8479em;z-index:944;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0218em;">life, whichever is the shorter.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0979em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Expected useful life is determined as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8898em;"><span class="stl_298 stl_16 stl_231">follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4729em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0156em;">Trademarks, patents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2648em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and licences, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1832em;top:16.2648em;z-index:1020;"><span class="stl_298 stl_16 stl_300">3</span><span class="stl_298 stl_16 stl_683">-</span><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0566em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4407em;top:17.0566em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">3-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8485em;"><span class="stl_298 stl_16 stl_254">Completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6404em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.467em;top:18.6404em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0193em;">2-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">Intangible assets under development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0154em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">consists of clearly defined and iden-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8073em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">tifiable development projects where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5991em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">the following requirements are met:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.391em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">The technical feasibility, adequacy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1829em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">of resources and a potential future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9748em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">market can be demonstrated, it is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7666em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">intended to manufacture, market or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.5585em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">utilise the project, the cost can be reli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3504em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ably determined, and there is reason-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.1423em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">able certainty that the future earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9341em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or net selling prices can cover the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.726em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">carrying amount as well as the devel-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:30.5179em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">opment costs necessary to finalise the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3098em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">project as incurred. Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1016em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">under development are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.8935em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">cost less accumulated impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.6854em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">losses. The cost includes wages,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4773em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">amortisation and other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2691em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">to the Group’s development activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.061em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">On completion the development work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.8529em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">is transferred to Development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6448em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">completed or IT software.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Goodwill is initially recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">balance sheet at cost. Subsequently,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">goodwill is measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">accumulated impairment losses and is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">not amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8435em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6354em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">allocated to NKT Group’s cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:19.4272em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">erating units at the acquisition date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Cash-generating units are based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">the managerial structure and inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">nal financial control. As a result of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">the integration of acquisitions in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">existing NKT Group, and identifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.1785em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">tion of operating segments based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:24.9704em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">the presence of segment managers,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:25.7623em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">Group Management finds that the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">smallest cash-generating units to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:27.346em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0345em;">which the carrying amount of goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.1379em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">can be allocated during testing for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:28.9298em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">impairment are identical to the operat-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:29.7216em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">ing segments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.0991em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0379em;">Goodwill and intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Goodwill, intangible assets with indef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.6766em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">inite useful lives, and development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.4685em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">projects are tested at least annually for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.2604em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">impairment, and furthermore when a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.0522em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">trigger event occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.6354em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.4272em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">tested for impairment together with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.2191em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">the other non-current assets in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.011em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.8029em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">is allocated. The recoverable amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.5947em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">is generally computed as the present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">value of the expected future net cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.1785em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">flows from the business or activity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.9704em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">(cash-generating unit) to which good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.7623em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">will is allocated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.3516em;"><span class="stl_338 stl_21 stl_312" style="word-spacing:-0.0425em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.1373em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">The carrying amount of other non-cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.9291em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">rent assets is tested when a trigger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.721em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">event occurs which could indicate an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.5129em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">impairment, in which case, the recov-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.3048em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">erable amount of the asset is deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.0966em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">mined. The recoverable amount is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.8885em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">fair value of the asset less anticipated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.6804em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">cost of disposal, or its value-in-use,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.4723em;z-index:3568;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">whichever is higher.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.0554em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The value-in-use is calculated as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.8473em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">present value of expected future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.6391em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">flows from the asset or the cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:38.431em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">erating unit of which the asset is part.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.1041em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.037em;">Recognition of impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.896em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.6816em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">Impairment is recognised if the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4735em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">rying amount of an asset or a cash-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2654em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">generating unit exceeds the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.0573em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recoverable amount. The impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8491em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">is recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.641em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">and impairment of goodwill is rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.4329em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">ognised in a separate line item in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.2248em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.8079em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0298em;">Impairment of goodwill is not reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.5998em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Impairment of other assets is reversed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.3916em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">in the event of changes having taken  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.1835em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">place in the conditions and estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.9754em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">on which the impairment calcula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.7673em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">tion was based. Impairment is only  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.5591em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">reversed if the new carrying amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.351em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">of the asset does not exceed the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.1429em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">rying amount that would have applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.9348em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">after amortisation if the asset had not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.7266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">been impaired.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">Intangible assets under development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0154em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">consists of clearly defined and iden-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8073em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">tifiable development projects where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5991em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">the following requirements are met:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.391em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">The technical feasibility, adequacy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1829em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">of resources and a potential future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9748em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">market can be demonstrated, it is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7666em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">intended to manufacture, market or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.5585em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">utilise the project, the cost can be reli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3504em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ably determined, and there is reason-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.1423em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">able certainty that the future earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9341em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or net selling prices can cover the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.726em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">carrying amount as well as the devel-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:30.5179em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">opment costs necessary to finalise the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3098em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">project as incurred. Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1016em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">under development are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.8935em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">cost less accumulated impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.6854em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">losses. The cost includes wages,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4773em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">amortisation and other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2691em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">to the Group’s development activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.061em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">On completion the development work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.8529em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">is transferred to Development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6448em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">completed or IT software.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Other intangible assets, which include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0966em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">IT software, trademarks, patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8885em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">licences, are measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6804em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">accumulated amortisation and impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4723em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0355em;">ment losses and are amortised on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2641em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">straight-line basis over the remaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.056em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">patent or contract period or the useful  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.8479em;z-index:944;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0218em;">life, whichever is the shorter.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0979em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Expected useful life is determined as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8898em;"><span class="stl_298 stl_16 stl_231">follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4729em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0156em;">Trademarks, patents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2648em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and licences, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1832em;top:16.2648em;z-index:1020;"><span class="stl_298 stl_16 stl_300">3</span><span class="stl_298 stl_16 stl_683">-</span><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0566em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4407em;top:17.0566em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">3-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8485em;"><span class="stl_298 stl_16 stl_254">Completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6404em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.467em;top:18.6404em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0193em;">2-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">Intangible assets under development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0154em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">consists of clearly defined and iden-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8073em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">tifiable development projects where  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5991em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">the following requirements are met:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.391em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">The technical feasibility, adequacy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1829em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">of resources and a potential future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9748em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">market can be demonstrated, it is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7666em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">intended to manufacture, market or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.5585em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">utilise the project, the cost can be reli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3504em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">ably determined, and there is reason-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.1423em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">able certainty that the future earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9341em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">or net selling prices can cover the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.726em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">carrying amount as well as the devel-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:30.5179em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">opment costs necessary to finalise the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3098em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">project as incurred. Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1016em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">under development are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.8935em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">cost less accumulated impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:33.6854em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">losses. The cost includes wages,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4773em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">amortisation and other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2691em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">to the Group’s development activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.061em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">On completion the development work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.8529em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">is transferred to Development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6448em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">completed or IT software.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Other intangible assets, which include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0966em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">IT software, trademarks, patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8885em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">licences, are measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6804em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">accumulated amortisation and impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4723em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0355em;">ment losses and are amortised on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2641em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">straight-line basis over the remaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.056em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">patent or contract period or the useful  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.8479em;z-index:944;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0218em;">life, whichever is the shorter.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0979em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Expected useful life is determined as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8898em;"><span class="stl_298 stl_16 stl_231">follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4729em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0156em;">Trademarks, patents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2648em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and licences, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1832em;top:16.2648em;z-index:1020;"><span class="stl_298 stl_16 stl_300">3</span><span class="stl_298 stl_16 stl_683">-</span><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0566em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4407em;top:17.0566em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">3-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8485em;"><span class="stl_298 stl_16 stl_254">Completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6404em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.467em;top:18.6404em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0193em;">2-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0299em;">Property, plant and equipment are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">measured at cost less accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">depreciation and impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2597em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0336em;">The cost comprises the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0516em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0308em;">price and any costs directly attributa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8435em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.0269em;">ble to the acquisition. Borrowing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.6354em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0296em;">directly attributable to assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4272em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.03em;">construction with a lengthy construc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2191em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0314em;">tion period are recognised in costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.011em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0319em;">during the construction period. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8029em;"><span class="stl_298 stl_16 stl_429" style="word-spacing:-0.0281em;">cost of self-constructed assets com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0288em;">prises costs of materials, components,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0294em;">subcontractors and wages. The cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0286em;">is supplemented by the present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0253em;">of estimated liabilities related to dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0303em;">mantling and removing the asset and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0274em;">restoring the site on which the asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0254em;">was utilised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9291em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0216em;">Subsequent costs, e.g. relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.721em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">replacement of parts of an item of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5129em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">property, plant and equipment, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3048em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">recognised in the carrying amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0966em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">the asset if it is probable that the costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8885em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">will result in future economic benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6804em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">for the Group. All other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4723em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">to ordinary repair and maintenance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:35.2641em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">are recognised in the income state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.056em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">ment as incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">Depreciation is done on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">basis over the expected useful life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:14.6816em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">the assets, as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_155">Buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5472em;top:16.2648em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.011em;">10 – 50 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Manufacturing plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_606" style="word-spacing:-0.0402em;">and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8747em;top:17.8485em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">4 – 20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">Fixtures, fittings, tools  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.9053em;top:19.4323em;"><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">3 – 15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_212">Vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8822em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_77">Land  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7722em;top:21.016em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">not depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5991em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">If individual parts of an item of prop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.391em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">erty, plant and equipment have differ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1829em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ent useful lives, they are depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9748em;"><span class="stl_298 stl_16 stl_97">separately.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5579em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">The basis of depreciation is calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3498em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">according to the residual value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1416em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">impairment losses. The residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9335em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">is determined at the acquisition date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.7254em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and reviewed annually. If the residual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5173em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">value exceeds the carrying amount,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3091em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">depreciation is discontinued.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:13.3279em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.9566em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">Leases are recognised as a right-of-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.7485em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0349em;">use asset and a corresponding liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.5404em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">at the date at which the leased asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.3323em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">is available for use by the group. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.1241em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">lease payment is allocated between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.916em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">the liability and finance cost. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.7079em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">finance cost is charged to profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.4998em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">loss over the lease period. The right-of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.2916em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">use asset is depreciated over the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.0835em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">shorter of the asset's useful life and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.8754em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">the lease term on a straight-line basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.6673em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Assets and liabilities arising from a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.4591em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">lease are initially measured at present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.251em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">value. Lease liabilities include the net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.0429em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">present value of the following lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.8348em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:28.6908em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:28.4149em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">fixed payments (including in-sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.2068em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">stance fixed payments), less any  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.9987em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">lease incentives receivable,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:30.7899em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">variable lease payment that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:31.0658em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:31.5818em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">based on an index or a rate,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:14.9567em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">amounts expected to be payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.2326em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:15.7486em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">by the lessee under residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:16.5404em;"><span class="stl_298 stl_16 stl_94">guarantees,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.6076em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:17.3317em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">the exercise price of a purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.1236em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">option if the lessee is reasonably  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.9154em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">certain to exercise that option, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:19.7067em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">payments of penalties for termi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.9826em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:20.4986em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">nating the lease, if the lease term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:21.2904em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">reflects the lessee exercising that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:22.0823em;"><span class="stl_298 stl_16 stl_198">option.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Other intangible assets, which include  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.0966em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">IT software, trademarks, patents and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:32.8885em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">licences, are measured at cost less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:33.6804em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">accumulated amortisation and impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:34.4723em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0355em;">ment losses and are amortised on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:35.2641em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">straight-line basis over the remaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.056em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">patent or contract period or the useful  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3619em;top:36.8479em;z-index:944;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0218em;">life, whichever is the shorter.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.0979em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Expected useful life is determined as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8898em;"><span class="stl_298 stl_16 stl_231">follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4729em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0156em;">Trademarks, patents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2648em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and licences, etc.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1832em;top:16.2648em;z-index:1020;"><span class="stl_298 stl_16 stl_300">3</span><span class="stl_298 stl_16 stl_683">-</span><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0566em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">IT software  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4407em;top:17.0566em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">3-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8485em;"><span class="stl_298 stl_16 stl_254">Completed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6404em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">development projects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.467em;top:18.6404em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0193em;">2-8 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6778em;top:10.2696em;"><span class="stl_338 stl_21 stl_91">Manufacturing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.366em;top:10.2702em;"><span class="stl_338 stl_21 stl_104" style="word-spacing:-0.04em;">Fixtures, fittings,</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.039em;top:10.2702em;"><span class="stl_338 stl_21 stl_669" style="word-spacing:-0.0376em;">Property, plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3135em;top:10.2715em;"><span class="stl_338 stl_21 stl_187" style="word-spacing:-0.0255em;">Total property,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3128em;top:10.9358em;"><span class="stl_338 stl_21 stl_319" style="word-spacing:-0.0464em;">Land and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2172em;top:10.9365em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0397em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.6291em;top:10.9371em;"><span class="stl_338 stl_21 stl_109" style="word-spacing:-0.0327em;">tools and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6972em;top:10.9377em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">equipment under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8785em;top:10.9383em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0397em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.6027em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3828em;top:11.6027em;"><span class="stl_338 stl_21 stl_96">buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8878em;top:11.6033em;"><span class="stl_338 stl_21 stl_152">machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2072em;top:11.604em;"><span class="stl_338 stl_21 stl_174">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9966em;top:11.6046em;"><span class="stl_338 stl_21 stl_360">construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.491em;top:11.6052em;"><span class="stl_338 stl_21 stl_174">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.2958em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">Cost, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1216em;top:13.2958em;"><span class="stl_298 stl_16 stl_454">418  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9797em;top:13.2958em;"><span class="stl_298 stl_16 stl_744">727  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3685em;top:13.2958em;"><span class="stl_298 stl_16 stl_842">129  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6997em;top:13.2958em;"><span class="stl_298 stl_16 stl_47">209  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1247em;top:13.2958em;"><span class="stl_298 stl_16 stl_662">1,483  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:14.1202em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3991em;top:14.1202em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.336em;top:14.1202em;"><span class="stl_298 stl_16 stl_548">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.031em;top:14.1202em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7535em;top:14.1202em;"><span class="stl_298 stl_16 stl_770">187  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6116em;top:14.1202em;"><span class="stl_298 stl_16 stl_127">236  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:14.9446em;"><span class="stl_298 stl_16 stl_249">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2466em;top:14.9446em;"><span class="stl_298 stl_16 stl_864">-18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4103em;top:14.9446em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8097em;top:14.9446em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4085em;top:14.9446em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7516em;top:14.9446em;"><span class="stl_298 stl_16 stl_570">-28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.769em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4072em;top:15.769em;"><span class="stl_298 stl_16 stl_351">67  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.971em;top:15.769em;"><span class="stl_298 stl_16 stl_28">108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6835em;top:15.769em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5497em;top:15.769em;"><span class="stl_298 stl_16 stl_383">-195  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3147em;top:15.769em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:16.5933em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7478em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6535em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0316em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4097em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3153em;top:16.5933em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3634em;top:17.424em;"><span class="stl_338 stl_21 stl_382" style="word-spacing:-0.0379em;">Cost, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0353em;top:17.424em;"><span class="stl_338 stl_21 stl_184">501  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9284em;top:17.424em;"><span class="stl_338 stl_21 stl_434">846  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3591em;top:17.424em;"><span class="stl_338 stl_21 stl_167">152  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6966em;top:17.424em;"><span class="stl_338 stl_21 stl_253">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1116em;top:17.424em;"><span class="stl_338 stl_21 stl_296">1,700  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3634em;top:18.2421em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">Depreciation and impairment, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9072em;top:18.2421em;"><span class="stl_298 stl_16 stl_865">-126  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7222em;top:18.2421em;"><span class="stl_298 stl_16 stl_297">-429  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4303em;top:18.2421em;"><span class="stl_298 stl_16 stl_154">-84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4097em;top:18.2421em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3522em;top:18.2421em;"><span class="stl_298 stl_16 stl_378">-639  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3634em;top:19.0665em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Depreciation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2453em;top:19.0665em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0728em;top:19.0665em;"><span class="stl_298 stl_16 stl_685">-42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5316em;top:19.0665em;"><span class="stl_298 stl_16 stl_554">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4097em;top:19.0665em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7947em;top:19.0665em;"><span class="stl_298 stl_16 stl_804">-71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:19.8908em;"><span class="stl_298 stl_16 stl_249">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4309em;top:19.8908em;"><span class="stl_298 stl_16 stl_344">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6541em;top:19.8908em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0322em;top:19.8908em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4103em;top:19.8908em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9747em;top:19.8908em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:20.7152em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7491em;top:20.7152em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4153em;top:20.7152em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8491em;top:20.7152em;z-index:2014;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4103em;top:20.7152em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0734em;top:20.7152em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:21.5458em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0381em;">Depreciation and impairment, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8603em;top:21.5458em;"><span class="stl_338 stl_21 stl_866">-124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6566em;top:21.5458em;"><span class="stl_338 stl_21 stl_867">-466  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4053em;top:21.5458em;"><span class="stl_338 stl_21 stl_571">-96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4103em;top:21.5458em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3153em;top:21.5458em;"><span class="stl_338 stl_21 stl_518">-686  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:22.3702em;"><span class="stl_338 stl_21 stl_185" style="word-spacing:-0.0398em;">Carrying amount, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0397em;top:22.3702em;"><span class="stl_338 stl_21 stl_226">377  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9247em;top:22.3702em;"><span class="stl_338 stl_21 stl_101">380  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6716em;top:22.3702em;"><span class="stl_338 stl_21 stl_317">56  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6978em;top:22.3702em;"><span class="stl_338 stl_21 stl_253">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1497em;top:22.3702em;"><span class="stl_338 stl_21 stl_839">1,014  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:23.6965em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">Cost, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0603em;top:23.6965em;"><span class="stl_298 stl_16 stl_242">501  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9428em;top:23.6965em;"><span class="stl_298 stl_16 stl_58">846  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3741em;top:23.6965em;"><span class="stl_298 stl_16 stl_763">152  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7272em;top:23.6965em;"><span class="stl_298 stl_16 stl_377">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.1553em;top:23.6965em;"><span class="stl_298 stl_16 stl_682">1,700  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:24.5208em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4322em;top:24.5208em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3135em;top:24.5208em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7141em;top:24.5208em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6966em;top:24.5208em;"><span class="stl_298 stl_16 stl_300">436  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6059em;top:24.5208em;"><span class="stl_298 stl_16 stl_211">498  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:25.3452em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Additions through business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4416em;top:25.3452em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6553em;top:25.3452em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6766em;top:25.3452em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4116em;top:25.3452em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9622em;top:25.3452em;"><span class="stl_298 stl_16 stl_211">53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3653em;top:26.1696em;"><span class="stl_298 stl_16 stl_249">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5291em;top:26.1696em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4128em;top:26.1696em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7947em;top:26.1696em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4116em;top:26.1696em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8122em;top:26.1696em;"><span class="stl_298 stl_16 stl_807">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3653em;top:27.1015em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">Transferred between classes of assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4284em;top:27.1015em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3003em;top:27.1015em;"><span class="stl_298 stl_16 stl_211">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.6953em;top:27.1015em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8753em;top:27.1015em;"><span class="stl_298 stl_16 stl_822">-70  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3166em;top:27.1015em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:27.9258em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5066em;top:27.9258em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4166em;top:27.9258em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7941em;top:27.9258em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2097em;top:27.9258em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7584em;top:27.9258em;"><span class="stl_298 stl_16 stl_320">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:28.7565em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0363em;">Cost, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0234em;top:28.7565em;"><span class="stl_338 stl_21 stl_326">530  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9309em;top:28.7565em;"><span class="stl_338 stl_21 stl_275">895  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3253em;top:28.7565em;"><span class="stl_338 stl_21 stl_79">224  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6878em;top:28.7565em;"><span class="stl_338 stl_21 stl_152">565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0897em;top:28.7565em;"><span class="stl_338 stl_21 stl_51">2,214  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:29.5746em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Depreciation and impairment, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.9303em;top:29.5746em;"><span class="stl_298 stl_16 stl_786">-124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7003em;top:29.5746em;"><span class="stl_298 stl_16 stl_300">-466  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4316em;top:29.5746em;"><span class="stl_298 stl_16 stl_64">-96  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4109em;top:29.5746em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3503em;top:29.5746em;"><span class="stl_298 stl_16 stl_384">-686  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3647em;top:30.399em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Depreciation for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2484em;top:30.399em;"><span class="stl_298 stl_16 stl_864">-18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0916em;top:30.399em;"><span class="stl_298 stl_16 stl_197">-47  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5472em;top:30.399em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4103em;top:30.399em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7228em;top:30.399em;"><span class="stl_298 stl_16 stl_47">-82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3641em;top:31.2233em;"><span class="stl_298 stl_16 stl_249">Disposals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7491em;top:31.2233em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6547em;top:31.2233em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0328em;top:31.2233em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4109em;top:31.2233em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9953em;top:31.2233em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3653em;top:32.0477em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7503em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6559em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0341em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4122em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3178em;top:32.0477em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3659em;top:32.8783em;"><span class="stl_338 stl_21 stl_291" style="word-spacing:-0.0373em;">Depreciation and impairment, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8434em;top:32.8783em;"><span class="stl_338 stl_21 stl_10">-139  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6678em;top:32.8783em;"><span class="stl_338 stl_21 stl_765">-503  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1241em;top:32.8783em;"><span class="stl_338 stl_21 stl_354">-108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4128em;top:32.8783em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3922em;top:32.8783em;"><span class="stl_338 stl_21 stl_560">-750  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3666em;top:33.7027em;"><span class="stl_338 stl_21 stl_234" style="word-spacing:-0.0387em;">Carrying amount, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0347em;top:33.7027em;"><span class="stl_338 stl_21 stl_71">391  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9372em;top:33.7027em;"><span class="stl_338 stl_21 stl_360">392  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4041em;top:33.7027em;"><span class="stl_338 stl_21 stl_868">116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6897em;top:33.7027em;"><span class="stl_338 stl_21 stl_152">565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0903em;top:33.7027em;"><span class="stl_338 stl_21 stl_224">1,464  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.5403em;top:34.9702em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">In 2024, borrowing costs of EUR 10m have been capitalised as part of property, plant and equipment under construction.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0299em;">Property, plant and equipment are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">measured at cost less accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">depreciation and impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2597em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0336em;">The cost comprises the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0516em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0308em;">price and any costs directly attributa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8435em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.0269em;">ble to the acquisition. Borrowing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.6354em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0296em;">directly attributable to assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4272em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.03em;">construction with a lengthy construc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2191em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0314em;">tion period are recognised in costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.011em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0319em;">during the construction period. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8029em;"><span class="stl_298 stl_16 stl_429" style="word-spacing:-0.0281em;">cost of self-constructed assets com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0288em;">prises costs of materials, components,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0294em;">subcontractors and wages. The cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0286em;">is supplemented by the present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0253em;">of estimated liabilities related to dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0303em;">mantling and removing the asset and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0274em;">restoring the site on which the asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0254em;">was utilised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9291em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0216em;">Subsequent costs, e.g. relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.721em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">replacement of parts of an item of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5129em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">property, plant and equipment, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3048em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">recognised in the carrying amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0966em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">the asset if it is probable that the costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8885em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">will result in future economic benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6804em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">for the Group. All other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4723em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">to ordinary repair and maintenance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:35.2641em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">are recognised in the income state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.056em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">ment as incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">Depreciation is done on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">basis over the expected useful life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:14.6816em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">the assets, as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_155">Buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5472em;top:16.2648em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.011em;">10 – 50 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Manufacturing plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_606" style="word-spacing:-0.0402em;">and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8747em;top:17.8485em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">4 – 20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">Fixtures, fittings, tools  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.9053em;top:19.4323em;"><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">3 – 15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_212">Vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8822em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_77">Land  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7722em;top:21.016em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">not depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5991em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">If individual parts of an item of prop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.391em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">erty, plant and equipment have differ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1829em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ent useful lives, they are depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9748em;"><span class="stl_298 stl_16 stl_97">separately.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5579em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">The basis of depreciation is calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3498em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">according to the residual value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1416em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">impairment losses. The residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9335em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">is determined at the acquisition date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.7254em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and reviewed annually. If the residual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5173em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">value exceeds the carrying amount,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3091em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">depreciation is discontinued.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:8.9083em;"><span class="stl_801 stl_33 stl_214" style="word-spacing:0.3393em;">3.3 Leases</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:10.7435em;"><span class="stl_338 stl_21 stl_105" style="word-spacing:-0.0366em;">Right-of-use assets from leases included in property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1347em;top:12.1332em;"><span class="stl_338 stl_21 stl_91">Manufacturing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0628em;top:12.1338em;"><span class="stl_338 stl_21 stl_606">Fixtures,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1691em;top:12.1344em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.2422em;top:12.7994em;"><span class="stl_338 stl_21 stl_319" style="word-spacing:-0.0464em;">Land and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6747em;top:12.8em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0397em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7728em;top:12.8007em;"><span class="stl_338 stl_21 stl_339" style="word-spacing:-0.0363em;">fittings, tools</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.215em;top:12.8007em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0385em;">property, plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.4663em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3122em;top:13.4663em;"><span class="stl_338 stl_21 stl_96">buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3453em;top:13.4669em;"><span class="stl_338 stl_21 stl_158" style="word-spacing:0.8596em;">machinery and</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.481em;top:13.4669em;"><span class="stl_338 stl_21 stl_174">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:15.2194em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Carrying amount, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3266em;top:15.2194em;"><span class="stl_298 stl_16 stl_31">29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:15.2194em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:15.2194em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9103em;top:15.2194em;"><span class="stl_298 stl_16 stl_300">36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:16.185em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3285em;top:16.185em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:16.185em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:16.185em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9191em;top:16.185em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:17.1507em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">Depreciation of right of use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4347em;top:17.1507em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9266em;top:17.1507em;z-index:1997;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1235em;top:17.1507em;z-index:1999;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0191em;top:17.1507em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:18.1225em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Carrying amount, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3266em;top:18.1225em;"><span class="stl_338 stl_21 stl_31">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:18.1225em;"><span class="stl_338 stl_21 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:18.1225em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.911em;top:18.1225em;"><span class="stl_338 stl_21 stl_253">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:19.6613em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">Carrying amount, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3372em;top:19.6613em;"><span class="stl_298 stl_16 stl_351">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1103em;top:19.6613em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3072em;top:19.6613em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9166em;top:19.6613em;"><span class="stl_298 stl_16 stl_321">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:20.6269em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Additions through business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3647em;top:20.6269em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:20.6269em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:20.6269em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9553em;top:20.6269em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:21.5925em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6766em;top:21.5925em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7622em;top:21.5925em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:21.5925em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9216em;top:21.5925em;"><span class="stl_298 stl_16 stl_132">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:22.5582em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">Depreciation of right of use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4285em;top:22.5582em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9266em;top:22.5582em;z-index:2160;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:22.5582em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.066em;top:22.5582em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:23.5238em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4935em;top:23.5238em;z-index:2188;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:23.5238em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:23.5238em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0841em;top:23.5238em;z-index:2192;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:24.4957em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">Carrying amount, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3147em;top:24.4957em;"><span class="stl_338 stl_21 stl_87">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7603em;top:24.4957em;"><span class="stl_338 stl_21 stl_125">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:24.4957em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9053em;top:24.4957em;"><span class="stl_338 stl_21 stl_275">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:25.8344em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">Leases mainly consist of office buildings and production facilities. Lease additions in 2023 and 2024 are driven by the general  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:26.5425em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">increase in activity and investment in production capacity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:27.9594em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">NKT have entered into a number of lease agreements, that are not recognised as right-of-use assets due to the low-value or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:28.6675em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">the short-term nature of the asset. The table to the right shows the total expense of low value and short-term leases, together  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:29.3757em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">with the interest expenses of lease debt. For specification of contractual maturity of lease liabilities refer to note 5.4 Net inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:30.0838em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">est-bearing debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1906em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Amounts expensed in the income statement and total cash outflow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.5818em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9485em;top:33.5818em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1922em;top:33.5818em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.333em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">Interest expense on lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0147em;top:35.333em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2666em;top:35.333em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.2986em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Expenses for low-value assets and short-term leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6978em;top:36.2986em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9778em;top:36.2986em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.2643em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">Cash outflow regarding lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0147em;top:37.2643em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2666em;top:37.2643em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:38.373em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">In 2024 interest expenses of EUR 3m on lease liabilities have been capitalised as part of assets under construction.</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:13.3279em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.9566em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">Leases are recognised as a right-of-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.7485em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0349em;">use asset and a corresponding liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.5404em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">at the date at which the leased asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.3323em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">is available for use by the group. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.1241em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">lease payment is allocated between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.916em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">the liability and finance cost. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.7079em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">finance cost is charged to profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.4998em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">loss over the lease period. The right-of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.2916em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">use asset is depreciated over the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.0835em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">shorter of the asset's useful life and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.8754em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">the lease term on a straight-line basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.6673em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Assets and liabilities arising from a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.4591em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">lease are initially measured at present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.251em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">value. Lease liabilities include the net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.0429em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">present value of the following lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.8348em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:28.6908em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:28.4149em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">fixed payments (including in-sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.2068em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">stance fixed payments), less any  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.9987em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">lease incentives receivable,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:30.7899em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">variable lease payment that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:31.0658em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:31.5818em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">based on an index or a rate,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:14.9567em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">amounts expected to be payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.2326em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:15.7486em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">by the lessee under residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:16.5404em;"><span class="stl_298 stl_16 stl_94">guarantees,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.6076em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:17.3317em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">the exercise price of a purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.1236em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">option if the lessee is reasonably  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.9154em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">certain to exercise that option, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:19.7067em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">payments of penalties for termi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.9826em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:20.4986em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">nating the lease, if the lease term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:21.2904em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">reflects the lessee exercising that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:22.0823em;"><span class="stl_298 stl_16 stl_198">option.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0299em;">Property, plant and equipment are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">measured at cost less accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">depreciation and impairment losses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2597em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0336em;">The cost comprises the purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0516em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0308em;">price and any costs directly attributa-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8435em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.0269em;">ble to the acquisition. Borrowing costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.6354em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0296em;">directly attributable to assets under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4272em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.03em;">construction with a lengthy construc-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2191em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0314em;">tion period are recognised in costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.011em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0319em;">during the construction period. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8029em;"><span class="stl_298 stl_16 stl_429" style="word-spacing:-0.0281em;">cost of self-constructed assets com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0288em;">prises costs of materials, components,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_142" style="word-spacing:-0.0294em;">subcontractors and wages. The cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0286em;">is supplemented by the present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0253em;">of estimated liabilities related to dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0303em;">mantling and removing the asset and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0274em;">restoring the site on which the asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_413" style="word-spacing:-0.0254em;">was utilised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9291em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0216em;">Subsequent costs, e.g. relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.721em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">replacement of parts of an item of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5129em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">property, plant and equipment, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3048em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">recognised in the carrying amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0966em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">the asset if it is probable that the costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8885em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">will result in future economic benefits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6804em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">for the Group. All other costs relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4723em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">to ordinary repair and maintenance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:35.2641em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">are recognised in the income state-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.056em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">ment as incurred.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">Depreciation is done on a straight-line  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">basis over the expected useful life of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:14.6816em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">the assets, as follows:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_155">Buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5472em;top:16.2648em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.011em;">10 – 50 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Manufacturing plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_606" style="word-spacing:-0.0402em;">and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8747em;top:17.8485em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">4 – 20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">Fixtures, fittings, tools  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.9053em;top:19.4323em;"><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0068em;">3 – 15 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_212">Vessel  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8822em;top:20.2241em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">20 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_77">Land  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7722em;top:21.016em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0273em;">not depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5991em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">If individual parts of an item of prop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.391em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">erty, plant and equipment have differ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1829em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">ent useful lives, they are depreciated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9748em;"><span class="stl_298 stl_16 stl_97">separately.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5579em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">The basis of depreciation is calculated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3498em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">according to the residual value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1416em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">impairment losses. The residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9335em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">is determined at the acquisition date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.7254em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">and reviewed annually. If the residual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5173em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">value exceeds the carrying amount,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3091em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">depreciation is discontinued.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:8.9083em;"><span class="stl_801 stl_33 stl_214" style="word-spacing:0.3393em;">3.3 Leases</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:10.7435em;"><span class="stl_338 stl_21 stl_105" style="word-spacing:-0.0366em;">Right-of-use assets from leases included in property, plant and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1347em;top:12.1332em;"><span class="stl_338 stl_21 stl_91">Manufacturing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0628em;top:12.1338em;"><span class="stl_338 stl_21 stl_606">Fixtures,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1691em;top:12.1344em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.2422em;top:12.7994em;"><span class="stl_338 stl_21 stl_319" style="word-spacing:-0.0464em;">Land and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6747em;top:12.8em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0397em;">plant and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7728em;top:12.8007em;"><span class="stl_338 stl_21 stl_339" style="word-spacing:-0.0363em;">fittings, tools</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.215em;top:12.8007em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0385em;">property, plant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.4663em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.3122em;top:13.4663em;"><span class="stl_338 stl_21 stl_96">buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3453em;top:13.4669em;"><span class="stl_338 stl_21 stl_158" style="word-spacing:0.8596em;">machinery and</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.481em;top:13.4669em;"><span class="stl_338 stl_21 stl_174">equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:15.2194em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Carrying amount, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3266em;top:15.2194em;"><span class="stl_298 stl_16 stl_31">29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:15.2194em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:15.2194em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9103em;top:15.2194em;"><span class="stl_298 stl_16 stl_300">36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:16.185em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3285em;top:16.185em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:16.185em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:16.185em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9191em;top:16.185em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:17.1507em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">Depreciation of right of use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4347em;top:17.1507em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9266em;top:17.1507em;z-index:1997;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1235em;top:17.1507em;z-index:1999;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0191em;top:17.1507em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:18.1225em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Carrying amount, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3266em;top:18.1225em;"><span class="stl_338 stl_21 stl_31">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:18.1225em;"><span class="stl_338 stl_21 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:18.1225em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.911em;top:18.1225em;"><span class="stl_338 stl_21 stl_253">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:19.6613em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">Carrying amount, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3372em;top:19.6613em;"><span class="stl_298 stl_16 stl_351">57  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1103em;top:19.6613em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3072em;top:19.6613em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9166em;top:19.6613em;"><span class="stl_298 stl_16 stl_321">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:20.6269em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">Additions through business combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3647em;top:20.6269em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:20.6269em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:20.6269em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9553em;top:20.6269em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:21.5925em;"><span class="stl_298 stl_16 stl_254">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6766em;top:21.5925em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7622em;top:21.5925em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:21.5925em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9216em;top:21.5925em;"><span class="stl_298 stl_16 stl_132">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:22.5582em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">Depreciation of right of use assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4285em;top:22.5582em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9266em;top:22.5582em;z-index:2160;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:22.5582em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.066em;top:22.5582em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:23.5238em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Exchange rate adjustments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4935em;top:23.5238em;z-index:2188;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1097em;top:23.5238em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:23.5238em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0841em;top:23.5238em;z-index:2192;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:24.4957em;"><span class="stl_338 stl_21 stl_441" style="word-spacing:-0.0387em;">Carrying amount, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3147em;top:24.4957em;"><span class="stl_338 stl_21 stl_87">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7603em;top:24.4957em;"><span class="stl_338 stl_21 stl_125">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3066em;top:24.4957em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9053em;top:24.4957em;"><span class="stl_338 stl_21 stl_275">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:25.8344em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">Leases mainly consist of office buildings and production facilities. Lease additions in 2023 and 2024 are driven by the general  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:26.5425em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">increase in activity and investment in production capacity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:27.9594em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">NKT have entered into a number of lease agreements, that are not recognised as right-of-use assets due to the low-value or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:28.6675em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">the short-term nature of the asset. The table to the right shows the total expense of low value and short-term leases, together  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:29.3757em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">with the interest expenses of lease debt. For specification of contractual maturity of lease liabilities refer to note 5.4 Net inter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:30.0838em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">est-bearing debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1906em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Amounts expensed in the income statement and total cash outflow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.5818em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9485em;top:33.5818em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1922em;top:33.5818em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.333em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">Interest expense on lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0147em;top:35.333em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2666em;top:35.333em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.2986em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Expenses for low-value assets and short-term leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6978em;top:36.2986em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.9778em;top:36.2986em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.2643em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">Cash outflow regarding lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0147em;top:37.2643em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2666em;top:37.2643em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:38.373em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">In 2024 interest expenses of EUR 3m on lease liabilities have been capitalised as part of assets under construction.</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:13.3279em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.9566em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">Leases are recognised as a right-of-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.7485em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0349em;">use asset and a corresponding liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.5404em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">at the date at which the leased asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.3323em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">is available for use by the group. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.1241em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">lease payment is allocated between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.916em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">the liability and finance cost. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.7079em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">finance cost is charged to profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.4998em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">loss over the lease period. The right-of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.2916em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">use asset is depreciated over the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.0835em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">shorter of the asset's useful life and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.8754em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">the lease term on a straight-line basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.6673em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Assets and liabilities arising from a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.4591em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">lease are initially measured at present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.251em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">value. Lease liabilities include the net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.0429em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">present value of the following lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.8348em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:28.6908em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:28.4149em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">fixed payments (including in-sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.2068em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">stance fixed payments), less any  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.9987em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">lease incentives receivable,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:30.7899em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">variable lease payment that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:31.0658em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:31.5818em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">based on an index or a rate,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:14.9567em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">amounts expected to be payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.2326em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:15.7486em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">by the lessee under residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:16.5404em;"><span class="stl_298 stl_16 stl_94">guarantees,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.6076em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:17.3317em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">the exercise price of a purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.1236em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">option if the lessee is reasonably  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.9154em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">certain to exercise that option, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:19.7067em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">payments of penalties for termi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.9826em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:20.4986em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">nating the lease, if the lease term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:21.2904em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">reflects the lessee exercising that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:22.0823em;"><span class="stl_298 stl_16 stl_198">option.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:24.4573em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">The lease payments are discounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:25.2492em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">using the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:26.0411em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">lease. If that rate cannot be deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:26.8329em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">mined, the lessee’s incremental  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:27.6248em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">borrowing rate is used, being the rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:28.4167em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">that the lessee would have to pay to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:29.2086em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">borrow the funds necessary to obtain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:30.0004em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">an asset of similar value in a similar  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:30.7923em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">economic environment with similar  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:31.5842em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">terms and conditions. Right-of-use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5986em;top:14.9592em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">assets are measured at cost, compris-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5986em;top:15.7511em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.0231em;">ing the following:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:17.6075em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:17.3316em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">the amount of the initial measure-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:18.1235em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">ment of lease liability,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:19.1908em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:18.9149em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">any lease payments made at or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:19.7068em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">before the commencement date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:20.4987em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">less any lease incentives received,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:21.2899em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">any initial direct costs, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:21.5658em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:22.3575em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:22.0816em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">restoration costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:24.4566em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Payments associated with short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:25.2485em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">term leases and leases of low-value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:26.0404em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">assets are recognised on a straight-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:26.8322em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">line basis as an expense in profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:27.6241em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">loss. Short-term leases have a lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:28.416em;"><span class="stl_298 stl_16 stl_97" style="word-spacing:-0.0164em;">term of 12 months or less. Low-value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:29.2079em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">assets comprise e.g. cars, forklifts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:29.9997em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">IT-equipment and small items of office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:30.7916em;"><span class="stl_298 stl_16 stl_253">furniture.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:13.3279em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.9566em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">Leases are recognised as a right-of-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.7485em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0349em;">use asset and a corresponding liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.5404em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">at the date at which the leased asset  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.3323em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">is available for use by the group. Each  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.1241em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">lease payment is allocated between  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.916em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">the liability and finance cost. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.7079em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">finance cost is charged to profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.4998em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">loss over the lease period. The right-of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.2916em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">use asset is depreciated over the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.0835em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">shorter of the asset's useful life and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.8754em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">the lease term on a straight-line basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.6673em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Assets and liabilities arising from a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.4591em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">lease are initially measured at present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.251em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">value. Lease liabilities include the net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.0429em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">present value of the following lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.8348em;"><span class="stl_298 stl_16 stl_192">payments:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:28.6908em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:28.4149em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">fixed payments (including in-sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.2068em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">stance fixed payments), less any  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:29.9987em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">lease incentives receivable,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:30.7899em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">variable lease payment that are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:31.0658em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2126em;top:31.5818em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0247em;">based on an index or a rate,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:14.9567em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">amounts expected to be payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.2326em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:15.7486em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">by the lessee under residual value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:16.5404em;"><span class="stl_298 stl_16 stl_94">guarantees,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.6076em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:17.3317em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">the exercise price of a purchase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.1236em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">option if the lessee is reasonably  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:18.9154em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">certain to exercise that option, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:19.7067em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">payments of penalties for termi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.9826em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:20.4986em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">nating the lease, if the lease term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:21.2904em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">reflects the lessee exercising that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2598em;top:22.0823em;"><span class="stl_298 stl_16 stl_198">option.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:24.4573em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">The lease payments are discounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:25.2492em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">using the interest rate implicit in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:26.0411em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">lease. If that rate cannot be deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:26.8329em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">mined, the lessee’s incremental  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:27.6248em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">borrowing rate is used, being the rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:28.4167em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">that the lessee would have to pay to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:29.2086em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">borrow the funds necessary to obtain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:30.0004em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">an asset of similar value in a similar  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:30.7923em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">economic environment with similar  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5511em;top:31.5842em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">terms and conditions. Right-of-use  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5986em;top:14.9592em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">assets are measured at cost, compris-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5986em;top:15.7511em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.0231em;">ing the following:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:17.6075em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:17.3316em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">the amount of the initial measure-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:18.1235em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">ment of lease liability,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:19.1908em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:18.9149em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">any lease payments made at or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:19.7068em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">before the commencement date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:20.4987em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">less any lease incentives received,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:21.2899em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">any initial direct costs, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:21.5658em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:22.3575em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3071em;top:22.0816em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">restoration costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:24.4566em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">Payments associated with short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:25.2485em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">term leases and leases of low-value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:26.0404em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">assets are recognised on a straight-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:26.8322em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">line basis as an expense in profit or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:27.6241em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">loss. Short-term leases have a lease  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:28.416em;"><span class="stl_298 stl_16 stl_97" style="word-spacing:-0.0164em;">term of 12 months or less. Low-value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:29.2079em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">assets comprise e.g. cars, forklifts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:29.9997em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">IT-equipment and small items of office  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5983em;top:30.7916em;"><span class="stl_298 stl_16 stl_253">furniture.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:0.3493em;">3.4 Impairment</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.596em;top:8.9083em;"><span class="stl_801 stl_33 stl_209">test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_184" style="word-spacing:-0.037em;">Result of the annual impairment test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5275em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">On 31 December 2024 goodwill was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.3193em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">tested for impairment. The impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.1112em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">test did not identify any impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.9031em;"><span class="stl_298 stl_16 stl_66" style="word-spacing:-0.0086em;">(none in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.4862em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">The lowest level at which goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2781em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">monitored is equal to the cash gener-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.07em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0233em;">ating units.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.7368em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Goodwill has been allocated to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.5287em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0327em;">cash-generating units according to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.3206em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0199em;">split presented below. In 2024, SolidAl  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.1125em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">was acquired and added to the Appli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.9043em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">cations business line. The carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:14.6962em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">amount of goodwill was:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.1972em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:19.1972em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:19.1972em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.0666em;"><span class="stl_298 stl_16 stl_103">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2685em;top:21.0666em;"><span class="stl_298 stl_16 stl_457">289  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5097em;top:21.0666em;"><span class="stl_298 stl_16 stl_226">299  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.0322em;"><span class="stl_298 stl_16 stl_34">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6322em;top:22.0322em;"><span class="stl_298 stl_16 stl_623">72  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2197em;top:22.0322em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.9978em;"><span class="stl_298 stl_16 stl_490" style="word-spacing:-0.0415em;">Service &amp; Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6097em;top:22.9978em;"><span class="stl_298 stl_16 stl_34">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8666em;top:22.9978em;"><span class="stl_298 stl_16 stl_209">46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.9697em;"><span class="stl_338 stl_21 stl_183" style="word-spacing:-0.0205em;">Total goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2447em;top:23.9697em;"><span class="stl_338 stl_21 stl_317">405  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5153em;top:23.9697em;"><span class="stl_338 stl_21 stl_276">351  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.1525em;"><span class="stl_338 stl_21 stl_492" style="word-spacing:-0.0403em;">Cash-generating units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9381em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">Cash-generating units identified in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.73em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">NKT Group are similar to the operating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.5218em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">segments, being Solutions, App-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.3137em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0351em;">lications and Service &amp; Accessories.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1056em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0287em;">These are considered to be the low-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.8975em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">est level of cash-generating units as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6893em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">defined by management.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.2725em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">The definition of cash-generating units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.0643em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">is based on the smallest identifiable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.8562em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">group of assets that together generate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.1481em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">cash inflows from continued use and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.94em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">which are independent of the cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:29.7318em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">flows from other assets or groups of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:30.5237em;"><span class="stl_298 stl_16 stl_186">assets.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.1068em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">The definition of cash-generating units  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.8987em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">aligns with the managerial structure  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:33.6906em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">and the internal financial reporting in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:34.4825em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">NKT Group. For impairment test pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:35.2743em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">poses, tangible assets and intangible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.0662em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">assets are allocated to the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.8581em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">cash-generating units.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:10.741em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0315em;">Key Assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:11.5266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">The recoverable amount is based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:12.3185em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">on a value-in-use calculation. For all  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:13.1103em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">cash-generating units, the calculation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:13.9022em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">uses cash flow projections (budget  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:14.6941em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">period) based on the financial budget  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:15.486em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">for 2025 and financial forecasts for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:16.2778em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">2026–2029, hence a 5-year budget  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:17.0697em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">period. Significant parameters in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:17.8616em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">these estimates are revenue growth,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:18.6535em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">discount rate before tax, and growth  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:19.4453em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">expectations for the terminal period.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:21.0285em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">The discount rate before tax has been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:21.8203em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">revised for each cash-generating unit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:22.6122em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">to reflect the latest market assump-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:23.4041em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">tions for the risk-free rate based on a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:24.196em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">10-year German government bond,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:24.9878em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">the equity risk premium and the cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:25.7797em;"><span class="stl_298 stl_16 stl_97" style="word-spacing:-0.0164em;">of debt.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:27.3628em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0196em;">The long-term growth rate for the ter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:28.1547em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">minal period is based on the expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:28.9466em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">growth in the world economy as well  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:29.7385em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">as long-term development for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:30.5303em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">industries and markets in which the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:31.3222em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">cash-generating units operate.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:32.9053em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Group Management determines the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:33.6972em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">expected annual growth rate in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:34.4891em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">budget period and in the terminal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:35.281em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">period based on historical experience  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:36.0728em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">and the assumptions about expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:36.8647em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">market developments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:10.7402em;"><span class="stl_338 stl_21 stl_563">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:11.5258em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0344em;">No reasonably possible change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:12.3177em;"><span class="stl_298 stl_16 stl_213" style="word-spacing:-0.0248em;">assumptions could lead to an impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:13.1095em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0288em;">ment in Solutions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:14.6927em;"><span class="stl_298 stl_16 stl_24" style="word-spacing:-0.0177em;">In 2024, Solutions was awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:15.4845em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">high-voltage projects with a com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:16.2764em;"><span class="stl_298 stl_16 stl_274" style="word-spacing:-0.0151em;">bined value of EUR 1.7bn, resulting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:17.0683em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">in a high-voltage order backlog of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:17.8602em;z-index:2567;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0095em;">EUR 10.6bn at the end of the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:18.652em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0231em;">This was a positive addition to 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:19.4439em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">record high order intake, maintaining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:20.2358em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">the order backlog at the same level  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:21.0277em;"><span class="stl_298 stl_16 stl_266" style="word-spacing:-0.0195em;">as 2023, despite delivering 1.8bn of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:21.8195em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">revenue during the year. NKT remains  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:22.6114em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">firmly entrenched as a key supplier of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:23.4033em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">high-voltage DC technology, and will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:24.1952em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">play a key role in enabling the transi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:24.9871em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">tion to renewable energy, especially  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:25.7789em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">across Europe. The need for more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5041em;top:26.5708em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0291em;">modern and interconnected power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:10.7408em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">grids, capable of meeting structurally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:11.5327em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0289em;">higher demand for electricity, contin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:12.3246em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">ues to be a key growth driver for Solu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:13.1164em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">tions. As the investment programme  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:13.9083em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">related to new high-voltage capacity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:14.7002em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">and capabilities in Karlskrona has pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:15.4921em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">gressed, NKT has identified additional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:16.2839em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">opportunities and risks as well as gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:17.0758em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">eral cost inflation. Therefore, invest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:17.8677em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">ments related to this programme are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:18.6596em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">expected to increase by approximately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:19.4514em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">EUR 300m, and it remains accretive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:20.2433em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">to NKT’s medium-term financial ambi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:21.0352em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.0199em;">tions of a RoCE &gt;20%. The expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:21.8271em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">timeline is unchanged and the new  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:22.6189em;z-index:3960;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">assets will be operational from 202</span><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_423">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:24.2021em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">Following a record-high level of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:24.9939em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0219em;">awards in 2022 and 2023, NKT anti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:25.7858em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">cipates that its average addressable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.551em;top:26.5777em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">high-voltage market will be above EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:10.7377em;"><span class="stl_298 stl_16 stl_209" style="word-spacing:-0.0181em;">10.0bn per year between 2024 and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:11.5296em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">2030. Assessing future awards to NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:12.3214em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0251em;">is by nature subject to uncertainty,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:13.1133em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">and the value-in-use calculation of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:13.9052em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">Solution cash-generating unit is sen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:14.6971em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">sitive to changes in the actual share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:15.4889em;z-index:3122;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">of projects awarded to NK</span><span class="stl_298 stl_16 stl_549">T</span><span class="stl_298 stl_16 stl_42" style="word-spacing:0em;">. </span><span class="stl_298 stl_16 stl_34">H</span><span class="stl_298 stl_16 stl_122">owever,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:16.2808em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">the high-voltage order backlog at end-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:17.0727em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">2024 provides higher certainty regard-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:17.8646em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">ing future revenue and earnings.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:19.4539em;"><span class="stl_338 stl_21 stl_78">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:20.2396em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">No reasonably possible change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:21.0314em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">assumptions could lead to an impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:21.8233em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">ment in Applications.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:23.4064em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0336em;">The Applications business line is also  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:24.1983em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">positively affected by the power and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:24.9902em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">grid modernisation and extensions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:25.7821em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">that drives growth in Solutions and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5985em;top:26.5739em;"><span class="stl_298 stl_16 stl_559" style="word-spacing:-0.0385em;">Service &amp; Accessories.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.0884em;top:29.9702em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.7991em;top:29.9702em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5272em;top:31.0664em;"><span class="stl_338 stl_21 stl_209">Terminal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.2422em;top:31.0664em;"><span class="stl_338 stl_21 stl_209">Terminal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4222em;top:31.7745em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Budget period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.1378em;top:31.7745em;"><span class="stl_338 stl_21 stl_459">period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.1372em;top:31.7745em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Budget period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8528em;top:31.7745em;"><span class="stl_338 stl_21 stl_459">period  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8403em;top:33.0414em;"><span class="stl_298 stl_16 stl_79">Average  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.5547em;top:33.0408em;"><span class="stl_298 stl_16 stl_79">Average  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9016em;top:33.7495em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:1.0204em;">revenue Discount</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.034em;top:33.7495em;"><span class="stl_298 stl_16 stl_335">rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.616em;top:33.7489em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:1.0204em;">revenue Discount</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.747em;top:33.7489em;"><span class="stl_298 stl_16 stl_335">rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.941em;top:34.4577em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0225em;">growth rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.796em;top:34.4577em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7985em;top:34.4577em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">Growth rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.6553em;top:34.457em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0225em;">growth rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.5103em;top:34.457em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5128em;top:34.457em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">Growth rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:36.2733em;"><span class="stl_298 stl_16 stl_103">Solutions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8572em;top:36.2733em;"><span class="stl_298 stl_16 stl_471">10%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3603em;top:36.2733em;"><span class="stl_298 stl_16 stl_795">12%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.1603em;top:36.2733em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5866em;top:36.2733em;"><span class="stl_298 stl_16 stl_795">12%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0716em;top:36.2733em;"><span class="stl_298 stl_16 stl_770">13%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8747em;top:36.2733em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:37.2389em;"><span class="stl_298 stl_16 stl_34">Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8572em;top:37.2389em;"><span class="stl_298 stl_16 stl_471">10%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4241em;top:37.2389em;"><span class="stl_298 stl_16 stl_818">11%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.1603em;top:37.2389em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.9016em;top:37.2389em;"><span class="stl_298 stl_16 stl_320">7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.1385em;top:37.2389em;"><span class="stl_298 stl_16 stl_818">11%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8747em;top:37.2389em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:38.2045em;"><span class="stl_298 stl_16 stl_490" style="word-spacing:-0.0415em;">Service &amp; Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1797em;top:38.2045em;"><span class="stl_298 stl_16 stl_242">9%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3597em;top:38.2045em;"><span class="stl_298 stl_16 stl_795">12%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.1597em;top:38.2045em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.8947em;top:38.2045em;"><span class="stl_298 stl_16 stl_170">6%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.071em;top:38.2045em;"><span class="stl_298 stl_16 stl_770">13%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8741em;top:38.2045em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:10.7418em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.0199em;">In 2024, SolidAl was acquired by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:11.5337em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">NKT and added to the Applications  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.3256em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">business line, which means that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.1175em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0343em;">the carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.9093em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">now at a material level, compared to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.7012em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">2023. With several frame agreements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4931em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">secured during 2024 and expansion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.285em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">plans across several sites in place  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.0768em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">the outlook for Applications provides  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8687em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">solid headroom, despite the increased  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.6606em;"><span class="stl_298 stl_16 stl_55">Goodwill.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2437em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0221em;">In 2024, Applications was positively  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.0356em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">impacted by increased demand on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8275em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0235em;">MV and 1 kV, while the construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.6193em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">related segment remained subdued.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.4112em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">As a result, Applications reported  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.2031em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0235em;">marginal organic growth in 2024, while  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.995em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">revenue was affected positively by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.7868em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">acquisition of SolidAl in Q2 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:27.3762em;"><span class="stl_338 stl_21 stl_77" style="word-spacing:-0.0435em;">Service &amp; Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.1618em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0343em;">No reasonably possible change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.9537em;"><span class="stl_298 stl_16 stl_213" style="word-spacing:-0.0248em;">assumptions could lead to an impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:29.7456em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0372em;">ment in Service &amp; Accessories.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:31.3287em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0367em;">Power cable services and accesso-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:32.1206em;"><span class="stl_298 stl_16 stl_335" style="word-spacing:-0.0307em;">ries are crucial aspects of the power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:32.9125em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0364em;">cable value chain. The Service &amp;  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:33.7043em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Accessories business line is - to a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:34.4962em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.033em;">large degree - dependent on the same  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:35.2881em;"><span class="stl_298 stl_16 stl_235" style="word-spacing:-0.0268em;">market drivers as Solutions. Power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:36.08em;"><span class="stl_298 stl_16 stl_93" style="word-spacing:-0.035em;">grid modernisation and extensions and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:36.8718em;"><span class="stl_298 stl_16 stl_659" style="word-spacing:-0.0239em;">growth in the installation of high-volt-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:37.6637em;"><span class="stl_298 stl_16 stl_93" style="word-spacing:-0.0278em;">age power cable systems, as well as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:38.4556em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">ageing infastructure are expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:10.7356em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0319em;">drive demand for Service. In Accesso-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:11.5275em;"><span class="stl_298 stl_16 stl_299" style="word-spacing:-0.0288em;">ries, the transition to renewable energy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:12.3193em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0375em;">and the continued electrification of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.1112em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">societies are driving strong demand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.9031em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">for high- and medium-voltage power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.695em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">cable accessories. These trends are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4868em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">set to continue and the market outlook  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2787em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">for the segment is positive in the years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0706em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0172em;">to come.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6537em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">In 2024, Service &amp; Accessories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.4456em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">achieved revenue growth, driven  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:20.2375em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">partially by offshore repairs within the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0293em;"><span class="stl_298 stl_16 stl_669" style="word-spacing:-0.0375em;">Service business which increased as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.8212em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.024em;">a result of the higher revenue, under-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.6131em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">lining that the segment is becoming  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:23.405em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">more robust, and less dependent on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.1968em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">service repairs. Other segments con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.9887em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">tinued to perform positively, including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.7806em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">NKT's onshore business, where NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.5725em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">performed well across the majority of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:27.3643em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">its addressable markets. This included  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.1562em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">onshore service repair work, as well  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:28.9481em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">as a steady level of maintenance pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:29.74em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">jects throughout the year. Structural  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:30.5318em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">growth trends continue to positively  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:31.3237em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">impact NKT's Accessories business,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.1156em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">which sustained revenues and opera-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:32.9075em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0123em;">tional EBITDA in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:34.4906em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">No sensitivity analysis has been pre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:35.2825em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">sented due to no reasonably possible  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.0743em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">change in assumptions that could lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:36.8662em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">to an impairment. Changes in more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:37.6581em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">assumptions at once is not consid-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:38.45em;"><span class="stl_298 stl_16 stl_211">ered.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:10.7475em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">It is Management’s assessment that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:11.5393em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">likely changes in the key assumption  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:12.3312em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">will not cause the carrying amount of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:13.1231em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">goodwill to exceed the recoverable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:13.915em;"><span class="stl_298 stl_16 stl_211">amount.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:15.5043em;"><span class="stl_338 stl_21 stl_312" style="word-spacing:-0.0425em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:16.29em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">No trigger event indicating an impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:17.0818em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">ment of other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:17.8737em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">has occurred in 2024. Therefore, no  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:18.6656em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">impairment test has been performed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:19.4575em;"><span class="stl_298 stl_16 stl_273" style="word-spacing:0.0108em;">in 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.0991em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0379em;">Goodwill and intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Goodwill, intangible assets with indef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.6766em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">inite useful lives, and development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.4685em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">projects are tested at least annually for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.2604em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">impairment, and furthermore when a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.0522em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">trigger event occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.6354em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.4272em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">tested for impairment together with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.2191em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">the other non-current assets in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.011em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.8029em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">is allocated. The recoverable amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.5947em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">is generally computed as the present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">value of the expected future net cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.1785em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">flows from the business or activity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.9704em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">(cash-generating unit) to which good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.7623em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">will is allocated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.3516em;"><span class="stl_338 stl_21 stl_312" style="word-spacing:-0.0425em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.1373em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">The carrying amount of other non-cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.9291em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">rent assets is tested when a trigger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.721em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">event occurs which could indicate an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.5129em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">impairment, in which case, the recov-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.3048em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">erable amount of the asset is deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.0966em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">mined. The recoverable amount is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.8885em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">fair value of the asset less anticipated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.6804em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">cost of disposal, or its value-in-use,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.4723em;z-index:3568;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">whichever is higher.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.0554em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The value-in-use is calculated as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.8473em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">present value of expected future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.6391em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">flows from the asset or the cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:38.431em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">erating unit of which the asset is part.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.1041em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.037em;">Recognition of impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.896em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.6816em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">Impairment is recognised if the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4735em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">rying amount of an asset or a cash-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2654em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">generating unit exceeds the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.0573em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recoverable amount. The impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8491em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">is recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.641em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">and impairment of goodwill is rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.4329em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">ognised in a separate line item in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.2248em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.8079em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0298em;">Impairment of goodwill is not reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.5998em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Impairment of other assets is reversed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.3916em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">in the event of changes having taken  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.1835em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">place in the conditions and estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.9754em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">on which the impairment calcula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.7673em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">tion was based. Impairment is only  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.5591em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">reversed if the new carrying amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.351em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">of the asset does not exceed the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.1429em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">rying amount that would have applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.9348em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">after amortisation if the asset had not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.7266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">been impaired.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.6722em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.051em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">For goodwill impairment testing, a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.8429em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">number of estimates are made on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6347em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">the development in revenues, gross  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4266em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">profits, conversion ratios, future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2185em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0297em;">capital expenditures, discount rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0237em;">and growth expectations in the ter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8022em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">minal period. These are based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.5941em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">an assessment of current and future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.386em;"><span class="stl_298 stl_16 stl_36">developments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9691em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">in the three cash-generating units and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.761em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">on historical data and assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.5529em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">of future expected market develop-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3447em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0269em;">ments, including expected long-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1366em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">average market growth rates. Data  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9285em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">includes both internal and external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7204em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">data sources.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.0991em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0379em;">Goodwill and intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Goodwill, intangible assets with indef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.6766em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">inite useful lives, and development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.4685em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">projects are tested at least annually for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.2604em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">impairment, and furthermore when a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.0522em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">trigger event occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.6354em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.4272em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">tested for impairment together with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.2191em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">the other non-current assets in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.011em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.8029em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">is allocated. The recoverable amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.5947em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">is generally computed as the present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">value of the expected future net cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.1785em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">flows from the business or activity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.9704em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">(cash-generating unit) to which good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.7623em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">will is allocated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.3516em;"><span class="stl_338 stl_21 stl_312" style="word-spacing:-0.0425em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.1373em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">The carrying amount of other non-cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.9291em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">rent assets is tested when a trigger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.721em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">event occurs which could indicate an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.5129em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">impairment, in which case, the recov-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.3048em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">erable amount of the asset is deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.0966em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">mined. The recoverable amount is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.8885em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">fair value of the asset less anticipated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.6804em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">cost of disposal, or its value-in-use,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.4723em;z-index:3568;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">whichever is higher.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.0554em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The value-in-use is calculated as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.8473em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">present value of expected future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.6391em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">flows from the asset or the cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:38.431em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">erating unit of which the asset is part.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.1041em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.037em;">Recognition of impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.896em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.6816em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">Impairment is recognised if the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4735em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">rying amount of an asset or a cash-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2654em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">generating unit exceeds the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.0573em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recoverable amount. The impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8491em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">is recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.641em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">and impairment of goodwill is rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.4329em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">ognised in a separate line item in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.2248em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.8079em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0298em;">Impairment of goodwill is not reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.5998em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Impairment of other assets is reversed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.3916em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">in the event of changes having taken  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.1835em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">place in the conditions and estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.9754em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">on which the impairment calcula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.7673em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">tion was based. Impairment is only  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.5591em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">reversed if the new carrying amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.351em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">of the asset does not exceed the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.1429em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">rying amount that would have applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.9348em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">after amortisation if the asset had not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.7266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">been impaired.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.0991em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.0379em;">Goodwill and intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Goodwill, intangible assets with indef-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.6766em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">inite useful lives, and development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.4685em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">projects are tested at least annually for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.2604em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">impairment, and furthermore when a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.0522em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">trigger event occurs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.6354em;"><span class="stl_298 stl_16 stl_53" style="word-spacing:-0.0357em;">The carrying amount of goodwill is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.4272em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">tested for impairment together with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.2191em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">the other non-current assets in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.011em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">cash-generating unit to which goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.8029em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">is allocated. The recoverable amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.5947em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">is generally computed as the present  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">value of the expected future net cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.1785em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">flows from the business or activity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.9704em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">(cash-generating unit) to which good-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.7623em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">will is allocated.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.3516em;"><span class="stl_338 stl_21 stl_312" style="word-spacing:-0.0425em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.1373em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">The carrying amount of other non-cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.9291em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">rent assets is tested when a trigger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.721em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">event occurs which could indicate an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.5129em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">impairment, in which case, the recov-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.3048em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">erable amount of the asset is deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.0966em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">mined. The recoverable amount is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.8885em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">fair value of the asset less anticipated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.6804em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">cost of disposal, or its value-in-use,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.4723em;z-index:3568;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">whichever is higher.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.0554em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">The value-in-use is calculated as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.8473em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">present value of expected future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:37.6391em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">flows from the asset or the cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:38.431em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">erating unit of which the asset is part.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.1041em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.037em;">Recognition of impairment loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.896em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.6816em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">Impairment is recognised if the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4735em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0347em;">rying amount of an asset or a cash-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2654em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">generating unit exceeds the respective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.0573em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recoverable amount. The impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8491em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">is recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.641em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">and impairment of goodwill is rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.4329em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">ognised in a separate line item in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.2248em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.8079em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0298em;">Impairment of goodwill is not reversed.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.5998em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">Impairment of other assets is reversed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.3916em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">in the event of changes having taken  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.1835em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">place in the conditions and estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.9754em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">on which the impairment calcula-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.7673em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">tion was based. Impairment is only  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.5591em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">reversed if the new carrying amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.351em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.023em;">of the asset does not exceed the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.1429em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">rying amount that would have applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.9348em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">after amortisation if the asset had not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.7266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">been impaired.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:15.5043em;"><span class="stl_338 stl_21 stl_312" style="word-spacing:-0.0425em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:16.29em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">No trigger event indicating an impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:17.0818em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">ment of other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:17.8737em;"><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0204em;">has occurred in 2024. Therefore, no  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:18.6656em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">impairment test has been performed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4563em;top:19.4575em;"><span class="stl_298 stl_16 stl_273" style="word-spacing:0.0108em;">in 2024.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:8.9083em;"><span class="stl_801 stl_33 stl_278" style="word-spacing:0.3415em;">3.5 Provisions</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3578em;top:10.8389em;"><span class="stl_338 stl_21 stl_317">Warranty  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2047em;top:10.8389em;"><span class="stl_338 stl_21 stl_489">Restructuring  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.801em;top:10.8389em;"><span class="stl_338 stl_21 stl_450">Other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.547em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.336em;top:11.547em;"><span class="stl_338 stl_21 stl_225">provision  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5328em;top:11.547em;"><span class="stl_338 stl_21 stl_225">provision  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3941em;top:11.547em;"><span class="stl_338 stl_21 stl_566">provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.216em;top:11.547em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.357em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0227em;">Provisions, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7235em;top:13.357em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9203em;top:13.357em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7759em;top:13.357em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0066em;top:13.357em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:14.3226em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Acquisition of subsidiaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7241em;top:14.3226em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.921em;top:14.3226em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1178em;top:14.3226em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3147em;top:14.3226em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:15.2883em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">Additions in the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7241em;top:15.2883em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9209em;top:15.2883em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7878em;top:15.2883em;"><span class="stl_298 stl_16 stl_428">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9578em;top:15.2883em;"><span class="stl_298 stl_16 stl_300">36  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:16.2539em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Used during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5028em;top:16.2539em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6997em;top:16.2539em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9159em;top:16.2539em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8422em;top:16.2539em;"><span class="stl_298 stl_16 stl_818">-11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.2195em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Reversed during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7234em;top:17.2195em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9203em;top:17.2195em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9159em;top:17.2195em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1128em;top:17.2195em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:18.1914em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.033em;">Provisions, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4184em;top:18.1914em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9209em;top:18.1914em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7603em;top:18.1914em;"><span class="stl_338 stl_21 stl_34">49  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9509em;top:18.1914em;"><span class="stl_338 stl_21 stl_293">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:19.7364em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0363em;">Provisions are recognised in the balance sheet as:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:20.6958em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7241em;top:20.6958em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9209em;top:20.6958em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7609em;top:20.6958em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9597em;top:20.6958em;"><span class="stl_298 stl_16 stl_211">35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:21.6614em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4353em;top:21.6614em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9209em;top:21.6614em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8009em;top:21.6614em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9734em;top:21.6614em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:22.6333em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4184em;top:22.6333em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9209em;top:22.6333em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7603em;top:22.6333em;"><span class="stl_338 stl_21 stl_34">49  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9509em;top:22.6333em;"><span class="stl_338 stl_21 stl_293">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:23.972em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">Other provisions mainly include provisions for onerous contract, court cases and retirement obligations. EUR 18m of other provisions is related to the present value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:24.6801em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">retirement obligations related to buildings on leased land in Cologne. Of the additions in the year to other provisions, EUR 12m relate to retirement obligations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The provisions recognised are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">Management’s best estimate of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">amount required to settle the obli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">gation. Warranty provisions are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">ognised in connection with the sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.0359em;">of goods and services based on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">level of warranty expenses incurred in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">previous years. Restructuring costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">are recognised under liabilities when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">a detailed, formal restructuring plan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">is announced to the affected parties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8035em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">on or before the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5954em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">A provision for onerous contracts is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3873em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">recognised when the expected be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1791em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">nefits to be derived by the Group from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.971em;"><span class="stl_298 stl_16 stl_95" style="word-spacing:-0.019em;">a contract are lower than the Group’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7629em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">unavoidable costs for meeting its  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5548em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">contractual obligations. Provisions for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.3466em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">dismantling are measured at the pres-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1385em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">ent value of the expected cost at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9304em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">balance sheet date. The present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7223em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">of the costs is included in the cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5141em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">of the relevant tangible assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.306em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">depreciated accordingly. The addition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0979em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">of interests on provisions are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8898em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">nised in the income statement under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6816em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0341em;">financial expenses.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.6722em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.051em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">Provisions, including contingencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.8429em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">and the likely outcome of pending and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6347em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">potential legal proceedings are con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4266em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">tinuously assessed. The outcome of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2185em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">such proceedings depends on future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0104em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.0188em;">events, which are, by nature, uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8022em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">tain. When considering provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.5941em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">involving significant estimates, opin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.386em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">ions and estimates by internal experts,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.1779em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">external legal experts as well as exist-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9697em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">ing case law are applied in assessing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7616em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">the probable outcome.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">The provisions recognised are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">Management’s best estimate of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">amount required to settle the obli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">gation. Warranty provisions are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">ognised in connection with the sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.0359em;">of goods and services based on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">level of warranty expenses incurred in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">previous years. Restructuring costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">are recognised under liabilities when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">a detailed, formal restructuring plan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">is announced to the affected parties  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8035em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">on or before the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5954em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">A provision for onerous contracts is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3873em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">recognised when the expected be-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1791em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">nefits to be derived by the Group from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.971em;"><span class="stl_298 stl_16 stl_95" style="word-spacing:-0.019em;">a contract are lower than the Group’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7629em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">unavoidable costs for meeting its  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5548em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">contractual obligations. Provisions for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.3466em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">dismantling are measured at the pres-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1385em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">ent value of the expected cost at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9304em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">balance sheet date. The present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7223em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">of the costs is included in the cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5141em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">of the relevant tangible assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.306em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">depreciated accordingly. The addition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0979em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">of interests on provisions are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8898em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">nised in the income statement under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6816em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0341em;">financial expenses.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_68" style="word-spacing:0.3555em;">3.6 Pension</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.062em;top:8.9083em;"><span class="stl_801 stl_33 stl_214">liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1785em;top:10.8389em;"><span class="stl_338 stl_21 stl_54">Pension  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.547em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6503em;top:11.547em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0349em;">liabilities, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.357em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">Pension liabilities, 1 January 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8647em;top:13.357em;"><span class="stl_298 stl_16 stl_211">40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.3226em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Service cost and Interest on obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2197em;top:14.3226em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.2883em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Benefits paid to employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9985em;top:15.2883em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2539em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">Actuarial gains/losses on defined benefit pension plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2197em;top:16.2539em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.2258em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.0341em;">Pension liabilities, 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8716em;top:17.2258em;"><span class="stl_338 stl_21 stl_63">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.8939em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">Pension liabilities, 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9116em;top:18.8939em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.8595em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0321em;">Service cost and Interest on obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2197em;top:19.8595em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.8251em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Benefits paid to employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9985em;top:20.8251em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.7908em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0354em;">Actuarial gains/losses on defined benefit pension plans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.036em;top:21.7908em;z-index:392;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.7626em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.0349em;">Pension liabilities, 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8603em;top:22.7626em;"><span class="stl_338 stl_21 stl_91">40  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.7532em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">In NKT Group, most employees are covered by pension schemes, primarily in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.5451em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0321em;">the form of defined contribution-based plans managed by independent pension  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.337em;"><span class="stl_298 stl_16 stl_36">funds.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.9201em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">NKT Group’s defined benefit plans, primarily relating to the activities in Germany,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.712em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are recognised at the present value of the actuarially measured obligations. If a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.5039em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">plan is not fully covered by plan assets, a plan liability is recognised in the balance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.2958em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">sheet. Expenses relating to pension benefits are recognised as staff costs in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.0876em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0251em;">income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7592em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Actuarial gains related to the pension liabilities are recognised in other compre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.5511em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">hensive income. The pension liability also include other long term benefits relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.343em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">to anniversary bonuses, etc., amounting to EUR 2m (EUR 2m in 2023). At the end  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.1348em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">of 2024, there were no plan assets to be offset in the present value of the liability.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.6145em;"><span class="stl_338 stl_21 stl_391" style="word-spacing:-0.0382em;">Actuarial assumptions applied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:14.6145em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:14.6145em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.4839em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">Discount rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5154em;top:16.4839em;"><span class="stl_298 stl_16 stl_354">3%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7867em;top:16.4839em;"><span class="stl_298 stl_16 stl_764">4%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.4495em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">Future salary increases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5154em;top:17.4495em;"><span class="stl_298 stl_16 stl_354">3%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7673em;top:17.4495em;"><span class="stl_298 stl_16 stl_354">3%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:18.4151em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">Future pension increases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5129em;top:18.4151em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7648em;top:18.4151em;"><span class="stl_298 stl_16 stl_351">2%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:19.8432em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">The table below shows the sensitivity of the liability to changes in key assumptions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:20.6351em;"><span class="stl_298 stl_16 stl_234" style="word-spacing:-0.028em;">for the measurement of the pension liabilities, net. The analysis is based on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:21.427em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0278em;">changes in the applied key assumptions considered reasonably likely provided the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:22.2189em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">other parameters in the calculation are unchanged.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.7873em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:23.7873em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:23.7873em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.6566em;"><span class="stl_298 stl_16 stl_93" style="word-spacing:-0.0176em;">+0.5%-point in discount rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8411em;top:25.6566em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0929em;top:25.6566em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.6223em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">-0.5%-point in discount rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:26.6223em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:26.6223em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:28.1673em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">+0.5%-point in future pension increase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0611em;top:28.1673em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3129em;top:28.1673em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:29.1329em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">-0.5%-point in future pension increase  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8398em;top:29.1329em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0917em;top:29.1329em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.474em;"><span class="stl_98 stl_16 stl_280" style="word-spacing:-0.0396em;">A change in the salary increase of 0.5%-points is not considered to have a material effect.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">For the Group’s defined benefit plans,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0316em;">an annual actuarial calculation (the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">Projected Unit Credit Method) of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">present value of future benefits pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">able under the plan is provided. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">present value is determined based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">assumptions about the future deve-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.0371em;">lopment in variables such as salary  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0219em;">levels, interest rates, inflation and mor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">tality. The present value is determined  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">only for benefits earned by employees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.8035em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">from their employment within the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5954em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">Group. The actuarial present value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3873em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">less the fair value of any plan assets is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1791em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">recognised in the balance sheet under  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.971em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">pension liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">Pension expenses and other long-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">term employee benefits are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">nised in the income statement based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">on actuarial estimates and financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;z-index:2410;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0229em;">expectations at the start of the year.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">Actuarial gains or losses are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">nised in other comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8885em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">If a pension plan constitutes a net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.6804em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">asset, the asset is only recognised if  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4723em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">it offsets cumulative actuarial losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:35.2641em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0287em;">or future refunds from the plan, or if it  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.056em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">will lead to reduced future payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:36.8479em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0197em;">to the plan.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:8.9092em;"><span class="stl_801 stl_33 stl_788" style="word-spacing:0.4575em;">4.1 Changes</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.523em;top:8.9092em;"><span class="stl_801 stl_33 stl_69" style="word-spacing:-0.0173em;">in working capital in cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.5932em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:10.5932em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:10.5932em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.4626em;"><span class="stl_298 stl_16 stl_230">Inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4561em;top:12.4626em;"><span class="stl_298 stl_16 stl_450">-65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0254em;top:12.4626em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.4282em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">Trade receivables and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4586em;top:13.4282em;"><span class="stl_298 stl_16 stl_360">-90  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7042em;top:13.4282em;"><span class="stl_298 stl_16 stl_767">-60  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.3938em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">Contract assets and contract liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3517em;top:14.3938em;"><span class="stl_298 stl_16 stl_211">569  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6048em;top:14.3938em;"><span class="stl_298 stl_16 stl_47">350  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:15.3594em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Trade payables and other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3754em;top:15.3594em;"><span class="stl_298 stl_16 stl_481">297  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9948em;top:15.3594em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:16.3313em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4048em;top:16.3313em;"><span class="stl_338 stl_21 stl_368">711  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:16.3313em;"><span class="stl_338 stl_21 stl_71">320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:17.7532em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">The numbers in the table above cannot be derived directly from the balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.2344em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:19.2344em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:19.2344em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.11em;"><span class="stl_338 stl_21 stl_246" style="word-spacing:-0.0367em;">Reconciliation of changes in working capital in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.8181em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">cash flow statement to balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.7775em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.036em;">Working capital 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1648em;top:22.7775em;"><span class="stl_298 stl_16 stl_320">-709  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3573em;top:22.7775em;"><span class="stl_298 stl_16 stl_109">-303  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.7431em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Working capital 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.6973em;top:23.7431em;"><span class="stl_298 stl_16 stl_394">-1,432  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4173em;top:23.7431em;"><span class="stl_298 stl_16 stl_320">-709  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4573em;top:24.715em;"><span class="stl_338 stl_21 stl_429" style="word-spacing:-0.0383em;">Change in working capital based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4573em;top:25.4231em;"><span class="stl_338 stl_21 stl_324" style="word-spacing:-0.0392em;">balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3598em;top:25.4231em;"><span class="stl_338 stl_21 stl_321">723  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5704em;top:25.4131em;"><span class="stl_157 stl_33 stl_126">406  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4573em;top:26.3825em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">Acquisition/disposal of activities, derivatives and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4573em;top:27.0906em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0321em;">foreign exchange effects on working capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5673em;top:27.0906em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7136em;top:27.0906em;"><span class="stl_298 stl_16 stl_154">-86  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:28.0625em;"><span class="stl_338 stl_21 stl_391" style="word-spacing:-0.0382em;">Change in working capital based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4579em;top:28.7706em;"><span class="stl_338 stl_21 stl_339" style="word-spacing:-0.0374em;">cash flow statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4067em;top:28.7706em;"><span class="stl_338 stl_21 stl_368">711  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5986em;top:28.7706em;"><span class="stl_338 stl_21 stl_71">320  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4679em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2392em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:12.6174em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0361em;">Cash flows from discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:13.5768em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">Cash flow from operating activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2948em;top:13.5768em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:13.5768em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:14.5424em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">Cash flow from investing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9023em;top:14.5424em;"><span class="stl_298 stl_16 stl_775">241  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8129em;top:14.5424em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:15.5081em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Cash flow from financing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2123em;top:15.5081em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9917em;top:15.5081em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:16.4799em;"><span class="stl_338 stl_21 stl_246" style="word-spacing:-0.0365em;">Net cash flow from discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8223em;top:16.4799em;"><span class="stl_338 stl_21 stl_58">248  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0923em;top:16.4799em;"><span class="stl_338 stl_21 stl_822">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:18.0249em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">Balance sheet items comprise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:18.9843em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5336em;top:18.9843em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7061em;top:18.9843em;"><span class="stl_298 stl_16 stl_366">119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:19.9499em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5336em;top:19.9499em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9592em;top:19.9499em;"><span class="stl_298 stl_16 stl_79">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:20.9218em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:20.9218em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6436em;top:20.9218em;"><span class="stl_338 stl_21 stl_370">177  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:22.4606em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:22.4606em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9948em;top:22.4606em;"><span class="stl_298 stl_16 stl_344">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:23.4262em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:23.4262em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9648em;top:23.4262em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:24.3981em;"><span class="stl_338 stl_21 stl_291" style="word-spacing:-0.0372em;">Liabilities associated with assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:24.3981em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9467em;top:24.3981em;"><span class="stl_338 stl_21 stl_571">38  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.546em;top:8.9083em;"><span class="stl_801 stl_33 stl_69" style="word-spacing:0.3328em;">4.2 Inventories</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:10.5932em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:10.5932em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:10.5932em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.4625em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Raw materials, consumables and goods for resale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4793em;top:12.4625em;"><span class="stl_298 stl_16 stl_361">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7449em;top:12.4625em;"><span class="stl_298 stl_16 stl_650">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:13.4282em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">Work in progress  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5212em;top:13.4282em;"><span class="stl_298 stl_16 stl_344">124  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.078em;top:13.4282em;"><span class="stl_298 stl_16 stl_116">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.3938em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">Finished goods  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4843em;top:14.3938em;"><span class="stl_298 stl_16 stl_167">135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0437em;top:14.3938em;"><span class="stl_298 stl_16 stl_101">90  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.3657em;"><span class="stl_338 stl_21 stl_566" style="word-spacing:-0.0337em;">Inventories, 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4587em;top:15.3657em;"><span class="stl_338 stl_21 stl_162">424  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7543em;top:15.3657em;"><span class="stl_338 stl_21 stl_393">311  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.9044em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Write-down of inventories, 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8487em;top:16.9044em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4087em;top:16.9044em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.87em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">Write-down of inventories for the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:17.87em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:17.87em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:18.8357em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Reversal of write-down  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9724em;top:18.8357em;z-index:1170;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:18.8357em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:19.8013em;"><span class="stl_298 stl_16 stl_566">Scrapping  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9543em;top:19.8013em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1868em;top:19.8013em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5505em;top:20.7732em;"><span class="stl_338 stl_21 stl_109" style="word-spacing:-0.0326em;">Write-down of inventories, 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8506em;top:20.7732em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0943em;top:20.7732em;"><span class="stl_338 stl_21 stl_345">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:23.4924em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.1212em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">Inventories are measured at cost in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.9131em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">accordance with the FIFO method  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.7049em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0229em;">or at a weighted average. If the net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.4968em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">realisable value is lower than cost,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.2887em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">inventories are written down to this  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.0806em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">lower value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.6637em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Raw materials, consumables and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.4556em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">goods for resale are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.2474em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">cost, comprising purchase price plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.0393em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">delivery costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:25.1224em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">Finished goods and work in progress  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:25.9143em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">are measured at cost, comprising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.7062em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0234em;">direct costs and production over-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.4981em;"><span class="stl_298 stl_16 stl_36">heads.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:23.4924em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.1212em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">Inventories are measured at cost in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.9131em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">accordance with the FIFO method  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.7049em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0229em;">or at a weighted average. If the net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.4968em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">realisable value is lower than cost,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.2887em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">inventories are written down to this  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.0806em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">lower value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.6637em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Raw materials, consumables and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.4556em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">goods for resale are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.2474em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">cost, comprising purchase price plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.0393em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.034em;">delivery costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:25.1224em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">Finished goods and work in progress  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:25.9143em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">are measured at cost, comprising  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.7062em;"><span class="stl_298 stl_16 stl_182" style="word-spacing:-0.0234em;">direct costs and production over-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.4981em;"><span class="stl_298 stl_16 stl_36">heads.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_42" style="word-spacing:0.365em;">4.3 Trade</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.009em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:-0.0208em;">and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.6961em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">In NKT Group, receivables comprise trade and other receivables from external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">companies, other receivables from derivative financial instruments and prepay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">ments. Receivables are measured at amortised cost, which in all material respects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">corresponds to fair value and nominal value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.0676em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:15.0676em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:15.0676em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.937em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0226em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2778em;top:16.937em;"><span class="stl_298 stl_16 stl_218">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5166em;top:16.937em;"><span class="stl_298 stl_16 stl_127">234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.9026em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0363em;">Other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2935em;top:17.9026em;"><span class="stl_298 stl_16 stl_10">134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8616em;top:17.9026em;"><span class="stl_298 stl_16 stl_34">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:18.8682em;"><span class="stl_298 stl_16 stl_57">Prepayments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6103em;top:18.8682em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9166em;top:18.8682em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:19.8401em;"><span class="stl_338 stl_21 stl_342" style="word-spacing:-0.0295em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2616em;top:19.8401em;"><span class="stl_338 stl_21 stl_256">423  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4947em;top:19.8401em;"><span class="stl_338 stl_21 stl_275">340  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:21.262em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">Other receivables comprise primarily of VAT and prepaid expenses.</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:10.7477em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.0329em;">Development in the allowance for credit losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.2159em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:12.2159em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:12.2159em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.0852em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">Trade receivables, gross  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3704em;top:14.0852em;"><span class="stl_298 stl_16 stl_29">258  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6129em;top:14.0852em;"><span class="stl_298 stl_16 stl_117">235  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.6352em;"><span class="stl_380 stl_381 stl_566" style="word-spacing:-0.0336em;">Allowance for credit losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.5959em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">Allowance for credit losses, 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:16.5959em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:16.5959em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:17.5615em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Additions during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0611em;top:17.5615em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3129em;top:17.5615em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:18.5271em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Reversed during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0604em;top:18.5271em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1292em;top:18.5271em;z-index:1841;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:19.4927em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Used during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0604em;top:19.4927em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1292em;top:19.4927em;z-index:1861;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:20.4646em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.035em;">Allowance for credit losses, 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0604em;top:20.4646em;"><span class="stl_338 stl_21 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3123em;top:20.4646em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:22.0096em;"><span class="stl_338 stl_21 stl_94" style="word-spacing:-0.0287em;">Trade receivables, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3429em;top:22.0096em;"><span class="stl_338 stl_21 stl_249">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5898em;top:22.0096em;"><span class="stl_338 stl_21 stl_450">234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:12.1964em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:22.8514em;"><span class="stl_338 stl_21 stl_272" style="word-spacing:-0.0313em;">Trade receivables age profile  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.3262em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:24.3262em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:24.3262em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.1956em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0215em;">Not overdue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2791em;top:26.1956em;"><span class="stl_298 stl_16 stl_496">225  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5797em;top:26.1956em;"><span class="stl_298 stl_16 stl_870">214  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.1612em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">Overdue by less than 30 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6291em;top:27.1612em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.911em;top:27.1612em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:28.1268em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">Overdue by between 30 and 60 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9666em;top:28.1268em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2185em;top:28.1268em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:29.0925em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">Overdue by between 60 and 120 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.966em;top:29.0925em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2178em;top:29.0925em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3603em;top:30.0581em;"><span class="stl_298 stl_16 stl_436" style="word-spacing:-0.0162em;">Overdue by more than 120 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9653em;top:30.0581em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2172em;top:30.0581em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3597em;top:31.03em;"><span class="stl_338 stl_21 stl_191" style="word-spacing:-0.0283em;">Total trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2478em;top:31.03em;"><span class="stl_338 stl_21 stl_249">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4947em;top:31.03em;"><span class="stl_338 stl_21 stl_450">234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:23.4315em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">In 2024, credit losses recognised in the income statement correspond to 0% of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:24.2234em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0138em;">total revenue (0% of total revenue in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8251em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">Trade receivables are at initial recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.617em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">nition measured at their transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4089em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">price less allowance for expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2008em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">credit losses over the lifetime and are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.9926em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">subsequently measured at amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.7845em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">cost adjusted for changes to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.5764em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">expected credit losses. Expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.3683em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">credit losses at initial recognition are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.1601em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">calculated for portfolios of receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.952em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">that share credit risk characteristics  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.7439em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">and is based on historical experience  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5358em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">and, when applicable, adjusted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3276em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">factors that are specific to the debtors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1195em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">and general economic conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9114em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">The expected loss rates are updated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7033em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0335em;">at every reporting date. The portfolios  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.4952em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">are primarily based on the debtor’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.287em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">domicile and credit rating in accor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.0789em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">dance with NKT Groups credit risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.8708em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.0201em;">management policy. See note 5.6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.6627em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">Financial risks and financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.4545em;"><span class="stl_298 stl_16 stl_211">ments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8295em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">When there is an indication of impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:14.6214em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">ment, expected credit losses are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4133em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">calculated at individual level and when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2052em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">there are no reasonable expectations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.997em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">of recovering, the receivable is written  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.7889em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">off in part or entirely.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.372em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">The allowances for expected credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.1639em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">losses and write-offs for trade recei-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.9558em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">vables are recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.7477em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">statement as Other costs.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_42" style="word-spacing:0.365em;">4.3 Trade</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.009em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:-0.0208em;">and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.6961em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">In NKT Group, receivables comprise trade and other receivables from external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">companies, other receivables from derivative financial instruments and prepay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">ments. Receivables are measured at amortised cost, which in all material respects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">corresponds to fair value and nominal value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.0676em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:15.0676em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:15.0676em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.937em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0226em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2778em;top:16.937em;"><span class="stl_298 stl_16 stl_218">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5166em;top:16.937em;"><span class="stl_298 stl_16 stl_127">234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.9026em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0363em;">Other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2935em;top:17.9026em;"><span class="stl_298 stl_16 stl_10">134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8616em;top:17.9026em;"><span class="stl_298 stl_16 stl_34">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:18.8682em;"><span class="stl_298 stl_16 stl_57">Prepayments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6103em;top:18.8682em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9166em;top:18.8682em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:19.8401em;"><span class="stl_338 stl_21 stl_342" style="word-spacing:-0.0295em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2616em;top:19.8401em;"><span class="stl_338 stl_21 stl_256">423  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4947em;top:19.8401em;"><span class="stl_338 stl_21 stl_275">340  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:21.262em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">Other receivables comprise primarily of VAT and prepaid expenses.</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_42" style="word-spacing:0.365em;">4.3 Trade</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.009em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:-0.0208em;">and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.6961em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">In NKT Group, receivables comprise trade and other receivables from external  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">companies, other receivables from derivative financial instruments and prepay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">ments. Receivables are measured at amortised cost, which in all material respects  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">corresponds to fair value and nominal value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.0676em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:15.0676em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:15.0676em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.937em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0226em;">Trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2778em;top:16.937em;"><span class="stl_298 stl_16 stl_218">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5166em;top:16.937em;"><span class="stl_298 stl_16 stl_127">234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.9026em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0363em;">Other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2935em;top:17.9026em;"><span class="stl_298 stl_16 stl_10">134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8616em;top:17.9026em;"><span class="stl_298 stl_16 stl_34">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:18.8682em;"><span class="stl_298 stl_16 stl_57">Prepayments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6103em;top:18.8682em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9166em;top:18.8682em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:19.8401em;"><span class="stl_338 stl_21 stl_342" style="word-spacing:-0.0295em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2616em;top:19.8401em;"><span class="stl_338 stl_21 stl_256">423  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4947em;top:19.8401em;"><span class="stl_338 stl_21 stl_275">340  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:10.7477em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.0329em;">Development in the allowance for credit losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.2159em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:12.2159em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:12.2159em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.0852em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">Trade receivables, gross  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3704em;top:14.0852em;"><span class="stl_298 stl_16 stl_29">258  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6129em;top:14.0852em;"><span class="stl_298 stl_16 stl_117">235  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.6352em;"><span class="stl_380 stl_381 stl_566" style="word-spacing:-0.0336em;">Allowance for credit losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.5959em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">Allowance for credit losses, 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:16.5959em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:16.5959em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:17.5615em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Additions during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0611em;top:17.5615em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3129em;top:17.5615em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:18.5271em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Reversed during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0604em;top:18.5271em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1292em;top:18.5271em;z-index:1841;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:19.4927em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Used during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0604em;top:19.4927em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1292em;top:19.4927em;z-index:1861;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:20.4646em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.035em;">Allowance for credit losses, 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0604em;top:20.4646em;"><span class="stl_338 stl_21 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3123em;top:20.4646em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:22.0096em;"><span class="stl_338 stl_21 stl_94" style="word-spacing:-0.0287em;">Trade receivables, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3429em;top:22.0096em;"><span class="stl_338 stl_21 stl_249">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5898em;top:22.0096em;"><span class="stl_338 stl_21 stl_450">234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:12.1964em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:22.8514em;"><span class="stl_338 stl_21 stl_272" style="word-spacing:-0.0313em;">Trade receivables age profile  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.3262em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:24.3262em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:24.3262em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.1956em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0215em;">Not overdue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2791em;top:26.1956em;"><span class="stl_298 stl_16 stl_496">225  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5797em;top:26.1956em;"><span class="stl_298 stl_16 stl_870">214  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.1612em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">Overdue by less than 30 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6291em;top:27.1612em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.911em;top:27.1612em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:28.1268em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">Overdue by between 30 and 60 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9666em;top:28.1268em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2185em;top:28.1268em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:29.0925em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">Overdue by between 60 and 120 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.966em;top:29.0925em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2178em;top:29.0925em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3603em;top:30.0581em;"><span class="stl_298 stl_16 stl_436" style="word-spacing:-0.0162em;">Overdue by more than 120 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9653em;top:30.0581em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2172em;top:30.0581em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3597em;top:31.03em;"><span class="stl_338 stl_21 stl_191" style="word-spacing:-0.0283em;">Total trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2478em;top:31.03em;"><span class="stl_338 stl_21 stl_249">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4947em;top:31.03em;"><span class="stl_338 stl_21 stl_450">234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:23.4315em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">In 2024, credit losses recognised in the income statement correspond to 0% of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:24.2234em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0138em;">total revenue (0% of total revenue in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8251em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">Trade receivables are at initial recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.617em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">nition measured at their transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4089em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">price less allowance for expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2008em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">credit losses over the lifetime and are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.9926em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">subsequently measured at amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.7845em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">cost adjusted for changes to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.5764em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">expected credit losses. Expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.3683em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">credit losses at initial recognition are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.1601em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">calculated for portfolios of receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.952em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">that share credit risk characteristics  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.7439em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">and is based on historical experience  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5358em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">and, when applicable, adjusted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3276em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">factors that are specific to the debtors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1195em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">and general economic conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9114em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">The expected loss rates are updated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7033em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0335em;">at every reporting date. The portfolios  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.4952em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">are primarily based on the debtor’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.287em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">domicile and credit rating in accor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.0789em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">dance with NKT Groups credit risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.8708em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.0201em;">management policy. See note 5.6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.6627em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">Financial risks and financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.4545em;"><span class="stl_298 stl_16 stl_211">ments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8295em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">When there is an indication of impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:14.6214em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">ment, expected credit losses are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4133em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">calculated at individual level and when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2052em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">there are no reasonable expectations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.997em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">of recovering, the receivable is written  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.7889em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">off in part or entirely.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.372em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">The allowances for expected credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.1639em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">losses and write-offs for trade recei-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.9558em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">vables are recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.7477em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">statement as Other costs.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4566em;top:10.7477em;"><span class="stl_338 stl_21 stl_225" style="word-spacing:-0.0329em;">Development in the allowance for credit losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.2159em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:12.2159em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:12.2159em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.0852em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">Trade receivables, gross  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3704em;top:14.0852em;"><span class="stl_298 stl_16 stl_29">258  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6129em;top:14.0852em;"><span class="stl_298 stl_16 stl_117">235  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.6352em;"><span class="stl_380 stl_381 stl_566" style="word-spacing:-0.0336em;">Allowance for credit losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.5959em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">Allowance for credit losses, 1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:16.5959em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:16.5959em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:17.5615em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Additions during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0611em;top:17.5615em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3129em;top:17.5615em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:18.5271em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Reversed during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0604em;top:18.5271em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1292em;top:18.5271em;z-index:1841;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:19.4927em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Used during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0604em;top:19.4927em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1292em;top:19.4927em;z-index:1861;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:20.4646em;"><span class="stl_338 stl_21 stl_249" style="word-spacing:-0.035em;">Allowance for credit losses, 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0604em;top:20.4646em;"><span class="stl_338 stl_21 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3123em;top:20.4646em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:22.0096em;"><span class="stl_338 stl_21 stl_94" style="word-spacing:-0.0287em;">Trade receivables, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3429em;top:22.0096em;"><span class="stl_338 stl_21 stl_249">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5898em;top:22.0096em;"><span class="stl_338 stl_21 stl_450">234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:22.8514em;"><span class="stl_338 stl_21 stl_272" style="word-spacing:-0.0313em;">Trade receivables age profile  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.3262em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:24.3262em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:24.3262em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.1956em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0215em;">Not overdue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2791em;top:26.1956em;"><span class="stl_298 stl_16 stl_496">225  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5797em;top:26.1956em;"><span class="stl_298 stl_16 stl_870">214  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.1612em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">Overdue by less than 30 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6291em;top:27.1612em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.911em;top:27.1612em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:28.1268em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">Overdue by between 30 and 60 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9666em;top:28.1268em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2185em;top:28.1268em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:29.0925em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">Overdue by between 60 and 120 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.966em;top:29.0925em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2178em;top:29.0925em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3603em;top:30.0581em;"><span class="stl_298 stl_16 stl_436" style="word-spacing:-0.0162em;">Overdue by more than 120 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9653em;top:30.0581em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2172em;top:30.0581em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3597em;top:31.03em;"><span class="stl_338 stl_21 stl_191" style="word-spacing:-0.0283em;">Total trade receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2478em;top:31.03em;"><span class="stl_338 stl_21 stl_249">256  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4947em;top:31.03em;"><span class="stl_338 stl_21 stl_450">234  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:23.4315em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">In 2024, credit losses recognised in the income statement correspond to 0% of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:24.2234em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0138em;">total revenue (0% of total revenue in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:14.71em;"><span class="stl_338 stl_21 stl_278" style="word-spacing:-0.0373em;">Credit risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:15.4956em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0342em;">Credit risk arises from the possibility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:16.2875em;"><span class="stl_298 stl_16 stl_286" style="word-spacing:-0.0309em;">that transactional counterparties may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.0793em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.031em;">default on their obligations causing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.8712em;"><span class="stl_298 stl_16 stl_335" style="word-spacing:-0.0306em;">financial losses for the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:10.7462em;"><span class="stl_298 stl_16 stl_483" style="word-spacing:-0.0263em;">NKT’s credit risks relate partly to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:11.5381em;"><span class="stl_298 stl_16 stl_286" style="word-spacing:-0.0307em;">receivables, contract assets and cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:12.33em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0301em;">at bank and in hand, and partly to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:13.1218em;"><span class="stl_298 stl_16 stl_286" style="word-spacing:-0.0309em;">derivative financial instruments with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:13.9137em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">positive fair value. The maximum credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:14.7056em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0332em;">risk attached to financial assets corre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:15.4975em;"><span class="stl_298 stl_16 stl_224" style="word-spacing:-0.029em;">spond to the values recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:16.2893em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0302em;">balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:10.7321em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0273em;">To manage credit risk regarding finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:11.524em;"><span class="stl_298 stl_16 stl_22" style="word-spacing:-0.0345em;">cial counterparties, NKT only enters  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:12.3159em;"><span class="stl_298 stl_16 stl_66" style="word-spacing:-0.0286em;">into derivative financial contracts and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:13.1078em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.0319em;">money market deposits with financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:13.8996em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.0319em;">counterparties possessing a long-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:14.6915em;"><span class="stl_298 stl_16 stl_461" style="word-spacing:-0.0165em;">credit rating of ‘A-‘ from at least one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:15.4834em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0272em;">out of the following three selected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:16.2753em;"><span class="stl_298 stl_16 stl_659" style="word-spacing:-0.0237em;">rating agencies: Standard and Poor's,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:17.0671em;"><span class="stl_298 stl_16 stl_788" style="word-spacing:-0.0185em;">Moody's or Fitch.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:10.734em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.0299em;">NKT has no material risks relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:11.5259em;"><span class="stl_298 stl_16 stl_332" style="word-spacing:-0.0242em;">a single customer or partner. NKT’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:12.3178em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0295em;">policy for acceptance of credit risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:13.1096em;"><span class="stl_298 stl_16 stl_215" style="word-spacing:-0.0312em;">entails ongoing monitoring and credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:13.9015em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.0309em;">rating of important customers and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:14.6934em;"><span class="stl_298 stl_16 stl_213" style="word-spacing:-0.0349em;">other partners. NKT historically has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:15.4853em;"><span class="stl_298 stl_16 stl_325" style="word-spacing:-0.0282em;">had only a few material losses related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:16.2771em;"><span class="stl_298 stl_16 stl_171" style="word-spacing:-0.0214em;">to customers.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5486em;top:21.893em;"><span class="stl_338 stl_21 stl_389" style="word-spacing:-0.0363em;">Credit exposure for cash at bank and derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5486em;top:22.6598em;"><span class="stl_338 stl_21 stl_82" style="word-spacing:-0.0293em;">(fair value)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.5418em;top:23.8159em;"><span class="stl_338 stl_21 stl_34">Derivative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.9918em;top:24.5246em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Cash at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9974em;top:24.524em;"><span class="stl_338 stl_21 stl_280">financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.2328em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7924em;top:25.2321em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:0.8441em;">bank instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3106em;top:25.2321em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.1078em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.0671em;"><span class="stl_298 stl_16 stl_424" style="word-spacing:-0.0488em;">AA range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.2799em;top:28.0671em;"><span class="stl_298 stl_16 stl_896">413  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8174em;top:28.0671em;"><span class="stl_298 stl_16 stl_361">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6981em;top:28.0671em;"><span class="stl_298 stl_16 stl_226">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:29.0328em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">A range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7049em;top:29.0328em;"><span class="stl_298 stl_16 stl_170">1,099  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5024em;top:29.0328em;"><span class="stl_298 stl_16 stl_331">128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2287em;top:29.0328em;"><span class="stl_298 stl_16 stl_721">1,227  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:29.9984em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">BBB range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9037em;top:29.9984em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1556em;top:29.9984em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:29.9984em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:30.964em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">Not rated or below BBB range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9031em;top:30.964em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1549em;top:30.964em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:30.964em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:31.9359em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7281em;top:31.9359em;"><span class="stl_338 stl_21 stl_646">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4981em;top:31.9359em;"><span class="stl_338 stl_21 stl_368">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1731em;top:31.9359em;"><span class="stl_338 stl_21 stl_127">1,688  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:33.4809em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:34.4403em;"><span class="stl_298 stl_16 stl_424" style="word-spacing:-0.0488em;">AA range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.2399em;top:34.4403em;"><span class="stl_298 stl_16 stl_168">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8168em;top:34.4403em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7293em;top:34.4403em;"><span class="stl_298 stl_16 stl_361">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:35.4059em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">A range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.2549em;top:35.4059em;"><span class="stl_298 stl_16 stl_686">7</span><span class="stl_298 stl_16 stl_34">4</span><span class="stl_298 stl_16 stl_34">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4737em;top:35.4059em;"><span class="stl_298 stl_16 stl_28">160  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6837em;top:35.4059em;"><span class="stl_298 stl_16 stl_317">904  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:36.3715em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">BBB range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9025em;top:36.3715em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1543em;top:36.3715em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:36.3715em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:37.3434em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.1706em;top:37.3434em;"><span class="stl_338 stl_21 stl_571">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4687em;top:37.3434em;"><span class="stl_338 stl_21 stl_349">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2087em;top:37.3434em;"><span class="stl_338 stl_21 stl_349">1,073  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:12.1964em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8251em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">Trade receivables are at initial recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.617em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">nition measured at their transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4089em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">price less allowance for expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2008em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">credit losses over the lifetime and are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.9926em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0341em;">subsequently measured at amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.7845em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">cost adjusted for changes to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.5764em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">expected credit losses. Expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.3683em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">credit losses at initial recognition are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.1601em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">calculated for portfolios of receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.952em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0295em;">that share credit risk characteristics  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.7439em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">and is based on historical experience  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5358em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">and, when applicable, adjusted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3276em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">factors that are specific to the debtors  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1195em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">and general economic conditions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9114em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">The expected loss rates are updated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7033em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0335em;">at every reporting date. The portfolios  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.4952em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">are primarily based on the debtor’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.287em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">domicile and credit rating in accor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.0789em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.035em;">dance with NKT Groups credit risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.8708em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.0201em;">management policy. See note 5.6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.6627em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0336em;">Financial risks and financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.4545em;"><span class="stl_298 stl_16 stl_211">ments.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8295em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">When there is an indication of impair-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:14.6214em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">ment, expected credit losses are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4133em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">calculated at individual level and when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2052em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">there are no reasonable expectations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.997em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">of recovering, the receivable is written  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.7889em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">off in part or entirely.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.372em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">The allowances for expected credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.1639em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">losses and write-offs for trade recei-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.9558em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">vables are recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.7477em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">statement as Other costs.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_461" style="word-spacing:0.3797em;">4.4 Trade</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.010em;top:8.9083em;"><span class="stl_801 stl_33 stl_22">payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.6961em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">One of NKT’s suppliers has entered into a receivables purchase agreement with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">a bank whereby the bank has agreed to buy invoices issued to NKT and poten-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">tially other companies. Participation in the arrangement is at the supplier's own  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">discretion. NKT has separately agreed with the bank to assignment and transfer  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">of certain invoices to the bank. If the goods have been received and the invoices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;z-index:384;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">have been approved by NK</span><span class="stl_298 stl_16 stl_417">T</span><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">, the supplier will receive early payment from the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.4474em;"><span class="stl_298 stl_16 stl_250" style="word-spacing:0.2367em;">bank. NKT</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.660em;top:15.4474em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0311em;">settles the original invoices by paying the bank after an agreed num-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2393em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">ber of days.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.8286em;"><span class="stl_338 stl_21 stl_564" style="word-spacing:-0.0345em;">Trade payables under supplier finance arrangements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1532em;top:19.2181em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.0937em;"><span class="stl_338 stl_21 stl_38" style="word-spacing:-0.0334em;">Range of payment due dates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.0531em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Trade payables under supplier finance arrangements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1776em;top:22.0531em;z-index:628;"><span class="stl_298 stl_16 stl_279">90</span><span class="stl_298 stl_16 stl_683">-</span><span class="stl_298 stl_16 stl_296" style="word-spacing:0.0104em;">120 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.0187em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Comparable trade payables that are not part of the supplier  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.7268em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0366em;">finance arrangement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7876em;top:23.7268em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">0-45 days  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.2781em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">Carrying amount of liabilities under supplier  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.9862em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.0391em;">finance arrangement, 31 December (EURm)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.9456em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">Trade payables under supplier finance arrangements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5551em;top:26.9456em;"><span class="stl_298 stl_16 stl_650">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:27.9112em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">of which the supplier has received payment from the finance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:28.6193em;"><span class="stl_298 stl_16 stl_253">provider  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5551em;top:28.6193em;"><span class="stl_298 stl_16 stl_650">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.0475em;"><span class="stl_298 stl_16 stl_71" style="word-spacing:-0.0339em;">The carrying amounts of liabilities under the supplier finance arrangements are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:30.8393em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">considered to be reasonable approximations of their fair values, due to their short-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:31.6312em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">term nature.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2602em;top:11.4169em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0519em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0395em;">Construction contracts  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.8375em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Construction contracts are meas-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:14.6294em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">ured at the selling price of the work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:15.4212em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">performed less progress billings and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:16.2131em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">anticipated losses. If the value of work  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.005em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">performed exceeds progress billings,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.7969em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">the excess is recognised as contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:18.5887em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">assets. and if progress billings exceed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:19.3806em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the value of work performed, the defi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:20.1725em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">cit is recognised as contract liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:20.9644em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">Prepayments from customers are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:21.7562em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">ognised under contract liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:23.3394em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0245em;">Construction contracts are character-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:24.1312em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">ised by a high degree of customisation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:24.9231em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">in the design of the cables produced.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:25.715em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">It is furthermore a requirement that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:26.5069em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">before commencement of the work,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:27.2987em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">a binding contract is signed that will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:28.0906em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">result in a fine or compensation in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:13.0487em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">case of subsequent cancellation. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:13.8406em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">contract value is measured according  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:14.6325em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">to the percentage-of-completion,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:15.4244em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">which is determined on the basis of an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:16.2163em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">assessment of the work performed,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:17.0081em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">calculated as the ratio of expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:17.8em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">incurred compared to total anticipated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:18.5919em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">expenses on the contract concerned.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:19.3838em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">When it is probable that the total con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.504em;top:20.1756em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0253em;">tract costs will exceed the total con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.9675em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">tract revenue, the anticipated loss on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.7594em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">the contract is immediately recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:22.5513em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">as a provision.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1344em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.037em;">When income and expenses on a con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.9263em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">struction contract cannot be deter-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7181em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">mined reliably, the contract value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.51em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">measured as the costs incurred which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3019em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">are likely to be recoverable.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:5.3942em;"><span class="stl_594 stl_08 stl_460" style="word-spacing:0.0044em;">5. Capital structure and financial risk management</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_833 stl_26 stl_376" style="word-spacing:0.001em;">NKT’s Capital structure targets are related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.0752em;"><span class="stl_833 stl_26 stl_655" style="word-spacing:0.0084em;">solvency (ratio of minimum 30%) and NIBD rela-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.2421em;"><span class="stl_833 stl_26 stl_507" style="word-spacing:0.0099em;">tive to operational EBITDA (ratio up to 0.0x).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.5897em;"><span class="stl_833 stl_26 stl_42" style="word-spacing:0em;">Financial risk management mainly relates to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.7566em;"><span class="stl_833 stl_26 stl_220" style="word-spacing:0.0046em;">managing the risks related to currency, com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.9235em;"><span class="stl_833 stl_26 stl_502" style="word-spacing:0.0019em;">modities and interest rates relating to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.0904em;"><span class="stl_833 stl_26 stl_503">financing.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4568em;top:8.9092em;"><span class="stl_801 stl_33 stl_788" style="word-spacing:0.4557em;">5.1 Share</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.196em;top:8.9092em;"><span class="stl_801 stl_33 stl_188">capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.6961em;"><span class="stl_298 stl_16 stl_487" style="word-spacing:-0.0336em;">NKT A/S’ share capital consists of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.488em;"><span class="stl_298 stl_16 stl_183" style="word-spacing:-0.0263em;">shares with a nominal value of DKK 20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.2799em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">each. No shares carry special rights.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.0718em;"><span class="stl_298 stl_16 stl_246" style="word-spacing:-0.0368em;">NKT A/S’ Articles of Association spe-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.8636em;"><span class="stl_298 stl_16 stl_97" style="word-spacing:-0.0307em;">cify no limits in respect of ownership or  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.6555em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0289em;">voting right, and Group Management  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.4474em;"><span class="stl_298 stl_16 stl_93" style="word-spacing:-0.0259em;">is unaware of any agreements in this  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.2393em;"><span class="stl_298 stl_16 stl_120">regard.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.8224em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">Distribution of dividend to sharehold-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.6143em;"><span class="stl_298 stl_16 stl_407" style="word-spacing:-0.0436em;">ers of NKT A/S has no tax conse-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.4061em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0242em;">quences for the company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.9893em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">In July 2023 NKT A/S completed a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.7811em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0172em;">rights issue resulting in 10,</span><span class="stl_298 stl_16 stl_761">7</span><span class="stl_298 stl_16 stl_34">4</span><span class="stl_298 stl_16 stl_305">4,009  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.573em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">new shares. As a result of the issue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.3649em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">the Company's share capital as of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.1568em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">31 December 2023 amounts to DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.9486em;"><span class="stl_298 stl_16 stl_162" style="word-spacing:-0.004em;">1,074,400,900 (approximately EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.7405em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0094em;">144m) divided into 53,720,045 shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.5324em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">with a nominal value of DKK 20 each.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.3243em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0224em;">As per 31 December 2024 the share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.1161em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">capital compared to 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.908em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">2023 is unchanged.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.4911em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0175em;">During 2024, 31,000 treasury shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.283em;"><span class="stl_298 stl_16 stl_95" style="word-spacing:-0.019em;">were purchased (150,000 during  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:32.0749em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0187em;">2023) of which 50,649 are held at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:32.8668em;z-index:1011;"><span class="stl_298 stl_16 stl_322" style="word-spacing:-0.0105em;">31 December 2024 (8</span><span class="stl_298 stl_16 stl_742">7</span><span class="stl_298 stl_16 stl_837" style="word-spacing:0.1567em;">,113 </span><span class="stl_298 stl_16 stl_305">a</span><span class="stl_298 stl_16 stl_428" style="word-spacing:0.056em;">t 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.6586em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0208em;">December 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:10.5724em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.2011em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0353em;">Dividend is recognised as a liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.993em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">at the date of adoption at the Annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.7849em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">General Meeting (declaration date).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.5768em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">Proposed dividend payments for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.3686em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">year are disclosed as a separate item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.1605em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">under equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.7436em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Acquisition costs, consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.5355em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">received, and dividends relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.3274em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">to treasury shares, are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.1193em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">directly in retained comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.9111em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">income in equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:5.3942em;"><span class="stl_594 stl_08 stl_460" style="word-spacing:0.0044em;">5. Capital structure and financial risk management</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_833 stl_26 stl_376" style="word-spacing:0.001em;">NKT’s Capital structure targets are related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.0752em;"><span class="stl_833 stl_26 stl_655" style="word-spacing:0.0084em;">solvency (ratio of minimum 30%) and NIBD rela-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.2421em;"><span class="stl_833 stl_26 stl_507" style="word-spacing:0.0099em;">tive to operational EBITDA (ratio up to 0.0x).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.5897em;"><span class="stl_833 stl_26 stl_42" style="word-spacing:0em;">Financial risk management mainly relates to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.7566em;"><span class="stl_833 stl_26 stl_220" style="word-spacing:0.0046em;">managing the risks related to currency, com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.9235em;"><span class="stl_833 stl_26 stl_502" style="word-spacing:0.0019em;">modities and interest rates relating to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.0904em;"><span class="stl_833 stl_26 stl_503">financing.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_95" style="word-spacing:0.357em;">5.6 Financial</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.494em;top:8.9083em;"><span class="stl_801 stl_33 stl_47" style="word-spacing:-0.0221em;">risks and financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7022em;"><span class="stl_881 stl_21 stl_268" style="word-spacing:-0.0393em;">Financial risk management policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4254em;"><span class="stl_882 stl_16 stl_564" style="word-spacing:-0.0344em;">NKT is exposed to several financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.1546em;"><span class="stl_882 stl_16 stl_210" style="word-spacing:-0.0268em;">risks due to its operations, investments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.8838em;"><span class="stl_882 stl_16 stl_382" style="word-spacing:-0.0377em;">and financing activities. NKT has cen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.613em;"><span class="stl_882 stl_16 stl_200" style="word-spacing:-0.0257em;">tralised management of the Group's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.3423em;"><span class="stl_882 stl_16 stl_566" style="word-spacing:-0.0335em;">financial risks. The overall objectives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.0715em;"><span class="stl_882 stl_16 stl_291" style="word-spacing:-0.0373em;">and policies for financial risk manage-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.8007em;"><span class="stl_882 stl_16 stl_201" style="word-spacing:-0.0311em;">ment are outlined in the internal Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.53em;"><span class="stl_882 stl_16 stl_79" style="word-spacing:-0.0199em;">Treasury Policy, which is approved by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.2592em;"><span class="stl_882 stl_16 stl_55" style="word-spacing:-0.0303em;">the Board of Directors. The risk policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.9884em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0328em;">does not allow for speculation in finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.7177em;"><span class="stl_882 stl_16 stl_109" style="word-spacing:-0.0325em;">cial risks.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.1761em;"><span class="stl_882 stl_16 stl_78" style="word-spacing:-0.0364em;">The risk management policy is man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.9053em;"><span class="stl_882 stl_16 stl_61" style="word-spacing:-0.0226em;">aged by Group Treasury. All known  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.6346em;"><span class="stl_882 stl_16 stl_36" style="word-spacing:-0.0292em;">risks are hedged, though with accept-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.3638em;"><span class="stl_882 stl_16 stl_403" style="word-spacing:-0.0332em;">ance of an open position within a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.093em;"><span class="stl_882 stl_16 stl_54" style="word-spacing:-0.0324em;">defined and monitored threshold. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.8223em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0322em;">risk thresholds are defined at a level  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.5515em;"><span class="stl_882 stl_16 stl_378" style="word-spacing:-0.0387em;">that ensures NKT is sufficiently pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.2807em;"><span class="stl_882 stl_16 stl_36" style="word-spacing:-0.0291em;">tected against any risk, while providing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.0099em;"><span class="stl_882 stl_16 stl_204" style="word-spacing:-0.0286em;">Group Treasury room for managing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.7392em;"><span class="stl_882 stl_16 stl_300" style="word-spacing:-0.03em;">risks efficiently.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.1976em;"><span class="stl_882 stl_16 stl_64" style="word-spacing:-0.037em;">NKT uses financial instruments, such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9269em;"><span class="stl_882 stl_16 stl_230" style="word-spacing:-0.0273em;">as forwards, swaps and options to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.6561em;"><span class="stl_882 stl_16 stl_75" style="word-spacing:-0.0264em;">hedge exposures relating to currency,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.3853em;"><span class="stl_882 stl_16 stl_254" style="word-spacing:-0.0282em;">interest rates, and commodities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:2.3622em;top:31.842em;"><span class="stl_886 stl_16 stl_391" style="word-spacing:-0.0383em;">The financial risks, as described further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:2.3622em;top:32.5712em;"><span class="stl_886 stl_16 stl_266" style="word-spacing:-0.0196em;">below, are divided into:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:34.2647em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:34.009em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0327em;">Currency risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:34.7381em;"><span class="stl_882 stl_16 stl_46" style="word-spacing:-0.0254em;">Interest rate risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:34.9939em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:35.4673em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0318em;">Raw material price risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:35.723em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:36.4522em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:36.1965em;"><span class="stl_882 stl_16 stl_566" style="word-spacing:-0.0336em;">Credit risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:37.1814em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:36.9256em;"><span class="stl_882 stl_16 stl_91" style="word-spacing:-0.038em;">Liquidity risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:10.7024em;"><span class="stl_881 stl_21 stl_99" style="word-spacing:-0.0407em;">Currency risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:11.4256em;"><span class="stl_882 stl_16 stl_267" style="word-spacing:-0.0355em;">With presence in several countries NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.1548em;"><span class="stl_882 stl_16 stl_191" style="word-spacing:-0.0285em;">is exposed to currency risks that may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.884em;"><span class="stl_882 stl_16 stl_96" style="word-spacing:-0.0338em;">have considerable influence on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.6132em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0312em;">income statement and balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:14.3425em;"><span class="stl_882 stl_16 stl_60" style="word-spacing:-0.0277em;">Currency risks refer to the risks of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.0717em;"><span class="stl_882 stl_16 stl_192" style="word-spacing:-0.0302em;">losses (or opportunities for gains) result-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.8009em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0312em;">ing from changes in currency rates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:16.5302em;"><span class="stl_882 stl_16 stl_54" style="word-spacing:-0.0325em;">Currency risks arise through transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.2594em;"><span class="stl_882 stl_16 stl_96" style="word-spacing:-0.0338em;">tions, financial assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.9886em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0329em;">denominated in currencies other than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:18.7179em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0335em;">the functional currency of the individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:19.4471em;"><span class="stl_882 stl_16 stl_92" style="word-spacing:-0.0341em;">subsidaries. Quantification and identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.1763em;"><span class="stl_882 stl_16 stl_187" style="word-spacing:-0.0254em;">fication of existing and anticipated cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.9055em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0319em;">rency risks are the responsibility of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.6348em;"><span class="stl_882 stl_16 stl_56" style="word-spacing:-0.0346em;">individual subsidaries, while the actual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:22.364em;"><span class="stl_882 stl_16 stl_80" style="word-spacing:-0.0213em;">hedging is executed by Group Treasury.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:23.8225em;"><span class="stl_882 stl_16 stl_174" style="word-spacing:-0.0363em;">NKT does not hedge the currency risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:24.5517em;"><span class="stl_882 stl_16 stl_187" style="word-spacing:-0.0255em;">related to net investments in foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:25.2809em;"><span class="stl_882 stl_16 stl_59" style="word-spacing:-0.0347em;">subsidiaries. Gains and losses relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.0102em;"><span class="stl_882 stl_16 stl_43" style="word-spacing:-0.0317em;">to unhedged net assets in foreign sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.7394em;"><span class="stl_882 stl_16 stl_155" style="word-spacing:-0.0314em;">sidiaries are accounted directly in other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:27.4686em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0328em;">comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.9271em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0329em;">The principal currency exposure relates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:29.6563em;"><span class="stl_882 stl_16 stl_92" style="word-spacing:-0.0342em;">to sales and purchases in currencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:30.3855em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0313em;">other than the functional currency of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.1148em;"><span class="stl_882 stl_16 stl_564" style="word-spacing:-0.0344em;">businesses. Hedging of these currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.844em;"><span class="stl_882 stl_16 stl_56" style="word-spacing:-0.0345em;">risks are based on an assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.5732em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0288em;">the likelihood of the future transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:33.3024em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0334em;">being performed and materiality.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:34.7586em;"><span class="stl_886 stl_16 stl_154" style="word-spacing:-0.036em;">Expected cash flows with significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:35.4879em;"><span class="stl_886 stl_16 stl_389" style="word-spacing:-0.0345em;">currency risk are hedged as they become  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:36.217em;"><span class="stl_886 stl_16 stl_164" style="word-spacing:-0.0291em;">known. Currency risks from project-re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:36.9461em;"><span class="stl_886 stl_16 stl_17" style="word-spacing:-0.0343em;">lated sales are considered on an individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:37.6754em;"><span class="stl_886 stl_16 stl_323" style="word-spacing:-0.033em;">basis. The fair value of the effective portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:38.4045em;"><span class="stl_886 stl_16 stl_109" style="word-spacing:-0.0325em;">of the hedge is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:39.1336em;"><span class="stl_886 stl_16 stl_289" style="word-spacing:-0.0326em;">prehensive income on a continuous basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.6961em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0328em;">The table on the next page shows the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.4254em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0314em;">net outstanding forward exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.1546em;"><span class="stl_882 stl_16 stl_39" style="word-spacing:-0.0296em;">hedging contracts as of 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.8838em;"><span class="stl_882 stl_16 stl_266" style="word-spacing:-0.0196em;">2024 for NKT, which are used for and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.613em;"><span class="stl_882 stl_16 stl_155" style="word-spacing:-0.0314em;">fulfil the conditions for hedge account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.3423em;"><span class="stl_882 stl_16 stl_191" style="word-spacing:-0.0283em;">ing of future transactions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.8007em;"><span class="stl_882 stl_16 stl_103" style="word-spacing:-0.0307em;">The fair value of the total portfolio of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.53em;"><span class="stl_882 stl_16 stl_109" style="word-spacing:-0.0326em;">currency hedge contracts will impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.2592em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0287em;">other comprehensive income if cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.9884em;"><span class="stl_882 stl_16 stl_43" style="word-spacing:-0.0316em;">rency rates change. The effect of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.7177em;"><span class="stl_882 stl_16 stl_105" style="word-spacing:-0.0367em;">reasonably possible changes based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.4469em;"><span class="stl_882 stl_16 stl_92" style="word-spacing:-0.0343em;">past experience in selected currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.1761em;"><span class="stl_882 stl_16 stl_83" style="word-spacing:-0.0257em;">rates is shown in the table to the right.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.6346em;"><span class="stl_882 stl_16 stl_280" style="word-spacing:-0.0396em;">As NKT largely uses forwards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.3638em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0312em;">spots to hedge the FX risks, and only  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.093em;"><span class="stl_882 stl_16 stl_39" style="word-spacing:-0.0296em;">designates the spot element, the likeli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.8223em;"><span class="stl_882 stl_16 stl_45" style="word-spacing:-0.0302em;">hood of inefficiency is low, though pos-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.5515em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0334em;">sible if changes in expected cashflows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.2807em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0311em;">from projects are not reflected correctly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.0099em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0333em;">in the hedges.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.4744em;"><span class="stl_881 stl_21 stl_291" style="word-spacing:-0.0373em;">Interest rate risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:26.4567em;top:28.1961em;"><span class="stl_886 stl_16 stl_436" style="word-spacing:-0.0262em;">Interest rate risks refer to the influence of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:26.4567em;top:28.9254em;"><span class="stl_886 stl_16 stl_545" style="word-spacing:-0.0297em;">changes in market interest rates on future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.6545em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0315em;">cash flows concerning interest-bearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.3837em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0287em;">assets and liabilities. NKT's exposure to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.1129em;"><span class="stl_882 stl_16 stl_57" style="word-spacing:-0.0274em;">interest rate risk is considered to be low  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.8421em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0288em;">due to the capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.3006em;"><span class="stl_882 stl_16 stl_103" style="word-spacing:-0.0309em;">An increase in variable interest rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.0298em;"><span class="stl_882 stl_16 stl_271" style="word-spacing:-0.0306em;">of 1 percentage point would result in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.7591em;"><span class="stl_882 stl_16 stl_59" style="word-spacing:-0.0348em;">an increase in the earnings before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.4883em;"><span class="stl_882 stl_16 stl_81" style="word-spacing:-0.0017em;">of EUR 13m (2023 EUR 7m). Refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.2175em;"><span class="stl_882 stl_16 stl_47" style="word-spacing:-0.0219em;">note 5.4 Net interest-bearing debt for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.9467em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0323em;">a specification of the interest bearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.676em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0321em;">assets and liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:10.7418em;"><span class="stl_338 stl_21 stl_165" style="word-spacing:-0.0399em;">Sensitivity analysis - financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:12.216em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0964em;top:12.216em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3758em;top:12.216em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6527em;top:13.1347em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.7946em;top:13.1341em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9364em;top:13.1335em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.0783em;top:13.1328em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0077em;top:13.8435em;"><span class="stl_338 stl_21 stl_249">Price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7627em;top:13.8428em;"><span class="stl_338 stl_21 stl_459">earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6308em;top:13.8422em;"><span class="stl_338 stl_21 stl_415">equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0464em;top:13.8416em;"><span class="stl_338 stl_21 stl_459">earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.9146em;top:13.841em;"><span class="stl_338 stl_21 stl_415">equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.5516em;"><span class="stl_338 stl_21 stl_91">Risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3433em;top:14.5516em;"><span class="stl_338 stl_21 stl_268">change  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3027em;top:14.551em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4446em;top:14.5503em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5864em;top:14.5497em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7283em;top:14.5491em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5046em;top:16.1466em;"><span class="stl_298 stl_16 stl_95">SEK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3052em;top:16.1466em;"><span class="stl_298 stl_16 stl_823">+7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6252em;top:16.1466em;"><span class="stl_298 stl_16 stl_71">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8364em;top:16.1466em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2671em;top:16.1466em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0714em;top:16.1466em;"><span class="stl_298 stl_16 stl_320">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4414em;top:17.0416em;"><span class="stl_298 stl_16 stl_830">-7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3921em;top:17.0416em;"><span class="stl_298 stl_16 stl_79">-59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6296em;top:17.0416em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0283em;top:17.0416em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8502em;top:17.0416em;"><span class="stl_298 stl_16 stl_320">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.9366em;"><span class="stl_298 stl_16 stl_154">GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2714em;top:17.9366em;"><span class="stl_298 stl_16 stl_771">+5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9833em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1252em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2671em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1664em;top:17.9366em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4077em;top:18.8316em;"><span class="stl_298 stl_16 stl_242">-5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9839em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1258em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2677em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4096em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5052em;top:19.7266em;"><span class="stl_298 stl_16 stl_64">NOK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2614em;top:19.7266em;"><span class="stl_298 stl_16 stl_221">+8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7639em;top:19.7266em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1264em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2683em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4102em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4002em;top:20.6216em;"><span class="stl_298 stl_16 stl_162">-8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:20.6216em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8846em;top:20.6216em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0852em;top:20.6216em;z-index:3490;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1896em;top:20.6216em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5058em;top:21.5166em;"><span class="stl_298 stl_16 stl_253">USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2621em;top:21.5166em;"><span class="stl_298 stl_16 stl_221">+8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:21.5166em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6414em;top:21.5166em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0477em;top:21.5166em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9083em;top:21.5166em;"><span class="stl_298 stl_16 stl_777">-19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4002em;top:22.4116em;"><span class="stl_298 stl_16 stl_162">-8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:22.4116em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8252em;top:22.4116em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2689em;top:22.4116em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0921em;top:22.4116em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5064em;top:23.3066em;"><span class="stl_298 stl_16 stl_79">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2596em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">+6%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7371em;top:23.3066em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0852em;top:23.3066em;z-index:3527;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4102em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3902em;top:24.2016em;"><span class="stl_298 stl_16 stl_79">-6%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2689em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:25.0966em;"><span class="stl_298 stl_16 stl_209">CAD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3071em;top:25.0966em;"><span class="stl_298 stl_16 stl_823">+7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:25.0966em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9065em;top:25.0966em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:25.0966em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1715em;top:25.0966em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4433em;top:25.9916em;"><span class="stl_298 stl_16 stl_830">-7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:26.8866em;"><span class="stl_298 stl_16 stl_291">Copper  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9946em;top:26.8866em;"><span class="stl_298 stl_16 stl_870">+21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:26.8866em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.474em;top:26.8866em;"><span class="stl_298 stl_16 stl_331">128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:26.8866em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.754em;top:26.8866em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.129em;top:27.7816em;"><span class="stl_298 stl_16 stl_372">-21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:27.7816em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2902em;top:27.7816em;"><span class="stl_298 stl_16 stl_344">-128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:27.7816em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5708em;top:27.7816em;"><span class="stl_298 stl_16 stl_885">-107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:28.6766em;"><span class="stl_298 stl_16 stl_342">Lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9358em;top:28.6766em;"><span class="stl_298 stl_16 stl_883">+22%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8196em;top:28.6766em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2696em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4115em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0715em;top:29.5716em;"><span class="stl_298 stl_16 stl_349">-22%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:29.5716em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6371em;top:29.5716em;"><span class="stl_298 stl_16 stl_366">-14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2702em;top:29.5716em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1633em;top:29.5716em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5071em;top:30.4666em;"><span class="stl_298 stl_16 stl_96">Aluminium  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0115em;top:30.4666em;"><span class="stl_298 stl_16 stl_884">+18%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1283em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2702em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4121em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.1433em;top:31.3616em;"><span class="stl_298 stl_16 stl_885">-18%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:31.3616em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8896em;top:31.3616em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2696em;top:31.3616em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2277em;top:31.3616em;z-index:3637;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:32.2566em;"><span class="stl_298 stl_16 stl_225">Gas-oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9458em;top:32.2566em;"><span class="stl_298 stl_16 stl_744">+28%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0808em;top:33.1516em;"><span class="stl_298 stl_16 stl_431">-28%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:33.1516em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8783em;top:33.1516em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2683em;top:33.1516em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1677em;top:33.1516em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:34.518em;"><span class="stl_723 stl_16 stl_401" style="word-spacing:-0.0328em;">The table above shows a sensitivity analysis of the exposures in currencies and commodities assuming effective hedge account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:35.268em;"><span class="stl_723 stl_16 stl_300" style="word-spacing:-0.03em;">ing continued to be applied. The presented effects are from the derivative financial instruments only (all things being equal).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.0177em;"><span class="stl_723 stl_16 stl_54" style="word-spacing:-0.0324em;">When also considering the development of the underlying exposure, the future income statement effects will be fully or partially  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.7674em;"><span class="stl_723 stl_16 stl_401" style="word-spacing:-0.0327em;">offset as hedge accounting is applied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0342em;">Cash flow hedges related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1698em;top:10.7835em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9098em;top:10.7835em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3373em;top:10.7835em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4918em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">the most significant currencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.0491em;top:11.4918em;"><span class="stl_338 stl_21 stl_211" style="word-spacing:-0.0239em;">Average exchange rate</span><sup style="top: -0.2081em;"><span class="stl_715 stl_21 stl_104" style="word-spacing:-0.041em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3179em;top:11.4916em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0371em;">Hedged currency in million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0923em;top:11.4916em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8323em;top:11.4916em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:12.8829em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Hedged currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4392em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.4496em;"><span class="stl_666 stl_21 stl_165">USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6691em;top:14.4496em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2673em;top:14.4437em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3313em;top:14.4437em;"><span class="stl_524 stl_16 stl_750">1.0736  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:14.4437em;"><span class="stl_524 stl_16 stl_398">1.0834  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8163em;top:14.4437em;"><span class="stl_524 stl_16 stl_154">834  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2024em;top:14.4437em;"><span class="stl_524 stl_16 stl_31">798  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.575em;top:14.4437em;"><span class="stl_524 stl_16 stl_162">777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9652em;top:14.4437em;"><span class="stl_524 stl_16 stl_354">737  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6313em;top:14.4437em;"><span class="stl_524 stl_16 stl_91">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.805em;top:14.4437em;"><span class="stl_524 stl_16 stl_481">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2673em;top:15.2143em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2829em;top:15.2143em;"><span class="stl_524 stl_16 stl_63">1.0685  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.736em;top:15.2143em;z-index:465;"><span class="stl_524 stl_16 stl_554">1.1</span><span class="stl_524 stl_16 stl_700">0</span><span class="stl_524 stl_16 stl_91">04  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.835em;top:15.2143em;"><span class="stl_524 stl_16 stl_162">542  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2006em;top:15.2143em;"><span class="stl_524 stl_16 stl_321">592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5809em;top:15.2143em;"><span class="stl_524 stl_16 stl_29">507  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9296em;top:15.2143em;"><span class="stl_524 stl_16 stl_201">538  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6406em;top:15.2143em;"><span class="stl_524 stl_16 stl_125">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8249em;top:15.2143em;"><span class="stl_524 stl_16 stl_603">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6685em;top:15.9907em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2667em;top:15.9849em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2823em;top:15.9849em;"><span class="stl_524 stl_16 stl_63">1.0695  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7191em;top:15.9849em;"><span class="stl_524 stl_16 stl_552">1.0815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.835em;top:15.9849em;"><span class="stl_524 stl_16 stl_685">991  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1843em;top:15.9849em;"><span class="stl_524 stl_16 stl_91">883  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5721em;top:15.9849em;"><span class="stl_524 stl_16 stl_329">926  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.985em;top:15.9849em;"><span class="stl_524 stl_16 stl_393">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4458em;top:15.9849em;"><span class="stl_524 stl_16 stl_744">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.032em;top:15.9849em;"><span class="stl_524 stl_16 stl_822">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2661em;top:16.7555em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2817em;top:16.7555em;"><span class="stl_524 stl_16 stl_63">1.0685  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:16.7555em;"><span class="stl_524 stl_16 stl_596">1.0939  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8688em;top:16.7555em;"><span class="stl_524 stl_16 stl_302">610  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2117em;top:16.7555em;"><span class="stl_524 stl_16 stl_242">779  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6065em;top:16.7555em;"><span class="stl_524 stl_16 stl_168">571  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.002em;top:16.7555em;"><span class="stl_524 stl_16 stl_892">712  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.433em;top:16.7555em;"><span class="stl_524 stl_16 stl_481">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9987em;top:16.7555em;"><span class="stl_524 stl_16 stl_165">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3599em;top:17.5319em;"><span class="stl_666 stl_21 stl_317">GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6668em;top:17.5319em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.265em;top:17.5261em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2543em;top:17.5261em;"><span class="stl_524 stl_16 stl_79">0.8458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:17.5261em;"><span class="stl_524 stl_16 stl_605">0.8788  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8408em;top:17.5261em;"><span class="stl_524 stl_16 stl_218">325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2444em;top:17.5261em;"><span class="stl_524 stl_16 stl_331">125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5546em;top:17.5261em;"><span class="stl_524 stl_16 stl_64">384  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9874em;top:17.5261em;"><span class="stl_524 stl_16 stl_383">142  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6669em;top:17.5261em;"><span class="stl_524 stl_16 stl_764">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1265em;top:17.5261em;"><span class="stl_524 stl_16 stl_361">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.265em;top:18.2966em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2642em;top:18.2966em;"><span class="stl_524 stl_16 stl_35">0.8620  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6608em;top:18.2966em;"><span class="stl_524 stl_16 stl_238">0.8972  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8513em;top:18.2966em;"><span class="stl_524 stl_16 stl_361">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2199em;top:18.2966em;"><span class="stl_524 stl_16 stl_197">195  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6235em;top:18.2966em;"><span class="stl_524 stl_16 stl_796">214  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9845em;top:18.2966em;"><span class="stl_524 stl_16 stl_622">218  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6925em;top:18.2966em;"><span class="stl_524 stl_16 stl_761">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1259em;top:18.2966em;"><span class="stl_524 stl_16 stl_361">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6656em;top:19.0731em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:19.0672em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2496em;top:19.0672em;"><span class="stl_524 stl_16 stl_37">0.8438  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7104em;top:19.0672em;"><span class="stl_524 stl_16 stl_839">0.8713  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8227em;top:19.0672em;"><span class="stl_524 stl_16 stl_95">462  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2047em;top:19.0672em;"><span class="stl_524 stl_16 stl_376">250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5564em;top:19.0672em;"><span class="stl_524 stl_16 stl_300">548  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9565em;top:19.0672em;"><span class="stl_524 stl_16 stl_458">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4265em;top:19.0672em;"><span class="stl_524 stl_16 stl_323">-22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1084em;top:19.0672em;"><span class="stl_524 stl_16 stl_300">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:19.8378em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2572em;top:19.8378em;"><span class="stl_524 stl_16 stl_235">0.8459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.662em;top:19.8378em;"><span class="stl_524 stl_16 stl_409">0.8765  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1459em;top:19.8378em;"><span class="stl_524 stl_16 stl_384">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2123em;top:19.8378em;"><span class="stl_524 stl_16 stl_481">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9128em;top:19.8378em;"><span class="stl_524 stl_16 stl_741">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9325em;top:19.8378em;"><span class="stl_524 stl_16 stl_79">230  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7357em;top:19.8378em;"><span class="stl_524 stl_16 stl_165">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:19.8378em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3581em;top:20.6142em;"><span class="stl_666 stl_21 stl_384">NOK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.665em;top:20.6142em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:20.6084em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0583em;top:20.6084em;"><span class="stl_524 stl_16 stl_874">11.4521  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4747em;top:20.6084em;"><span class="stl_524 stl_16 stl_890">11.3211  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.814em;top:20.6084em;"><span class="stl_524 stl_16 stl_225">489  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2712em;top:20.6084em;"><span class="stl_524 stl_16 stl_776">311  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8877em;top:20.6084em;"><span class="stl_524 stl_16 stl_154">43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2761em;top:20.6084em;"><span class="stl_524 stl_16 stl_361">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9626em;top:20.6084em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:20.6084em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:21.379em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.102em;top:21.379em;"><span class="stl_524 stl_16 stl_887">11.5122  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5132em;top:21.379em;"><span class="stl_524 stl_16 stl_891">11.1675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8478em;top:21.379em;"><span class="stl_524 stl_16 stl_197">547  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.189em;top:21.379em;"><span class="stl_524 stl_16 stl_58">208  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8895em;top:21.379em;"><span class="stl_524 stl_16 stl_300">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2936em;top:21.379em;"><span class="stl_524 stl_16 stl_315">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.79em;top:21.379em;"><span class="stl_524 stl_16 stl_316">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:21.379em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.665em;top:22.1554em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:22.1496em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0122em;top:22.1496em;"><span class="stl_524 stl_16 stl_750">11.6490  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3849em;top:22.1496em;"><span class="stl_524 stl_16 stl_756">11.3589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8198em;top:22.1496em;"><span class="stl_524 stl_16 stl_226">260  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2281em;top:22.1496em;"><span class="stl_524 stl_16 stl_370">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8936em;top:22.1496em;"><span class="stl_524 stl_16 stl_276">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.303em;top:22.1496em;"><span class="stl_524 stl_16 stl_857">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9621em;top:22.1496em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3324em;top:22.1496em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:22.9201em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.063em;top:22.9201em;"><span class="stl_524 stl_16 stl_888">11.4376  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3965em;top:22.9201em;"><span class="stl_524 stl_16 stl_839">11.6299  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8834em;top:22.9201em;"><span class="stl_524 stl_16 stl_315">173  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2123em;top:22.9201em;"><span class="stl_524 stl_16 stl_481">109  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9251em;top:22.9201em;"><span class="stl_524 stl_16 stl_764">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5929em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9632em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3336em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3587em;top:23.6966em;"><span class="stl_666 stl_21 stl_164">CAD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6656em;top:23.6966em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:23.6907em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3045em;top:23.6907em;"><span class="stl_524 stl_16 stl_889">1.4932  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.662em;top:23.6907em;"><span class="stl_524 stl_16 stl_487">1.4630  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4831em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.553em;top:23.6907em;"><span class="stl_524 stl_16 stl_551">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2231em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3216em;top:23.6907em;"><span class="stl_524 stl_16 stl_761">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9632em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3336em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2644em;top:24.4613em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.743em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1133em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4836em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.854em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2243em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5946em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.965em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3353em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6674em;top:25.2377em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2656em;top:25.2319em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2893em;top:25.2319em;"><span class="stl_524 stl_16 stl_488">1.4805  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7349em;top:25.2319em;"><span class="stl_524 stl_16 stl_893">1.3743  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1541em;top:25.2319em;"><span class="stl_524 stl_16 stl_47">46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5186em;top:25.2319em;"><span class="stl_524 stl_16 stl_384">68  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9151em;top:25.2319em;"><span class="stl_524 stl_16 stl_650">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2633em;top:25.2319em;"><span class="stl_524 stl_16 stl_211">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9644em;top:25.2319em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3347em;top:25.2319em;"><span class="stl_524 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2655em;top:26.0025em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7441em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1145em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4848em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8551em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2255em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5958em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9661em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3365em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:27.1931em;"><span class="stl_666 stl_21 stl_46" style="word-spacing:-0.0448em;">Cash flow hedges reported as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6354em;top:27.1931em;"><span class="stl_666 stl_21 stl_47">91  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0075em;top:27.1931em;"><span class="stl_666 stl_21 stl_305">71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:28.3778em;"><span class="stl_666 stl_21 stl_206" style="word-spacing:-0.0421em;">Cash flow hedges reported as liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3356em;top:28.3778em;"><span class="stl_666 stl_21 stl_333">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0098em;top:28.3778em;"><span class="stl_666 stl_21 stl_31">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:29.6282em;"><span class="stl_371 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.7743em;top:29.593em;z-index:1113;"><span class="stl_98 stl_16 stl_155">EUR/CC</span><span class="stl_98 stl_16 stl_549">Y</span><span class="stl_98 stl_16 stl_606" style="word-spacing:-0.0403em;">, to make average exchange rates comparable a theoretical EUR/CCY have been calculated for hedges made against non-EUR currencies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT mainly applies hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">for financial instruments related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">currency, raw materials, and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">rates for loans. The hedges normally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">hedge the risk one-to-one with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">hedged item. Only gas-oil hedges for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">the hedging of the price risk of plastic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">differs from this principle, as here  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group Treasury determines the ratio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">necessary to hedge the price risk for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_46">plastic.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">The Group designates the share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">the fair value of a forward contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">that is related to spot price for metals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">and spot price for FX hedges (i.e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">excluding the forward elements) as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">hedging instrument for all of its hedg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">ing relationships involve forward con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">tracts. In accordance with the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">hedging principle all fair values related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">to the forward element of the hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">contract is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">prehensive income and accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0973em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in the cost of hedging reserve. As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8891em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">hedged items are transaction-related,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.681em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">the forward element is reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4729em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">the profit or loss when the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">item affects profit or loss, and in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">same line item as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4729em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Fair value changes for cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">hedges considered effective, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">income in the hedging reserve. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">each reporting date, effectiveness is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0365em;">considered and if the future cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">are no longer expected to materialise,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the accumulated value reported in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.8079em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">hedge reserve is reclassified to finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5998em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">cial items in the income statement. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.3916em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">other cases the accumulated value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1835em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reclassified to the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9754em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the same line as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5585em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Where the hedged item subsequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3504em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">results in the recognition of a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1423em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">financial asset (such as inventory),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9341em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">both the deferred hedging gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.726em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">losses and the deferred forward points  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5179em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are included within the initial cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3098em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">the asset. The deferred amounts are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.1016em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">ultimately recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.8935em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">statement, when the hedged item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:33.6854em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">affects profit or loss (for example,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:34.4773em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">through cost of goods sold).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:10.7374em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0362em;">Raw material price risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:11.5231em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Raw material price risks primarily  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:12.3149em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">relate to metals and plastics used in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:13.1068em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">the cable production. When changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:13.8987em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in raw material prices cannot be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:14.6906em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">transferred to customers, NKT uses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:15.4824em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">financial instruments to hedge the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:16.2743em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">price risks. NKT has, due to the larger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.0662em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">order backlog, a high amount of raw  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.8581em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">material derivatives to hedge the risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:18.6499em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">related to the large future purchases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:19.4418em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">of copper in particular. Current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:20.2337em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">expected future raw material expo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:21.0256em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">sures are managed by the subsidaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:21.8174em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">and hedging is managed by Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:22.6093em;"><span class="stl_298 stl_16 stl_93" style="word-spacing:-0.0176em;">Treasury according to the Group's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:23.4012em;"><span class="stl_298 stl_16 stl_324" style="word-spacing:-0.0192em;">Treasury Policy. Hedging of awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:24.1931em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">projects are done at the time of award  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:24.9849em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">and adjusted according to changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:25.7768em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">production plans.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:27.3599em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">NKT hedges raw materials by pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:28.1518em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">chasing hedging instruments on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:28.9437em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">London Metal Exchange via financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:29.7356em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">counterparties. Changes in the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:30.5274em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">value of the hedging instrument  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:31.3193em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">should offset changes in the value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:32.1112em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">of the underlying item because the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:32.9031em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">reference prices are the same for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:33.6949em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">hedging instrument and the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:34.4868em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">item. NKT applies cost of hedging,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:35.2787em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">whereby the forward points are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:10.7368em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">nised in other comprehensive income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:11.5287em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">and transferred with the effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.3206em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">hedge when the hedged transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.1124em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">occurs. For the hedge of plastic,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.9043em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0333em;">ineffectiveness could arise as this is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:14.6962em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">hedged via a gas-oil proxy hedge.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.4881em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">Ineffectiveness because of differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:16.2799em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">in the change between gas-oil and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.0718em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.031em;">plastic are considered insignificant.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:18.6549em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0241em;">As at 31 December 2024, NKT A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:19.4468em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">had current financial hedging instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.2387em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">ments relating to future raw material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.0306em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">supplies with a net notional value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.8224em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.012em;">EUR 944m (EUR 1,084m in 2023) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:22.6143em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">a net positive fair value of EUR 79m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:23.4062em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0132em;">(positive value of EUR 77m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:24.9893em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">The table to the right provides an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:25.7812em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">overview of the cash flow hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.5731em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">related to raw materials.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.1562em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">As at 31 December 2024 accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.9481em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">basis adjustments included in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:29.7399em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">carrying amount of inventory from fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:30.5318em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">value hedges was EUR 0m (EUR 0m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.3237em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">in 2023). The ineffectiveness recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.1156em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">nised in the statement of profit or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.9074em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">was immaterial.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:10.7418em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0342em;">Cash flow hedges related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4063em;top:10.7837em;"><span class="stl_338 stl_21 stl_36" style="word-spacing:-0.0291em;">Average rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7294em;top:10.7837em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.9763em;top:10.7837em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:11.4918em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">raw material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0225em;top:11.4918em;"><span class="stl_338 stl_21 stl_384">EUR/ton  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.9119em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4713em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7675em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5469em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3263em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1057em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.885em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6644em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:13.5912em;"><span class="stl_338 stl_21 stl_490">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3982em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1694em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9569em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7282em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.5157em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2869em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:15.4668em;"><span class="stl_338 stl_21 stl_559">Copper  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:15.4668em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:15.4606em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3325em;top:15.4606em;z-index:327;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_351">321  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0288em;top:15.4606em;"><span class="stl_298 stl_16 stl_502">6,652  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3375em;top:15.4606em;"><span class="stl_298 stl_16 stl_349">531  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1238em;top:15.4606em;"><span class="stl_298 stl_16 stl_364">579  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2319em;top:15.4606em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0032em;top:15.4606em;"><span class="stl_298 stl_16 stl_154">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:16.4262em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.26em;top:16.4262em;"><span class="stl_298 stl_16 stl_410">8,347  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1444em;top:16.4262em;z-index:365;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_132">,</span><span class="stl_298 stl_16 stl_745">915  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3413em;top:16.4262em;"><span class="stl_298 stl_16 stl_28">108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1088em;top:16.4262em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:16.4262em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8613em;top:16.4262em;"><span class="stl_298 stl_16 stl_554">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:17.3981em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:17.3918em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2413em;top:17.3918em;"><span class="stl_298 stl_16 stl_472">8,367  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2525em;top:17.3918em;"><span class="stl_298 stl_16 stl_86">7,112  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2313em;top:17.3918em;"><span class="stl_298 stl_16 stl_90">-116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1957em;top:17.3918em;"><span class="stl_298 stl_16 stl_317">-69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3432em;top:17.3918em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3619em;top:17.3918em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0719em;top:18.3574em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3194em;top:18.3574em;z-index:430;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_502">326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2438em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0232em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8025em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3613em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:19.3293em;"><span class="stl_338 stl_21 stl_91">Lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:19.3293em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:19.3231em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2857em;top:19.3231em;"><span class="stl_298 stl_16 stl_333">1,987  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0375em;top:19.3231em;"><span class="stl_298 stl_16 stl_218">1,903  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6657em;top:19.3231em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4563em;top:19.3231em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3981em;top:19.3231em;z-index:474;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1775em;top:19.3231em;z-index:476;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:20.2887em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2613em;top:20.2887em;"><span class="stl_298 stl_16 stl_500">2,020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0381em;top:20.2887em;"><span class="stl_298 stl_16 stl_128">1,996  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7144em;top:20.2887em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4531em;top:20.2887em;"><span class="stl_298 stl_16 stl_162">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.36em;top:20.2887em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1213em;top:20.2887em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7075em;top:21.2606em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:21.2543em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3063em;top:21.2543em;"><span class="stl_298 stl_16 stl_894">1,979  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0388em;top:21.2543em;"><span class="stl_298 stl_16 stl_484">1,804  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7788em;top:21.2543em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6175em;top:21.2543em;z-index:538;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:22.2199em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0213em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:23.1918em;"><span class="stl_338 stl_21 stl_243">Aluminium  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:23.1918em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2325em;top:23.1856em;"><span class="stl_298 stl_16 stl_117">2,390  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_744">2,051  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6638em;top:23.1856em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5794em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3588em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0688em;top:24.1512em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2456em;top:24.1512em;"><span class="stl_298 stl_16 stl_466">2,480  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0369em;top:24.1512em;"><span class="stl_298 stl_16 stl_242">2,459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6706em;top:24.1512em;"><span class="stl_298 stl_16 stl_31">29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4444em;top:24.1512em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3962em;top:24.1512em;z-index:628;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:24.1512em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:25.1231em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:25.1168em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2756em;top:25.1168em;"><span class="stl_298 stl_16 stl_351">2,420  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0069em;top:25.1168em;"><span class="stl_298 stl_16 stl_430">2,000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4544em;top:25.1168em;"><span class="stl_298 stl_16 stl_377">-23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3056em;top:25.1168em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:26.0824em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0212em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:27.0543em;"><span class="stl_338 stl_21 stl_317">Gas-oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:27.0543em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:27.0481em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.775em;top:27.0481em;"><span class="stl_298 stl_16 stl_592">523  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5344em;top:27.0481em;"><span class="stl_298 stl_16 stl_79">550  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7019em;top:27.0481em;"><span class="stl_298 stl_16 stl_870">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4825em;top:27.0481em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:28.0137em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8256em;top:28.0137em;"><span class="stl_298 stl_16 stl_862">617  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.59em;top:28.0137em;"><span class="stl_298 stl_16 stl_795">615  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0219em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4894em;top:28.0137em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5812em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7081em;top:28.9856em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:28.9793em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8444em;top:28.9793em;"><span class="stl_298 stl_16 stl_362">514  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.525em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">669  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7831em;top:28.9793em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5594em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3975em;top:28.9793em;z-index:771;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.9793em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:29.9449em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4631em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5631em;top:29.9449em;"><span class="stl_298 stl_16 stl_197">847  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0225em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6187em;top:29.9449em;z-index:792;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3612em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:31.4962em;"><span class="stl_338 stl_21 stl_202" style="word-spacing:-0.0406em;">Cash flow hedges reported as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2256em;top:31.4962em;"><span class="stl_338 stl_21 stl_253">92  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9969em;top:31.4962em;"><span class="stl_338 stl_21 stl_101">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:33.0412em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Cash flow hedges reported as liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.26em;top:33.0412em;"><span class="stl_338 stl_21 stl_27">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3618em;top:33.0412em;"><span class="stl_338 stl_21 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0741em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Fair value changes of financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.866em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ments used to hedge the change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6579em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">fair value of an asset or liability are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4497em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">recorded in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2416em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">the same line item as the changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0335em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">value of the hedged asset or liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8254em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recognised in.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4085em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">In a fair value hedge where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2004em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">hedged item is a non-financial item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9922em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">such as inventory, the changes in fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7841em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">value attributable to the risk being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.576em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">hedged are adjusted against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3679em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">carrying value of inventory. The basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1597em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">adjustment remains part of the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9516em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">rying value of inventory and is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7435em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">nised in the income statement when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5354em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">the inventory is sold.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.1185em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Hedging of currency risk is not per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.9104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">formed for net assets (equity) in for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:29.7023em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">eign subsidiaries. Gains and losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:30.4941em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">relating to unhedged net assets in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:31.286em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">foreign subsidiaries are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.0779em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">for directly in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.8698em;"><span class="stl_298 stl_16 stl_184">income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.272em;top:10.7418em;"><span class="stl_338 stl_21 stl_268" style="word-spacing:-0.0391em;">Cash flow hedge reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6201em;top:12.0149em;"><span class="stl_338 stl_21 stl_38">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3245em;top:12.0156em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2157em;top:12.0162em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0007em;top:12.6818em;"><span class="stl_338 stl_21 stl_207">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.472em;top:12.6818em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8195em;top:12.6818em;"><span class="stl_338 stl_21 stl_250">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.057em;top:12.6824em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2545em;top:12.6831em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.3481em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.222em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4188em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2457em;top:13.3493em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4432em;top:13.3499em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:15.2256em;"><span class="stl_338 stl_21 stl_384" style="word-spacing:-0.042em;">Balance at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.527em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:15.2256em;"><span class="stl_338 stl_21 stl_871">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5738em;top:15.2256em;"><span class="stl_338 stl_21 stl_823">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6288em;top:15.2256em;"><span class="stl_338 stl_21 stl_349">133  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:16.6575em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1763em;top:16.6575em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5026em;top:16.6575em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5907em;top:16.6575em;"><span class="stl_298 stl_16 stl_428">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7795em;top:16.6575em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9838em;top:16.6575em;"><span class="stl_298 stl_16 stl_116">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:17.6231em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:18.3312em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2188em;top:18.3312em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9207em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1176em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0126em;top:18.3312em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:19.2968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0238em;top:19.2968em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:19.2968em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0651em;top:19.2968em;"><span class="stl_298 stl_16 stl_823">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8688em;top:19.2968em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4738em;top:19.2968em;"><span class="stl_298 stl_16 stl_885">-157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2624em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5263em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7232em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5826em;top:20.2624em;"><span class="stl_298 stl_16 stl_320">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8782em;top:20.2624em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9657em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:21.2343em;"><span class="stl_338 stl_21 stl_105" style="word-spacing:-0.0367em;">Balance at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1713em;top:21.2343em;"><span class="stl_338 stl_21 stl_47">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5557em;top:21.2343em;"><span class="stl_338 stl_21 stl_293">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9513em;top:21.2343em;"><span class="stl_338 stl_21 stl_275">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:22.1937em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9313em;top:22.1937em;"><span class="stl_298 stl_16 stl_211">-35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:22.1937em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:22.1937em;"><span class="stl_298 stl_16 stl_167">153  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8738em;top:22.1937em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7032em;top:22.1937em;"><span class="stl_298 stl_16 stl_710">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.1593em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.8674em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5257em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4838em;top:23.8674em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9195em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3132em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:24.8331em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2832em;top:24.8331em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:24.8331em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.062em;top:24.8331em;"><span class="stl_298 stl_16 stl_895">-138  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9138em;top:24.8331em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4695em;top:24.8331em;"><span class="stl_298 stl_16 stl_758">-149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3607em;top:25.7987em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5251em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6763em;top:25.7987em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1151em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.312em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:26.7706em;"><span class="stl_338 stl_21 stl_243" style="word-spacing:-0.0352em;">Balance at 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2826em;top:26.7706em;"><span class="stl_338 stl_21 stl_132">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7213em;top:26.7706em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6076em;top:26.7706em;"><span class="stl_338 stl_21 stl_356">74  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5688em;top:26.7706em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9494em;top:26.7706em;"><span class="stl_338 stl_21 stl_87">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.1924em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.9843em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.017em;">2023), Inventory/Cost of raw materials EUR </span><span class="stl_298 stl_16 stl_70">1</span><span class="stl_298 stl_16 stl_408" style="word-spacing:-0.0128em;">15m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5488em;top:10.7406em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Categories of financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.116em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:12.116em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:12.116em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.9916em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.956em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.9166em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4718em;top:15.9166em;"><span class="stl_298 stl_16 stl_618">423  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6968em;top:15.9166em;"><span class="stl_298 stl_16 stl_184">340  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.8822em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Contract assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4912em;top:16.8822em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7518em;top:16.8822em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8478em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0326em;">Interest bearing receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:18.8135em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">Cash at bank and in hand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0437em;top:18.8135em;"><span class="stl_298 stl_16 stl_717">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6918em;top:18.8135em;"><span class="stl_298 stl_16 stl_71">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:20.3635em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:21.3241em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Other investments and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1556em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:22.2897em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5187em;top:22.2897em;"><span class="stl_298 stl_16 stl_816">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7324em;top:22.2897em;"><span class="stl_298 stl_16 stl_756">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:23.841em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:24.8053em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:25.766em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Trade payables and other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4668em;top:25.766em;"><span class="stl_298 stl_16 stl_496">825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6924em;top:25.766em;"><span class="stl_298 stl_16 stl_34">509  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:26.7316em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4531em;top:26.7316em;"><span class="stl_298 stl_16 stl_321">238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7243em;top:26.7316em;"><span class="stl_298 stl_16 stl_390">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:28.2816em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:29.2422em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4812em;top:29.2422em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0512em;top:29.2422em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:30.6703em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">In the table above, financial instruments are presented in the categories which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:31.4622em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">determine how they will be measured in the financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_256" style="word-spacing:-0.0369em;">Measuring fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5275em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">Financial instruments measured at fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.3193em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">value in the balance sheet are desig-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.1112em;"><span class="stl_298 stl_16 stl_612" style="word-spacing:-0.0258em;">nated as belonging to one of the fol-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.9031em;"><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0283em;">lowing three categories (the ‘fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.695em;"><span class="stl_298 stl_16 stl_123">hierarchy’):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2743em;"><span class="stl_157 stl_33 stl_502" style="word-spacing:-0.018em;">Level 1: </span><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0284em;">Listed prices (unadjusted) in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.07em;"><span class="stl_298 stl_16 stl_82" style="word-spacing:-0.0274em;">active markets for identical assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.8618em;"><span class="stl_298 stl_16 stl_321">liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.4412em;"><span class="stl_157 stl_33 stl_23" style="word-spacing:-0.0403em;">Level 2: </span><span class="stl_298 stl_16 stl_329" style="word-spacing:-0.027em;">Input, other than listed prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.2368em;"><span class="stl_298 stl_16 stl_494" style="word-spacing:-0.0255em;">on Level 1, which is observable for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.0287em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0333em;">the asset or liability either directly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.8206em;"><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0268em;">(as prices) or indirectly (derived from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.6125em;"><span class="stl_298 stl_16 stl_224">prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.1918em;"><span class="stl_157 stl_33 stl_69" style="word-spacing:-0.0367em;">Level 3: </span><span class="stl_298 stl_16 stl_127" style="word-spacing:-0.033em;">Input for the asset or liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.9875em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.0299em;">which is not based on observable mar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.7793em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">ket data (non-observable input)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.3625em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">Financial instruments measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.1543em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.03em;">fair value consist of derivative finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9462em;"><span class="stl_298 stl_16 stl_483" style="word-spacing:-0.0265em;">cial instruments. The fair value on 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.7381em;"><span class="stl_298 stl_16 stl_297" style="word-spacing:-0.0246em;">December 2024 and 2023 of NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.53em;"><span class="stl_298 stl_16 stl_685" style="word-spacing:-0.023em;">Group’s forward transactions are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.3218em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0302em;">measured in accordance with Level  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1137em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0293em;">2 as the fair value is calculated based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.9056em;"><span class="stl_298 stl_16 stl_215" style="word-spacing:-0.0311em;">on official exchange rates and forward  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6975em;"><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0248em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.2806em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0338em;">The fair value of commodity forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.0725em;"><span class="stl_298 stl_16 stl_51" style="word-spacing:-0.0295em;">is measured as the present value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.8643em;"><span class="stl_298 stl_16 stl_134" style="word-spacing:-0.0318em;">future cash flows based on forward  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.6562em;"><span class="stl_298 stl_16 stl_66" style="word-spacing:-0.0285em;">rates and official exchange rates on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.74em;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0278em;">balance sheet date. The fair value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.5318em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">foreign currency forwards is measured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.3237em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0294em;">as the present value of future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.1156em;"><span class="stl_298 stl_16 stl_224" style="word-spacing:-0.029em;">flows based on the forward exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.9075em;"><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0248em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:15.4906em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">No financial instruments were moved  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:16.2825em;"><span class="stl_298 stl_16 stl_297" style="word-spacing:-0.0245em;">from one level to another in the year (no  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.0743em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:-0.0163em;">move in 2023 either).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:18.6637em;"><span class="stl_338 stl_21 stl_429" style="word-spacing:-0.0382em;">Liquidity risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:19.4493em;"><span class="stl_298 stl_16 stl_289" style="word-spacing:-0.0225em;">It is NKT Group’s policy to maintain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.2412em;"><span class="stl_298 stl_16 stl_335" style="word-spacing:-0.0307em;">adequate liquidity resources to imple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.0331em;"><span class="stl_298 stl_16 stl_308" style="word-spacing:-0.0324em;">ment planned operating activities and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.825em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0272em;">to be able to operate effectively in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:22.6168em;"><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0284em;">the event of unforeseen fluctuations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:23.4087em;"><span class="stl_298 stl_16 stl_494" style="word-spacing:-0.0254em;">in liquidity. NKT Group’s liquidity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.2006em;"><span class="stl_298 stl_16 stl_322" style="word-spacing:-0.0304em;">resources consist of cash, cash equiv-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.9925em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">alents and undrawn committed credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:25.7843em;"><span class="stl_298 stl_16 stl_299" style="word-spacing:-0.0289em;">facilities, which have a maturity of more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:26.5762em;"><span class="stl_298 stl_16 stl_128" style="word-spacing:-0.0106em;">than 12 months.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.1593em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0294em;">The revolving credit facility of EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.9512em;"><span class="stl_298 stl_16 stl_125" style="word-spacing:-0.0261em;">200m matures in November 2026. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:29.7431em;"><span class="stl_298 stl_16 stl_525" style="word-spacing:-0.0352em;">mortgage loan portfolio matures in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:30.535em;z-index:1610;"><span class="stl_298 stl_16 stl_128" style="word-spacing:-0.0107em;">2032, 2033 and 203</span><span class="stl_298 stl_16 stl_897">7</span><span class="stl_298 stl_16 stl_897">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.1181em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0355em;">NKT has financial covenants and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.91em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0338em;">change of control clause on certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:33.7018em;"><span class="stl_298 stl_16 stl_285" style="word-spacing:-0.0334em;">financial agreements. The latter comes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:34.4937em;"><span class="stl_298 stl_16 stl_120" style="word-spacing:-0.0335em;">into effect if a shareholder or share-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:35.2856em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.031em;">holder group gains control over NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.0775em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0372em;">A/S or if NKT A/S is no longer listed at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.8693em;"><span class="stl_298 stl_16 stl_85" style="word-spacing:-0.0325em;">Nasdaq Copenhagen.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:10.745em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0272em;">It is Group Management’s opinion that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:11.5368em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0342em;">the financial headroom is sufficient to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:12.3287em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">manage the level of activity expected in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:13.1206em;"><span class="stl_298 stl_16 stl_227" style="word-spacing:-0.0217em;">2025 for the NKT Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:14.71em;"><span class="stl_338 stl_21 stl_278" style="word-spacing:-0.0373em;">Credit risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:15.4956em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0342em;">Credit risk arises from the possibility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:16.2875em;"><span class="stl_298 stl_16 stl_286" style="word-spacing:-0.0309em;">that transactional counterparties may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.0793em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.031em;">default on their obligations causing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.8712em;"><span class="stl_298 stl_16 stl_335" style="word-spacing:-0.0306em;">financial losses for the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:10.7462em;"><span class="stl_298 stl_16 stl_483" style="word-spacing:-0.0263em;">NKT’s credit risks relate partly to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:11.5381em;"><span class="stl_298 stl_16 stl_286" style="word-spacing:-0.0307em;">receivables, contract assets and cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:12.33em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0301em;">at bank and in hand, and partly to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:13.1218em;"><span class="stl_298 stl_16 stl_286" style="word-spacing:-0.0309em;">derivative financial instruments with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:13.9137em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">positive fair value. The maximum credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:14.7056em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0332em;">risk attached to financial assets corre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:15.4975em;"><span class="stl_298 stl_16 stl_224" style="word-spacing:-0.029em;">spond to the values recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:16.2893em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0302em;">balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:23.7962em;"><span class="stl_338 stl_21 stl_429" style="word-spacing:-0.0402em;">Liquidity resources  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.233em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:25.233em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:25.233em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.1023em;"><span class="stl_298 stl_16 stl_80" style="word-spacing:-0.0211em;">Committed facilities (1-3 years)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3479em;top:27.1023em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5998em;top:27.1023em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.068em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0237em;">Committed facilities (&lt;1 year)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:28.068em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:28.068em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:29.0336em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">Total commited facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3473em;top:29.0336em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5992em;top:29.0336em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:29.9992em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Uncommitted facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0611em;top:29.9992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.313em;top:29.9992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4555em;top:30.9711em;"><span class="stl_338 stl_21 stl_226" style="word-spacing:-0.0231em;">Total facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3317em;top:30.9711em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5836em;top:30.9711em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4555em;top:33.4842em;"><span class="stl_298 stl_16 stl_34">Cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9486em;top:33.4842em;"><span class="stl_298 stl_16 stl_717">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:33.4842em;"><span class="stl_298 stl_16 stl_71">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4555em;top:34.4498em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Utilised facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0605em;top:34.4498em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3123em;top:34.4498em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:35.4155em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">Cash classified as assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0598em;top:35.4155em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3117em;top:35.4155em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4542em;top:36.3873em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0386em;">Liquidity recources  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8955em;top:36.3873em;"><span class="stl_338 stl_21 stl_649">1,718  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.078em;top:36.3873em;"><span class="stl_338 stl_21 stl_127">1,090  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:10.7321em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0273em;">To manage credit risk regarding finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:11.524em;"><span class="stl_298 stl_16 stl_22" style="word-spacing:-0.0345em;">cial counterparties, NKT only enters  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:12.3159em;"><span class="stl_298 stl_16 stl_66" style="word-spacing:-0.0286em;">into derivative financial contracts and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:13.1078em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.0319em;">money market deposits with financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:13.8996em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.0319em;">counterparties possessing a long-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:14.6915em;"><span class="stl_298 stl_16 stl_461" style="word-spacing:-0.0165em;">credit rating of ‘A-‘ from at least one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:15.4834em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0272em;">out of the following three selected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:16.2753em;"><span class="stl_298 stl_16 stl_659" style="word-spacing:-0.0237em;">rating agencies: Standard and Poor's,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:17.0671em;"><span class="stl_298 stl_16 stl_788" style="word-spacing:-0.0185em;">Moody's or Fitch.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:10.734em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.0299em;">NKT has no material risks relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:11.5259em;"><span class="stl_298 stl_16 stl_332" style="word-spacing:-0.0242em;">a single customer or partner. NKT’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:12.3178em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0295em;">policy for acceptance of credit risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:13.1096em;"><span class="stl_298 stl_16 stl_215" style="word-spacing:-0.0312em;">entails ongoing monitoring and credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:13.9015em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.0309em;">rating of important customers and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:14.6934em;"><span class="stl_298 stl_16 stl_213" style="word-spacing:-0.0349em;">other partners. NKT historically has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:15.4853em;"><span class="stl_298 stl_16 stl_325" style="word-spacing:-0.0282em;">had only a few material losses related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:16.2771em;"><span class="stl_298 stl_16 stl_171" style="word-spacing:-0.0214em;">to customers.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5486em;top:21.893em;"><span class="stl_338 stl_21 stl_389" style="word-spacing:-0.0363em;">Credit exposure for cash at bank and derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5486em;top:22.6598em;"><span class="stl_338 stl_21 stl_82" style="word-spacing:-0.0293em;">(fair value)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.5418em;top:23.8159em;"><span class="stl_338 stl_21 stl_34">Derivative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.9918em;top:24.5246em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Cash at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9974em;top:24.524em;"><span class="stl_338 stl_21 stl_280">financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.2328em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7924em;top:25.2321em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:0.8441em;">bank instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3106em;top:25.2321em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.1078em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.0671em;"><span class="stl_298 stl_16 stl_424" style="word-spacing:-0.0488em;">AA range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.2799em;top:28.0671em;"><span class="stl_298 stl_16 stl_896">413  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8174em;top:28.0671em;"><span class="stl_298 stl_16 stl_361">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6981em;top:28.0671em;"><span class="stl_298 stl_16 stl_226">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:29.0328em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">A range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7049em;top:29.0328em;"><span class="stl_298 stl_16 stl_170">1,099  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5024em;top:29.0328em;"><span class="stl_298 stl_16 stl_331">128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2287em;top:29.0328em;"><span class="stl_298 stl_16 stl_721">1,227  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:29.9984em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">BBB range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9037em;top:29.9984em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1556em;top:29.9984em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:29.9984em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:30.964em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">Not rated or below BBB range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9031em;top:30.964em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1549em;top:30.964em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:30.964em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:31.9359em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7281em;top:31.9359em;"><span class="stl_338 stl_21 stl_646">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4981em;top:31.9359em;"><span class="stl_338 stl_21 stl_368">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1731em;top:31.9359em;"><span class="stl_338 stl_21 stl_127">1,688  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:33.4809em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:34.4403em;"><span class="stl_298 stl_16 stl_424" style="word-spacing:-0.0488em;">AA range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.2399em;top:34.4403em;"><span class="stl_298 stl_16 stl_168">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8168em;top:34.4403em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7293em;top:34.4403em;"><span class="stl_298 stl_16 stl_361">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:35.4059em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">A range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.2549em;top:35.4059em;"><span class="stl_298 stl_16 stl_686">7</span><span class="stl_298 stl_16 stl_34">4</span><span class="stl_298 stl_16 stl_34">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4737em;top:35.4059em;"><span class="stl_298 stl_16 stl_28">160  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6837em;top:35.4059em;"><span class="stl_298 stl_16 stl_317">904  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:36.3715em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">BBB range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9025em;top:36.3715em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1543em;top:36.3715em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:36.3715em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:37.3434em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.1706em;top:37.3434em;"><span class="stl_338 stl_21 stl_571">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4687em;top:37.3434em;"><span class="stl_338 stl_21 stl_349">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2087em;top:37.3434em;"><span class="stl_338 stl_21 stl_349">1,073  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.9893em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">In July 2023 NKT A/S completed a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.7811em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0172em;">rights issue resulting in 10,</span><span class="stl_298 stl_16 stl_761">7</span><span class="stl_298 stl_16 stl_34">4</span><span class="stl_298 stl_16 stl_305">4,009  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.573em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">new shares. As a result of the issue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.3649em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">the Company's share capital as of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.1568em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">31 December 2023 amounts to DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.9486em;"><span class="stl_298 stl_16 stl_162" style="word-spacing:-0.004em;">1,074,400,900 (approximately EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.7405em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0094em;">144m) divided into 53,720,045 shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.5324em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">with a nominal value of DKK 20 each.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.3243em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0224em;">As per 31 December 2024 the share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.1161em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">capital compared to 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.908em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">2023 is unchanged.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.4911em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0175em;">During 2024, 31,000 treasury shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.283em;"><span class="stl_298 stl_16 stl_95" style="word-spacing:-0.019em;">were purchased (150,000 during  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:32.0749em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0187em;">2023) of which 50,649 are held at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:32.8668em;z-index:1011;"><span class="stl_298 stl_16 stl_322" style="word-spacing:-0.0105em;">31 December 2024 (8</span><span class="stl_298 stl_16 stl_742">7</span><span class="stl_298 stl_16 stl_837" style="word-spacing:0.1567em;">,113 </span><span class="stl_298 stl_16 stl_305">a</span><span class="stl_298 stl_16 stl_428" style="word-spacing:0.056em;">t 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.6586em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0208em;">December 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:10.5724em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.2011em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0353em;">Dividend is recognised as a liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.993em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">at the date of adoption at the Annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.7849em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">General Meeting (declaration date).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.5768em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">Proposed dividend payments for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.3686em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">year are disclosed as a separate item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.1605em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">under equity.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.7436em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Acquisition costs, consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:18.5355em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">received, and dividends relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.3274em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">to treasury shares, are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.1193em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">directly in retained comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.9111em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">income in equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.9893em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">In July 2023 NKT A/S completed a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.7811em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0172em;">rights issue resulting in 10,</span><span class="stl_298 stl_16 stl_761">7</span><span class="stl_298 stl_16 stl_34">4</span><span class="stl_298 stl_16 stl_305">4,009  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.573em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">new shares. As a result of the issue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.3649em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">the Company's share capital as of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.1568em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0232em;">31 December 2023 amounts to DKK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.9486em;"><span class="stl_298 stl_16 stl_162" style="word-spacing:-0.004em;">1,074,400,900 (approximately EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.7405em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0094em;">144m) divided into 53,720,045 shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.5324em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">with a nominal value of DKK 20 each.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.3243em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0224em;">As per 31 December 2024 the share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.1161em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">capital compared to 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.908em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">2023 is unchanged.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.4911em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0175em;">During 2024, 31,000 treasury shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.283em;"><span class="stl_298 stl_16 stl_95" style="word-spacing:-0.019em;">were purchased (150,000 during  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:32.0749em;"><span class="stl_298 stl_16 stl_89" style="word-spacing:-0.0187em;">2023) of which 50,649 are held at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:32.8668em;z-index:1011;"><span class="stl_298 stl_16 stl_322" style="word-spacing:-0.0105em;">31 December 2024 (8</span><span class="stl_298 stl_16 stl_742">7</span><span class="stl_298 stl_16 stl_837" style="word-spacing:0.1567em;">,113 </span><span class="stl_298 stl_16 stl_305">a</span><span class="stl_298 stl_16 stl_428" style="word-spacing:0.056em;">t 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.6586em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0208em;">December 2023).  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:8.9083em;"><span class="stl_801 stl_33 stl_230" style="word-spacing:0.3219em;">5.2 Earnings</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.612em;top:8.9083em;"><span class="stl_801 stl_33 stl_186" style="word-spacing:-0.025em;">per share  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0902em;top:10.5932em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.334em;top:10.5932em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:12.4625em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">Profit attributable to equity holders (EURm)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4621em;top:12.4625em;"><span class="stl_298 stl_16 stl_502">326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8027em;top:12.4625em;"><span class="stl_298 stl_16 stl_808">113  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.0075em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0265em;">Weighted average number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.3946em;top:14.0075em;"><span class="stl_298 stl_16 stl_172">53,720,045  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7302em;top:14.0075em;z-index:1564;"><span class="stl_298 stl_16 stl_685">50</span><span class="stl_298 stl_16 stl_790">,</span><span class="stl_298 stl_16 stl_771">102,581  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.9732em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0321em;">Dilutive effect of Performance share programs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.7302em;top:14.9732em;"><span class="stl_298 stl_16 stl_875">74,160  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.8271em;top:14.9732em;"><span class="stl_298 stl_16 stl_117">94,568  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.5182em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">Diluted weighted average number of shares  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.3802em;top:16.5182em;"><span class="stl_298 stl_16 stl_277">53,794,205  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.8921em;top:16.5182em;z-index:1672;"><span class="stl_298 stl_16 stl_262">50</span><span class="stl_298 stl_16 stl_70">,</span><span class="stl_298 stl_16 stl_876">197,149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.0632em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Basic earnings - continuing operations,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.7713em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">EUR, per share (EPS)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6346em;top:18.7713em;"><span class="stl_298 stl_16 stl_42">4.2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8934em;top:18.7713em;"><span class="stl_298 stl_16 stl_242">2.2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.7369em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">Diluted earnings - continuing operations,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.445em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">EUR, per share (EPS-D)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6346em;top:20.445em;"><span class="stl_298 stl_16 stl_42">4.2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9602em;top:20.445em;z-index:1799;"><span class="stl_298 stl_16 stl_356">2.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.4107em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Basic earnings per share, EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6921em;top:21.4107em;z-index:1827;"><span class="stl_298 stl_16 stl_162">6</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_70">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.899em;top:21.4107em;"><span class="stl_298 stl_16 stl_377">2.3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:22.3763em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">Diluted earnings per share, EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6927em;top:22.3763em;z-index:1860;"><span class="stl_298 stl_16 stl_162">6</span><span class="stl_298 stl_16 stl_70">.</span><span class="stl_298 stl_16 stl_70">1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8996em;top:22.3763em;"><span class="stl_298 stl_16 stl_377">2.3  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:10.5724em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.2011em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0353em;">Dividend is recognised as a liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.993em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">at the date of adoption at the Annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.7849em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">General Meeting (declaration date).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.5768em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">Proposed dividend payments for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.3686em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">year are disclosed as a separate item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.1605em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">under equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3074em;top:10.5724em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.2011em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0353em;">Dividend is recognised as a liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:12.993em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">at the date of adoption at the Annual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.7849em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">General Meeting (declaration date).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.5768em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">Proposed dividend payments for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.3686em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0283em;">year are disclosed as a separate item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.1605em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">under equity.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_58" style="word-spacing:0.339em;">5.3 Hybrid</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.432em;top:8.9083em;"><span class="stl_801 stl_33 stl_188">capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.6961em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">Hybrid capital comprises issued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">bonds from September 2022 of EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">150m. The issued hybrid capital is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">accounted for as a hybrid capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">reserve in equity. The classification is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">based on the special characteristics of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.4474em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">the hybrid bond, where the bondhold-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2393em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">ers are subordinate to other creditors,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.0311em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">and NKT A/S may defer and ultimately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.823em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">decide not to pay the coupon. Any  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.6149em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">deferred coupons outstanding in 3022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.4068em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0229em;">will be cancelled. However, deferred  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.1986em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">coupon payments become payable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.9905em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0364em;">if NKT A/S decides to pay dividends  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.7824em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">to shareholders. Coupon payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.6993em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">are recognised in equity. For further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.4911em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">details on the hybrid capital, please  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.283em;"><span class="stl_298 stl_16 stl_226" style="word-spacing:-0.0229em;">see table below.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.8661em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">As the principal of the securities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:14.658em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">ultimately falls due in 3022, its dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:15.4499em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">counted fair value is zero due to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:16.2418em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">terms of the securities. Therefore, a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.0336em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">liability of zero has been recognised in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.8255em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">the balance sheet, and the full amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:18.6174em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">of the proceeds have been recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:19.4093em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">as equity. Coupon payments are rec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.2011em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">ognised in the statement of cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.993em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">in the same way as dividend payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.7849em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">within financing activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.6093em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0387em;">Hybrid bonds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7203em;top:25.6093em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:25.6093em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.4787em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Nominal value of hybrid capital  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1741em;top:27.4787em;"><span class="stl_298 stl_16 stl_472" style="word-spacing:-0.0044em;">EUR 150m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.6072em;top:27.4787em;"><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0048em;">EUR 150m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:28.4443em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Classification in financial statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4247em;top:28.4443em;"><span class="stl_298 stl_16 stl_243">Equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.8578em;top:28.4443em;"><span class="stl_298 stl_16 stl_243">Equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:29.4099em;"><span class="stl_298 stl_16 stl_154">Issued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.1041em;top:29.4099em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0131em;">Sept. 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.5372em;top:29.4099em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0131em;">Sept. 2022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:30.3755em;"><span class="stl_298 stl_16 stl_36">Maturing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.466em;top:30.3755em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">July 3022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.8991em;top:30.3755em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">July 3022  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:31.3412em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">First call date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.961em;top:31.3412em;"><span class="stl_298 stl_16 stl_208" style="word-spacing:-0.0183em;">1 July 2026  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.3941em;top:31.3412em;"><span class="stl_298 stl_16 stl_208" style="word-spacing:-0.0183em;">1 July 2026  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:32.7843em;"><span class="stl_380 stl_381 stl_79">Interests:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:33.7449em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">For the first four years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4778em;top:33.7449em;z-index:1152;"><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_58">.</span><span class="stl_298 stl_16 stl_665">24%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.911em;top:33.7449em;z-index:1157;"><span class="stl_298 stl_16 stl_423">7</span><span class="stl_298 stl_16 stl_58">.</span><span class="stl_298 stl_16 stl_665">24%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:34.7105em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">For the following years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.5022em;top:34.7105em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0217em;">Resets to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.9353em;top:34.7099em;"><span class="stl_298 stl_16 stl_214" style="word-spacing:-0.0218em;">Resets to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.3466em;top:35.418em;"><span class="stl_298 stl_16 stl_79" style="word-spacing:-0.02em;">4-year EUR swap</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.345em;top:35.418em;"><span class="stl_298 stl_16 stl_185" style="word-spacing:-0.0198em;">4-year EUR swap  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.3235em;top:36.1268em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">rate prevailing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7566em;top:36.1262em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">rate prevailing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.7366em;top:36.8349em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">at that time plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.1697em;top:36.8343em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">at that time plus  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.2491em;top:37.543em;"><span class="stl_298 stl_16 stl_428">5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6822em;top:37.5424em;"><span class="stl_298 stl_16 stl_428">5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2602em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0929em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">Hybrid capital is treated in accordance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.8847em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">with the rules on compound financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:14.6766em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">instruments based on the charac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:15.4685em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">teristics of the bonds. The notional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:16.2604em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">amount, which constitutes a liability,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.0522em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">is recognised at present value, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.8441em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">equity has been increased by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:18.636em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">difference between the net proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:19.4279em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">received and the present value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:20.2197em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">discounted liability. The part of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.0116em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">hybrid capital that is accounted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.8035em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">as a liability is measured at amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:22.5954em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">cost. The carrying amount is zero  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:23.3873em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">on initial recognition and due to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.1791em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0225em;">1,000-year term of the hybrid capital,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.971em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">amortisation charges will only have an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:25.7629em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">impact on the income statement for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:26.5548em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">the years at the end of the 1,000-year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:27.3466em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">term of the hybrid capital.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:28.9298em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">Coupon payments are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:29.7216em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">for as dividends and are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:30.5135em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">directly in equity when the obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:31.3054em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0231em;">to pay arises.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.8885em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">The obligation to pay coupon pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:33.6804em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">ments is at the discretion of Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:34.4723em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">Management and deferred coupon  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:35.2641em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0322em;">lapses upon maturity of the hybrid  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.056em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">capital. Coupon payments are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.8479em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">nised in the statement of cash flows in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:37.6398em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">the same way as dividend payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:38.4316em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">within financing activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.0985em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">On redemption of the hybrid capi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.8904em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">tal, the payment will be distributed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.6823em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">between liability and equity, applying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.4741em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">the same principles as used when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:16.266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the hybrid capital was issued. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.0579em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">difference between the payment on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.8498em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">redemption and the net proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.6416em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">received on issue is recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4335em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">directly in equity as the debt portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.2254em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">of the existing hybrid issues will be nil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.0173em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">during the first part of the life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.8091em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">hybrid capital.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:23.3923em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">On the date on which the Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1841em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">Directors decides to exercise an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.976em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">option to redeem the hybrid capital,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7679em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">the part of the hybrid capital that will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.5598em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">be redeemed will be reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3516em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">loans and borrowings. The reclassi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.1435em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">fication will be made at the market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.9354em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">value of the hybrid capital at the date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:29.7273em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">the decision is made. Following the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:30.5191em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">reclassification, coupon payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:31.311em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">and exchange rate adjustments will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.1029em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.8948em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">as financial income or expenses.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.2602em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.0929em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">Hybrid capital is treated in accordance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:13.8847em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">with the rules on compound financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:14.6766em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">instruments based on the charac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:15.4685em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">teristics of the bonds. The notional  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:16.2604em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">amount, which constitutes a liability,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.0522em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">is recognised at present value, and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:17.8441em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">equity has been increased by the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:18.636em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">difference between the net proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:19.4279em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">received and the present value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:20.2197em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">discounted liability. The part of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.0116em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">hybrid capital that is accounted for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:21.8035em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0352em;">as a liability is measured at amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:22.5954em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">cost. The carrying amount is zero  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:23.3873em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">on initial recognition and due to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.1791em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0225em;">1,000-year term of the hybrid capital,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:24.971em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">amortisation charges will only have an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:25.7629em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">impact on the income statement for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:26.5548em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0213em;">the years at the end of the 1,000-year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:27.3466em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">term of the hybrid capital.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:28.9298em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">Coupon payments are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:29.7216em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">for as dividends and are recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:30.5135em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">directly in equity when the obligation  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:31.3054em;"><span class="stl_298 stl_16 stl_205" style="word-spacing:-0.0231em;">to pay arises.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:32.8885em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">The obligation to pay coupon pay-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:33.6804em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">ments is at the discretion of Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:34.4723em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">Management and deferred coupon  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:35.2641em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0322em;">lapses upon maturity of the hybrid  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.056em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">capital. Coupon payments are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:36.8479em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">nised in the statement of cash flows in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:37.6398em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">the same way as dividend payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4564em;top:38.4316em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">within financing activities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.0985em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">On redemption of the hybrid capi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:13.8904em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0269em;">tal, the payment will be distributed  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.6823em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">between liability and equity, applying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:15.4741em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0349em;">the same principles as used when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:16.266em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">the hybrid capital was issued. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.0579em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">difference between the payment on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.8498em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">redemption and the net proceeds  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:18.6416em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">received on issue is recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:19.4335em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">directly in equity as the debt portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:20.2254em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">of the existing hybrid issues will be nil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.0173em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">during the first part of the life of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:21.8091em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">hybrid capital.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:23.3923em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">On the date on which the Board of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.1841em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">Directors decides to exercise an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:24.976em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">option to redeem the hybrid capital,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:25.7679em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">the part of the hybrid capital that will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:26.5598em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">be redeemed will be reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:27.3516em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">loans and borrowings. The reclassi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.1435em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">fication will be made at the market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:28.9354em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">value of the hybrid capital at the date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:29.7273em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0277em;">the decision is made. Following the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:30.5191em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0307em;">reclassification, coupon payments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:31.311em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">and exchange rate adjustments will be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.1029em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">recognised in the income statement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:32.8948em;"><span class="stl_298 stl_16 stl_92" style="word-spacing:-0.0342em;">as financial income or expenses.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_209" style="word-spacing:0.357em;">5.4 Net</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.050em;top:8.9083em;"><span class="stl_801 stl_33 stl_97" style="word-spacing:-0.0163em;">interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7024em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0355em;">Net interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">Net interest-bearing debt at 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_329" style="word-spacing:-0.0071em;">December 2024 was EUR -1,280m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_299" style="word-spacing:-0.0088em;">(EUR -671m at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">including liabilities associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">assets held for sale), corresponding to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.4474em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">a decrease of EUR 609m.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.6974em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">The decrease was driven by milestone  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.4893em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">payments received in Solutions and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.2811em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">improved results.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.9246em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:18.9246em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:18.9246em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.7989em;"><span class="stl_380 stl_381 stl_342" style="word-spacing:-0.0294em;">Net interest-bearing debt comprises:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.7596em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Non-current loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2847em;top:21.7596em;"><span class="stl_298 stl_16 stl_458">221  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5372em;top:21.7596em;"><span class="stl_298 stl_16 stl_458">196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:22.7252em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">Current loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6647em;top:22.7252em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9297em;top:22.7252em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:23.6971em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.037em;">Interest-bearing debt, gross  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2428em;top:23.6971em;"><span class="stl_338 stl_21 stl_152">238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5097em;top:23.6971em;"><span class="stl_338 stl_21 stl_52">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:25.2358em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">Demand deposits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2478em;top:25.2358em;"><span class="stl_298 stl_16 stl_64">668  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5047em;top:25.2358em;"><span class="stl_298 stl_16 stl_164">438  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:26.2014em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0223em;">Termed deposits (3 months or less)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.256em;top:26.2014em;"><span class="stl_298 stl_16 stl_186">850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5091em;top:26.2014em;"><span class="stl_298 stl_16 stl_226">450  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:27.1733em;"><span class="stl_338 stl_21 stl_382" style="word-spacing:-0.0378em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7922em;top:27.1733em;"><span class="stl_338 stl_21 stl_646">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4872em;top:27.1733em;"><span class="stl_338 stl_21 stl_571">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:28.1389em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0355em;">Net interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5078em;top:28.1389em;"><span class="stl_338 stl_21 stl_398">-1,280  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2353em;top:28.1389em;"><span class="stl_338 stl_21 stl_327">-681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:29.6777em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0273em;">Net interest-bearing debt presented as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:30.3858em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9666em;top:30.3858em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8972em;top:30.3858em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:31.3577em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Net interest-bearing debt including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:32.0658em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.0389em;">assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5078em;top:32.0658em;"><span class="stl_338 stl_21 stl_398">-1,280  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2441em;top:32.0658em;"><span class="stl_338 stl_21 stl_378">-671  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.456em;top:10.7627em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Changes in current loans, non-current loans and lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7948em;top:11.4467em;"><span class="stl_338 stl_21 stl_384" style="word-spacing:-0.042em;">Effect of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0329em;top:12.156em;"><span class="stl_338 stl_21 stl_225">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7573em;top:12.1554em;"><span class="stl_338 stl_21 stl_225">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0848em;top:12.1548em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8504em;top:12.8635em;"><span class="stl_338 stl_21 stl_105" style="word-spacing:-0.0366em;">during the</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.381em;top:12.8635em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">from business  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4342em;top:12.8629em;"><span class="stl_338 stl_21 stl_207">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3354em;top:12.8629em;"><span class="stl_338 stl_21 stl_63">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.5729em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5011em;top:13.5729em;"><span class="stl_338 stl_21 stl_426" style="word-spacing:-0.0507em;">1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8767em;top:13.5729em;"><span class="stl_338 stl_21 stl_156" style="word-spacing:-0.0323em;">Cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9411em;top:13.5717em;"><span class="stl_338 stl_21 stl_246" style="word-spacing:0.7931em;">period combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8136em;top:13.571em;"><span class="stl_338 stl_21 stl_154">rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.9529em;top:13.571em;"><span class="stl_338 stl_21 stl_459">December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.4467em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.406em;"><span class="stl_298 stl_16 stl_253">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3967em;top:16.406em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.5436em;top:16.406em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.5104em;top:16.406em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9229em;top:16.406em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7761em;top:16.406em;z-index:921;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0229em;top:16.406em;"><span class="stl_298 stl_16 stl_116">146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.3717em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7023em;top:17.3717em;"><span class="stl_298 stl_16 stl_91">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.5379em;top:17.3717em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1648em;top:17.3717em;"><span class="stl_298 stl_16 stl_132">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9229em;top:17.3717em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7761em;top:17.3717em;z-index:950;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3329em;top:17.3717em;"><span class="stl_298 stl_16 stl_321">92  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.9229em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.8823em;"><span class="stl_298 stl_16 stl_253">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3911em;top:19.8823em;"><span class="stl_298 stl_16 stl_839">158  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6029em;top:19.8823em;z-index:966;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.5104em;top:19.8823em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.2348em;top:19.8823em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4679em;top:19.8823em;"><span class="stl_298 stl_16 stl_366">-14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0186em;top:19.8823em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.8479em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7054em;top:20.8479em;"><span class="stl_298 stl_16 stl_253">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.5379em;top:20.8479em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1623em;top:20.8479em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.2348em;top:20.8479em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.9592em;top:20.8479em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3242em;top:20.8479em;"><span class="stl_298 stl_16 stl_91">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Contractual undiscounted cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4872em;top:11.4245em;"><span class="stl_338 stl_21 stl_292">Carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8847em;top:11.4245em;"><span class="stl_338 stl_21 stl_202" style="word-spacing:-0.0407em;">Less than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9228em;top:11.4245em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0387em;">More than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2166em;top:11.4245em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.1326em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7935em;top:12.1326em;"><span class="stl_338 stl_21 stl_291">amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9735em;top:12.1326em;"><span class="stl_338 stl_21 stl_155" style="word-spacing:-0.0313em;">1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7616em;top:12.1326em;"><span class="stl_338 stl_21 stl_184" style="word-spacing:-0.027em;">1-3 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4391em;top:12.1326em;"><span class="stl_338 stl_21 stl_658" style="word-spacing:-0.0523em;">3-5 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.801em;top:12.1326em;"><span class="stl_338 stl_21 stl_104" style="word-spacing:-0.041em;">5 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.5053em;top:12.1326em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:14.0083em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:14.9676em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0239em;">Interest-bearing loans and borrowings (excl. lease liabilities)</span><sup style="top: -0.2081em;"><span class="stl_340 stl_16 stl_104" style="word-spacing:-0.041em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0307em;top:14.9677em;"><span class="stl_298 stl_16 stl_116">146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1276em;top:14.9677em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7951em;top:14.9677em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5089em;top:14.9677em;"><span class="stl_298 stl_16 stl_253">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2301em;top:14.9677em;"><span class="stl_298 stl_16 stl_91">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.722em;top:14.9677em;"><span class="stl_298 stl_16 stl_878">174  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:15.9333em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">Lease liabilities</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_879" style="word-spacing:-0.0544em;">2  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3409em;top:15.9336em;"><span class="stl_298 stl_16 stl_321">92  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0996em;top:15.9336em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.809em;top:15.9336em;"><span class="stl_298 stl_16 stl_650">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5459em;top:15.9336em;"><span class="stl_298 stl_16 stl_870">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2396em;top:15.9336em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6402em;top:15.9336em;"><span class="stl_298 stl_16 stl_10">134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:16.8992em;"><span class="stl_298 stl_16 stl_120" style="word-spacing:-0.0136em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9796em;top:16.8992em;"><span class="stl_298 stl_16 stl_184">534  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.704em;top:16.8992em;"><span class="stl_298 stl_16 stl_184">534  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1402em;top:16.8992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8646em;top:16.8992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.589em;top:16.8992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6015em;top:16.8992em;"><span class="stl_298 stl_16 stl_184">534  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3615em;top:17.8649em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Derivative financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0171em;top:17.8649em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1046em;top:17.8649em;"><span class="stl_298 stl_16 stl_762">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7865em;top:17.8649em;"><span class="stl_298 stl_16 stl_79">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8646em;top:17.8649em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.589em;top:17.8649em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.639em;top:17.8649em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3615em;top:18.8305em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">Other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0065em;top:18.8305em;"><span class="stl_298 stl_16 stl_618">291  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7309em;top:18.8305em;"><span class="stl_298 stl_16 stl_618">291  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1396em;top:18.8305em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.864em;top:18.8305em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5884em;top:18.8305em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6284em;top:18.8305em;"><span class="stl_298 stl_16 stl_618">291  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3609em;top:19.8024em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5377em;top:19.8024em;"><span class="stl_338 stl_21 stl_829">1,165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6921em;top:19.8024em;"><span class="stl_338 stl_21 stl_152">902  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7902em;top:19.8024em;"><span class="stl_338 stl_21 stl_31">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5034em;top:19.8024em;"><span class="stl_338 stl_21 stl_384">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9171em;top:19.8024em;"><span class="stl_338 stl_21 stl_623">181  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0796em;top:19.8024em;"><span class="stl_338 stl_21 stl_127">1,235  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3615em;top:21.3474em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3615em;top:22.3067em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">Interest-bearing loans and borrowing</span><span class="stl_298 stl_16 stl_880">s</span><span class="stl_298 stl_16 stl_28">(</span><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0203em;">excl. lease liabilities)</span><sup style="top: -0.2065em;"><span class="stl_340 stl_16 stl_59" style="word-spacing:-0.0349em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0267em;top:22.3084em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1042em;top:22.3084em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7904em;top:22.3084em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5354em;top:22.3084em;"><span class="stl_298 stl_16 stl_428">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9829em;top:22.3084em;"><span class="stl_298 stl_16 stl_366">119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6379em;top:22.3084em;"><span class="stl_298 stl_16 stl_333">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:23.274em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Lease liabilities</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_879" style="word-spacing:-0.0545em;">2  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3324em;top:23.2743em;"><span class="stl_298 stl_16 stl_91">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4161em;top:23.2743em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8236em;top:23.2743em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5761em;top:23.2743em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.238em;top:23.2743em;"><span class="stl_298 stl_16 stl_321">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9774em;top:23.2743em;"><span class="stl_298 stl_16 stl_623">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:24.2399em;"><span class="stl_298 stl_16 stl_120" style="word-spacing:-0.0136em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9749em;top:24.2399em;"><span class="stl_298 stl_16 stl_71">364  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6992em;top:24.2399em;"><span class="stl_298 stl_16 stl_71">364  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1399em;top:24.2399em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8642em;top:24.2399em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5886em;top:24.2399em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:24.2399em;"><span class="stl_298 stl_16 stl_71">364  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:25.2055em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Derivative financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3355em;top:25.2055em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.063em;top:25.2055em;"><span class="stl_298 stl_16 stl_209">46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7842em;top:25.2055em;"><span class="stl_298 stl_16 stl_253">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8649em;top:25.2055em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5892em;top:25.2055em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9574em;top:25.2055em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:26.1712em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">Other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0274em;top:26.1712em;"><span class="stl_298 stl_16 stl_650">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7517em;top:26.1712em;"><span class="stl_298 stl_16 stl_650">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1399em;top:26.1712em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8642em;top:26.1712em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5886em;top:26.1712em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6492em;top:26.1712em;"><span class="stl_298 stl_16 stl_650">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:27.143em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.018em;top:27.143em;"><span class="stl_338 stl_21 stl_744">810  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7217em;top:27.143em;"><span class="stl_338 stl_21 stl_502">576  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7842em;top:27.143em;"><span class="stl_338 stl_21 stl_58">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5036em;top:27.143em;"><span class="stl_338 stl_21 stl_384">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9174em;top:27.143em;"><span class="stl_338 stl_21 stl_623">181  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.583em;top:27.143em;"><span class="stl_338 stl_21 stl_279">884  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.5137em;"><span class="stl_371 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.7743em;top:28.4786em;"><span class="stl_98 stl_16 stl_490" style="word-spacing:-0.0416em;">The principal of the hybrid capital is not included in the contractual maturities as it is due in year 3022.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.2281em;"><span class="stl_849 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.8148em;top:29.3051em;"><span class="stl_98 stl_16 stl_391" style="word-spacing:-0.0381em;">Lease liabilities are recognised in the balance sheet excluding short-term and low-value leases (refer to note 3.3 Leases).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:10.7356em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">The forward contracts are presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:11.5275em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">at fair value as the discount element is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.3193em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">considered insignificant.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.9025em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.6943em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">are predominantly based on floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4862em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">interest rates and are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2781em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">amortised cost. The carrying amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.07em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">therefore in all material aspects cor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8618em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">responds to fair value and nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.6537em;"><span class="stl_298 stl_16 stl_205">value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.7318em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:12.3606em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.1525em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">are recognised at the amount of pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.9443em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">ceeds received at the date of borrow-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.7362em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">ing, net of transaction costs paid. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.5281em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">subsequent periods the financial liabi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.32em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">lities are measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.1118em;z-index:1394;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">using ‘the effective interest method</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_233">,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.9037em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">and the difference between the pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.6956em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">ceeds and the nominal value is there-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4875em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">fore being recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2793em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">statement under financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.0712em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0221em;">over the term of the loan.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.6543em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.4462em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">also include lease liabilities recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.2381em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">in the balance sheet measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.03em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">amortised cost.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_209" style="word-spacing:0.357em;">5.4 Net</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.050em;top:8.9083em;"><span class="stl_801 stl_33 stl_97" style="word-spacing:-0.0163em;">interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7024em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0355em;">Net interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.488em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">Net interest-bearing debt at 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.2799em;"><span class="stl_298 stl_16 stl_329" style="word-spacing:-0.0071em;">December 2024 was EUR -1,280m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.0718em;"><span class="stl_298 stl_16 stl_299" style="word-spacing:-0.0088em;">(EUR -671m at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.8636em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">including liabilities associated with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.6555em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">assets held for sale), corresponding to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.4474em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">a decrease of EUR 609m.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.6974em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">The decrease was driven by milestone  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.4893em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">payments received in Solutions and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.2811em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">improved results.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.9246em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:18.9246em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:18.9246em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.7989em;"><span class="stl_380 stl_381 stl_342" style="word-spacing:-0.0294em;">Net interest-bearing debt comprises:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.7596em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Non-current loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2847em;top:21.7596em;"><span class="stl_298 stl_16 stl_458">221  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5372em;top:21.7596em;"><span class="stl_298 stl_16 stl_458">196  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:22.7252em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">Current loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6647em;top:22.7252em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9297em;top:22.7252em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:23.6971em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.037em;">Interest-bearing debt, gross  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2428em;top:23.6971em;"><span class="stl_338 stl_21 stl_152">238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5097em;top:23.6971em;"><span class="stl_338 stl_21 stl_52">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:25.2358em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">Demand deposits  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.2478em;top:25.2358em;"><span class="stl_298 stl_16 stl_64">668  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5047em;top:25.2358em;"><span class="stl_298 stl_16 stl_164">438  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:26.2014em;"><span class="stl_298 stl_16 stl_37" style="word-spacing:-0.0223em;">Termed deposits (3 months or less)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.256em;top:26.2014em;"><span class="stl_298 stl_16 stl_186">850  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5091em;top:26.2014em;"><span class="stl_298 stl_16 stl_226">450  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:27.1733em;"><span class="stl_338 stl_21 stl_382" style="word-spacing:-0.0378em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.7922em;top:27.1733em;"><span class="stl_338 stl_21 stl_646">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4872em;top:27.1733em;"><span class="stl_338 stl_21 stl_571">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:28.1389em;"><span class="stl_338 stl_21 stl_563" style="word-spacing:-0.0355em;">Net interest-bearing debt  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5078em;top:28.1389em;"><span class="stl_338 stl_21 stl_398">-1,280  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2353em;top:28.1389em;"><span class="stl_338 stl_21 stl_327">-681  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:29.6777em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0273em;">Net interest-bearing debt presented as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:30.3858em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9666em;top:30.3858em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8972em;top:30.3858em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:31.3577em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Net interest-bearing debt including  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:32.0658em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.0389em;">assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.5078em;top:32.0658em;"><span class="stl_338 stl_21 stl_398">-1,280  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2441em;top:32.0658em;"><span class="stl_338 stl_21 stl_378">-671  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.456em;top:10.7627em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Changes in current loans, non-current loans and lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7948em;top:11.4467em;"><span class="stl_338 stl_21 stl_384" style="word-spacing:-0.042em;">Effect of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0329em;top:12.156em;"><span class="stl_338 stl_21 stl_225">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7573em;top:12.1554em;"><span class="stl_338 stl_21 stl_225">Additions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0848em;top:12.1548em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8504em;top:12.8635em;"><span class="stl_338 stl_21 stl_105" style="word-spacing:-0.0366em;">during the</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.381em;top:12.8635em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">from business  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4342em;top:12.8629em;"><span class="stl_338 stl_21 stl_207">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3354em;top:12.8629em;"><span class="stl_338 stl_21 stl_63">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.5729em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5011em;top:13.5729em;"><span class="stl_338 stl_21 stl_426" style="word-spacing:-0.0507em;">1 January  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8767em;top:13.5729em;"><span class="stl_338 stl_21 stl_156" style="word-spacing:-0.0323em;">Cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9411em;top:13.5717em;"><span class="stl_338 stl_21 stl_246" style="word-spacing:0.7931em;">period combinations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8136em;top:13.571em;"><span class="stl_338 stl_21 stl_154">rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.9529em;top:13.571em;"><span class="stl_338 stl_21 stl_459">December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.4467em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.406em;"><span class="stl_298 stl_16 stl_253">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3967em;top:16.406em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.5436em;top:16.406em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.5104em;top:16.406em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9229em;top:16.406em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7761em;top:16.406em;z-index:921;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0229em;top:16.406em;"><span class="stl_298 stl_16 stl_116">146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.3717em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7023em;top:17.3717em;"><span class="stl_298 stl_16 stl_91">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.5379em;top:17.3717em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1648em;top:17.3717em;"><span class="stl_298 stl_16 stl_132">23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9229em;top:17.3717em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7761em;top:17.3717em;z-index:950;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3329em;top:17.3717em;"><span class="stl_298 stl_16 stl_321">92  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.9229em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.8823em;"><span class="stl_298 stl_16 stl_253">Loans  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3911em;top:19.8823em;"><span class="stl_298 stl_16 stl_839">158  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6029em;top:19.8823em;z-index:966;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.5104em;top:19.8823em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.2348em;top:19.8823em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.4679em;top:19.8823em;"><span class="stl_298 stl_16 stl_366">-14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0186em;top:19.8823em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.8479em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Lease liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7054em;top:20.8479em;"><span class="stl_298 stl_16 stl_253">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.5379em;top:20.8479em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1623em;top:20.8479em;"><span class="stl_298 stl_16 stl_63">32  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.2348em;top:20.8479em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.9592em;top:20.8479em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.3242em;top:20.8479em;"><span class="stl_298 stl_16 stl_91">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Contractual undiscounted cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4872em;top:11.4245em;"><span class="stl_338 stl_21 stl_292">Carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8847em;top:11.4245em;"><span class="stl_338 stl_21 stl_202" style="word-spacing:-0.0407em;">Less than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9228em;top:11.4245em;"><span class="stl_338 stl_21 stl_378" style="word-spacing:-0.0387em;">More than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2166em;top:11.4245em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.1326em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7935em;top:12.1326em;"><span class="stl_338 stl_21 stl_291">amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9735em;top:12.1326em;"><span class="stl_338 stl_21 stl_155" style="word-spacing:-0.0313em;">1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7616em;top:12.1326em;"><span class="stl_338 stl_21 stl_184" style="word-spacing:-0.027em;">1-3 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4391em;top:12.1326em;"><span class="stl_338 stl_21 stl_658" style="word-spacing:-0.0523em;">3-5 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.801em;top:12.1326em;"><span class="stl_338 stl_21 stl_104" style="word-spacing:-0.041em;">5 years  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.5053em;top:12.1326em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:14.0083em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:14.9676em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0239em;">Interest-bearing loans and borrowings (excl. lease liabilities)</span><sup style="top: -0.2081em;"><span class="stl_340 stl_16 stl_104" style="word-spacing:-0.041em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0307em;top:14.9677em;"><span class="stl_298 stl_16 stl_116">146  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1276em;top:14.9677em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7951em;top:14.9677em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5089em;top:14.9677em;"><span class="stl_298 stl_16 stl_253">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2301em;top:14.9677em;"><span class="stl_298 stl_16 stl_91">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.722em;top:14.9677em;"><span class="stl_298 stl_16 stl_878">174  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:15.9333em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">Lease liabilities</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_879" style="word-spacing:-0.0544em;">2  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3409em;top:15.9336em;"><span class="stl_298 stl_16 stl_321">92  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0996em;top:15.9336em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.809em;top:15.9336em;"><span class="stl_298 stl_16 stl_650">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5459em;top:15.9336em;"><span class="stl_298 stl_16 stl_870">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2396em;top:15.9336em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6402em;top:15.9336em;"><span class="stl_298 stl_16 stl_10">134  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3621em;top:16.8992em;"><span class="stl_298 stl_16 stl_120" style="word-spacing:-0.0136em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9796em;top:16.8992em;"><span class="stl_298 stl_16 stl_184">534  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.704em;top:16.8992em;"><span class="stl_298 stl_16 stl_184">534  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1402em;top:16.8992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8646em;top:16.8992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.589em;top:16.8992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6015em;top:16.8992em;"><span class="stl_298 stl_16 stl_184">534  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3615em;top:17.8649em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Derivative financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0171em;top:17.8649em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1046em;top:17.8649em;"><span class="stl_298 stl_16 stl_762">51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7865em;top:17.8649em;"><span class="stl_298 stl_16 stl_79">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8646em;top:17.8649em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.589em;top:17.8649em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.639em;top:17.8649em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3615em;top:18.8305em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">Other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0065em;top:18.8305em;"><span class="stl_298 stl_16 stl_618">291  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7309em;top:18.8305em;"><span class="stl_298 stl_16 stl_618">291  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1396em;top:18.8305em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.864em;top:18.8305em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5884em;top:18.8305em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6284em;top:18.8305em;"><span class="stl_298 stl_16 stl_618">291  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3609em;top:19.8024em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5377em;top:19.8024em;"><span class="stl_338 stl_21 stl_829">1,165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6921em;top:19.8024em;"><span class="stl_338 stl_21 stl_152">902  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7902em;top:19.8024em;"><span class="stl_338 stl_21 stl_31">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5034em;top:19.8024em;"><span class="stl_338 stl_21 stl_384">55  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9171em;top:19.8024em;"><span class="stl_338 stl_21 stl_623">181  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0796em;top:19.8024em;"><span class="stl_338 stl_21 stl_127">1,235  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3615em;top:21.3474em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3615em;top:22.3067em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">Interest-bearing loans and borrowing</span><span class="stl_298 stl_16 stl_880">s</span><span class="stl_298 stl_16 stl_28">(</span><span class="stl_298 stl_16 stl_198" style="word-spacing:-0.0203em;">excl. lease liabilities)</span><sup style="top: -0.2065em;"><span class="stl_340 stl_16 stl_59" style="word-spacing:-0.0349em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0267em;top:22.3084em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.1042em;top:22.3084em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7904em;top:22.3084em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5354em;top:22.3084em;"><span class="stl_298 stl_16 stl_428">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9829em;top:22.3084em;"><span class="stl_298 stl_16 stl_366">119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6379em;top:22.3084em;"><span class="stl_298 stl_16 stl_333">184  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:23.274em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Lease liabilities</span><sup style="top: -0.2078em;"><span class="stl_340 stl_16 stl_879" style="word-spacing:-0.0545em;">2  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3324em;top:23.2743em;"><span class="stl_298 stl_16 stl_91">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4161em;top:23.2743em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8236em;top:23.2743em;"><span class="stl_298 stl_16 stl_548">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5761em;top:23.2743em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.238em;top:23.2743em;"><span class="stl_298 stl_16 stl_321">62  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9774em;top:23.2743em;"><span class="stl_298 stl_16 stl_623">97  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:24.2399em;"><span class="stl_298 stl_16 stl_120" style="word-spacing:-0.0136em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9749em;top:24.2399em;"><span class="stl_298 stl_16 stl_71">364  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6992em;top:24.2399em;"><span class="stl_298 stl_16 stl_71">364  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1399em;top:24.2399em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8642em;top:24.2399em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5886em;top:24.2399em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:24.2399em;"><span class="stl_298 stl_16 stl_71">364  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:25.2055em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Derivative financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3355em;top:25.2055em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.063em;top:25.2055em;"><span class="stl_298 stl_16 stl_209">46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7842em;top:25.2055em;"><span class="stl_298 stl_16 stl_253">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8649em;top:25.2055em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5892em;top:25.2055em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9574em;top:25.2055em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:26.1712em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0337em;">Other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0274em;top:26.1712em;"><span class="stl_298 stl_16 stl_650">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7517em;top:26.1712em;"><span class="stl_298 stl_16 stl_650">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1399em;top:26.1712em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.8642em;top:26.1712em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5886em;top:26.1712em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6492em;top:26.1712em;"><span class="stl_298 stl_16 stl_650">145  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3617em;top:27.143em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.018em;top:27.143em;"><span class="stl_338 stl_21 stl_744">810  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.7217em;top:27.143em;"><span class="stl_338 stl_21 stl_502">576  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7842em;top:27.143em;"><span class="stl_338 stl_21 stl_58">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5036em;top:27.143em;"><span class="stl_338 stl_21 stl_384">45  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9174em;top:27.143em;"><span class="stl_338 stl_21 stl_623">181  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.583em;top:27.143em;"><span class="stl_338 stl_21 stl_279">884  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.5137em;"><span class="stl_371 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.7743em;top:28.4786em;"><span class="stl_98 stl_16 stl_490" style="word-spacing:-0.0416em;">The principal of the hybrid capital is not included in the contractual maturities as it is due in year 3022.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.2281em;"><span class="stl_849 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.8148em;top:29.3051em;"><span class="stl_98 stl_16 stl_391" style="word-spacing:-0.0381em;">Lease liabilities are recognised in the balance sheet excluding short-term and low-value leases (refer to note 3.3 Leases).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:10.7356em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">The forward contracts are presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:11.5275em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">at fair value as the discount element is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.3193em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">considered insignificant.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.9025em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.6943em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">are predominantly based on floating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4862em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">interest rates and are measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2781em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">amortised cost. The carrying amount  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.07em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">therefore in all material aspects cor-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8618em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">responds to fair value and nominal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.6537em;"><span class="stl_298 stl_16 stl_205">value.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.7318em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:12.3606em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.1525em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">are recognised at the amount of pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.9443em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">ceeds received at the date of borrow-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.7362em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">ing, net of transaction costs paid. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.5281em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">subsequent periods the financial liabi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.32em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">lities are measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.1118em;z-index:1394;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">using ‘the effective interest method</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_233">,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.9037em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">and the difference between the pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.6956em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">ceeds and the nominal value is there-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4875em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">fore being recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2793em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">statement under financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.0712em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0221em;">over the term of the loan.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.6543em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.4462em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">also include lease liabilities recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.2381em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">in the balance sheet measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.03em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">amortised cost.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:18.6637em;"><span class="stl_338 stl_21 stl_429" style="word-spacing:-0.0382em;">Liquidity risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:19.4493em;"><span class="stl_298 stl_16 stl_289" style="word-spacing:-0.0225em;">It is NKT Group’s policy to maintain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.2412em;"><span class="stl_298 stl_16 stl_335" style="word-spacing:-0.0307em;">adequate liquidity resources to imple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.0331em;"><span class="stl_298 stl_16 stl_308" style="word-spacing:-0.0324em;">ment planned operating activities and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.825em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0272em;">to be able to operate effectively in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:22.6168em;"><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0284em;">the event of unforeseen fluctuations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:23.4087em;"><span class="stl_298 stl_16 stl_494" style="word-spacing:-0.0254em;">in liquidity. NKT Group’s liquidity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.2006em;"><span class="stl_298 stl_16 stl_322" style="word-spacing:-0.0304em;">resources consist of cash, cash equiv-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.9925em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">alents and undrawn committed credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:25.7843em;"><span class="stl_298 stl_16 stl_299" style="word-spacing:-0.0289em;">facilities, which have a maturity of more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:26.5762em;"><span class="stl_298 stl_16 stl_128" style="word-spacing:-0.0106em;">than 12 months.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.1593em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0294em;">The revolving credit facility of EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.9512em;"><span class="stl_298 stl_16 stl_125" style="word-spacing:-0.0261em;">200m matures in November 2026. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:29.7431em;"><span class="stl_298 stl_16 stl_525" style="word-spacing:-0.0352em;">mortgage loan portfolio matures in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:30.535em;z-index:1610;"><span class="stl_298 stl_16 stl_128" style="word-spacing:-0.0107em;">2032, 2033 and 203</span><span class="stl_298 stl_16 stl_897">7</span><span class="stl_298 stl_16 stl_897">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.1181em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0355em;">NKT has financial covenants and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.91em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0338em;">change of control clause on certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:33.7018em;"><span class="stl_298 stl_16 stl_285" style="word-spacing:-0.0334em;">financial agreements. The latter comes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:34.4937em;"><span class="stl_298 stl_16 stl_120" style="word-spacing:-0.0335em;">into effect if a shareholder or share-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:35.2856em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.031em;">holder group gains control over NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.0775em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0372em;">A/S or if NKT A/S is no longer listed at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.8693em;"><span class="stl_298 stl_16 stl_85" style="word-spacing:-0.0325em;">Nasdaq Copenhagen.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:10.745em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0272em;">It is Group Management’s opinion that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:11.5368em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0342em;">the financial headroom is sufficient to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:12.3287em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">manage the level of activity expected in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:13.1206em;"><span class="stl_298 stl_16 stl_227" style="word-spacing:-0.0217em;">2025 for the NKT Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:23.7962em;"><span class="stl_338 stl_21 stl_429" style="word-spacing:-0.0402em;">Liquidity resources  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.233em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:25.233em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:25.233em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.1023em;"><span class="stl_298 stl_16 stl_80" style="word-spacing:-0.0211em;">Committed facilities (1-3 years)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3479em;top:27.1023em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5998em;top:27.1023em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.068em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0237em;">Committed facilities (&lt;1 year)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:28.068em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:28.068em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:29.0336em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">Total commited facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3473em;top:29.0336em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5992em;top:29.0336em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:29.9992em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Uncommitted facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0611em;top:29.9992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.313em;top:29.9992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4555em;top:30.9711em;"><span class="stl_338 stl_21 stl_226" style="word-spacing:-0.0231em;">Total facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3317em;top:30.9711em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5836em;top:30.9711em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4555em;top:33.4842em;"><span class="stl_298 stl_16 stl_34">Cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9486em;top:33.4842em;"><span class="stl_298 stl_16 stl_717">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:33.4842em;"><span class="stl_298 stl_16 stl_71">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4555em;top:34.4498em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Utilised facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0605em;top:34.4498em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3123em;top:34.4498em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:35.4155em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">Cash classified as assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0598em;top:35.4155em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3117em;top:35.4155em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4542em;top:36.3873em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0386em;">Liquidity recources  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8955em;top:36.3873em;"><span class="stl_338 stl_21 stl_649">1,718  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.078em;top:36.3873em;"><span class="stl_338 stl_21 stl_127">1,090  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.7318em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:12.3606em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.1525em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">are recognised at the amount of pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.9443em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0266em;">ceeds received at the date of borrow-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.7362em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">ing, net of transaction costs paid. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.5281em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">subsequent periods the financial liabi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.32em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">lities are measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.1118em;z-index:1394;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">using ‘the effective interest method</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_233">,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.9037em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">and the difference between the pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.6956em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">ceeds and the nominal value is there-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4875em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">fore being recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2793em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">statement under financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.0712em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0221em;">over the term of the loan.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.6543em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.4462em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0337em;">also include lease liabilities recognised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.2381em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">in the balance sheet measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.03em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0332em;">amortised cost.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:0.3422em;">5.5 Financial</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.494em;top:8.9083em;"><span class="stl_801 stl_33 stl_208">items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3633em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Financial income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.532em;top:10.7113em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.132em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.1025em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9877em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2314em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4914em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7352em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9952em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2389em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:13.9719em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Interest etc. relating to financial assets/liabilities measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7458em;top:13.9719em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.017em;top:13.9719em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3152em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.567em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7052em;top:13.9719em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3133em;top:13.9719em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:14.9375em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">Interest expenses on leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0533em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3052em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.307em;top:14.9375em;"><span class="stl_298 stl_16 stl_861">-0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5883em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0614em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0927em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.9094em;"><span class="stl_338 stl_21 stl_226" style="word-spacing:-0.0231em;">Total interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7245em;top:15.9094em;"><span class="stl_338 stl_21 stl_845">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0008em;top:15.9094em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2914em;top:15.9094em;"><span class="stl_338 stl_21 stl_126">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2645em;top:15.9094em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7002em;top:15.9094em;"><span class="stl_338 stl_21 stl_326">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3151em;top:15.9094em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:17.4482em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Foreign exchange gains/losses, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0551em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.307em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5589em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5901em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0945em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:18.4138em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Gains/losses on derivative financial instruments, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3583em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3114em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.862em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8151em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:19.3857em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.0341em;">Total currency gains/losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3333em;top:19.3857em;"><span class="stl_338 stl_21 stl_116">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2795em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7833em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:21.3175em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Total financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6976em;top:21.3175em;"><span class="stl_338 stl_21 stl_34">49  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0014em;top:21.3175em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0164em;top:21.3175em;"><span class="stl_338 stl_21 stl_453">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2145em;top:21.3175em;"><span class="stl_338 stl_21 stl_224">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6983em;top:21.3175em;"><span class="stl_338 stl_21 stl_101">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7683em;top:21.3175em;"><span class="stl_338 stl_21 stl_822">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:22.6563em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:23.3644em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">in the year as well as increase of interest rates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:0.3422em;">5.5 Financial</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.494em;top:8.9083em;"><span class="stl_801 stl_33 stl_208">items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3633em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Financial income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.532em;top:10.7113em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.132em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.1025em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9877em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2314em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4914em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7352em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9952em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2389em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:13.9719em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Interest etc. relating to financial assets/liabilities measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7458em;top:13.9719em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.017em;top:13.9719em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3152em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.567em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7052em;top:13.9719em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3133em;top:13.9719em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:14.9375em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">Interest expenses on leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0533em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3052em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.307em;top:14.9375em;"><span class="stl_298 stl_16 stl_861">-0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5883em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0614em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0927em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.9094em;"><span class="stl_338 stl_21 stl_226" style="word-spacing:-0.0231em;">Total interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7245em;top:15.9094em;"><span class="stl_338 stl_21 stl_845">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0008em;top:15.9094em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2914em;top:15.9094em;"><span class="stl_338 stl_21 stl_126">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2645em;top:15.9094em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7002em;top:15.9094em;"><span class="stl_338 stl_21 stl_326">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3151em;top:15.9094em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:17.4482em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Foreign exchange gains/losses, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0551em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.307em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5589em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5901em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0945em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:18.4138em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Gains/losses on derivative financial instruments, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3583em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3114em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.862em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8151em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:19.3857em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.0341em;">Total currency gains/losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3333em;top:19.3857em;"><span class="stl_338 stl_21 stl_116">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2795em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7833em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:21.3175em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Total financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6976em;top:21.3175em;"><span class="stl_338 stl_21 stl_34">49  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0014em;top:21.3175em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0164em;top:21.3175em;"><span class="stl_338 stl_21 stl_453">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2145em;top:21.3175em;"><span class="stl_338 stl_21 stl_224">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6983em;top:21.3175em;"><span class="stl_338 stl_21 stl_101">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7683em;top:21.3175em;"><span class="stl_338 stl_21 stl_822">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:22.6563em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:23.3644em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">in the year as well as increase of interest rates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:0.3422em;">5.5 Financial</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.494em;top:8.9083em;"><span class="stl_801 stl_33 stl_208">items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3633em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Financial income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.532em;top:10.7113em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.132em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.1025em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9877em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2314em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4914em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7352em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9952em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2389em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:13.9719em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Interest etc. relating to financial assets/liabilities measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7458em;top:13.9719em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.017em;top:13.9719em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3152em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.567em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7052em;top:13.9719em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3133em;top:13.9719em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:14.9375em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">Interest expenses on leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0533em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3052em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.307em;top:14.9375em;"><span class="stl_298 stl_16 stl_861">-0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5883em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0614em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0927em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.9094em;"><span class="stl_338 stl_21 stl_226" style="word-spacing:-0.0231em;">Total interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7245em;top:15.9094em;"><span class="stl_338 stl_21 stl_845">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0008em;top:15.9094em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2914em;top:15.9094em;"><span class="stl_338 stl_21 stl_126">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2645em;top:15.9094em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7002em;top:15.9094em;"><span class="stl_338 stl_21 stl_326">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3151em;top:15.9094em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:17.4482em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Foreign exchange gains/losses, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0551em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.307em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5589em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5901em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0945em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:18.4138em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Gains/losses on derivative financial instruments, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3583em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3114em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.862em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8151em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:19.3857em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.0341em;">Total currency gains/losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3333em;top:19.3857em;"><span class="stl_338 stl_21 stl_116">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2795em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7833em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:21.3175em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Total financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6976em;top:21.3175em;"><span class="stl_338 stl_21 stl_34">49  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0014em;top:21.3175em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0164em;top:21.3175em;"><span class="stl_338 stl_21 stl_453">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2145em;top:21.3175em;"><span class="stl_338 stl_21 stl_224">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6983em;top:21.3175em;"><span class="stl_338 stl_21 stl_101">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7683em;top:21.3175em;"><span class="stl_338 stl_21 stl_822">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:22.6563em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:23.3644em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">in the year as well as increase of interest rates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:0.3422em;">5.5 Financial</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.494em;top:8.9083em;"><span class="stl_801 stl_33 stl_208">items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3633em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Financial income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.532em;top:10.7113em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.132em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.1025em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9877em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2314em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4914em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7352em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9952em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2389em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:13.9719em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Interest etc. relating to financial assets/liabilities measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7458em;top:13.9719em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.017em;top:13.9719em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3152em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.567em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7052em;top:13.9719em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3133em;top:13.9719em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:14.9375em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">Interest expenses on leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0533em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3052em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.307em;top:14.9375em;"><span class="stl_298 stl_16 stl_861">-0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5883em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0614em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0927em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.9094em;"><span class="stl_338 stl_21 stl_226" style="word-spacing:-0.0231em;">Total interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7245em;top:15.9094em;"><span class="stl_338 stl_21 stl_845">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0008em;top:15.9094em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2914em;top:15.9094em;"><span class="stl_338 stl_21 stl_126">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2645em;top:15.9094em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7002em;top:15.9094em;"><span class="stl_338 stl_21 stl_326">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3151em;top:15.9094em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:17.4482em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Foreign exchange gains/losses, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0551em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.307em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5589em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5901em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0945em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:18.4138em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Gains/losses on derivative financial instruments, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3583em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3114em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.862em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8151em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:19.3857em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.0341em;">Total currency gains/losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3333em;top:19.3857em;"><span class="stl_338 stl_21 stl_116">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2795em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7833em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:21.3175em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Total financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6976em;top:21.3175em;"><span class="stl_338 stl_21 stl_34">49  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0014em;top:21.3175em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0164em;top:21.3175em;"><span class="stl_338 stl_21 stl_453">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2145em;top:21.3175em;"><span class="stl_338 stl_21 stl_224">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6983em;top:21.3175em;"><span class="stl_338 stl_21 stl_101">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7683em;top:21.3175em;"><span class="stl_338 stl_21 stl_822">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:22.6563em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:23.3644em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">in the year as well as increase of interest rates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:0.3422em;">5.5 Financial</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.494em;top:8.9083em;"><span class="stl_801 stl_33 stl_208">items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3633em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Financial income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.532em;top:10.7113em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.132em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.1025em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9877em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2314em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4914em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7352em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9952em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2389em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:13.9719em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Interest etc. relating to financial assets/liabilities measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7458em;top:13.9719em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.017em;top:13.9719em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3152em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.567em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7052em;top:13.9719em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3133em;top:13.9719em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:14.9375em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">Interest expenses on leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0533em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3052em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.307em;top:14.9375em;"><span class="stl_298 stl_16 stl_861">-0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5883em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0614em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0927em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.9094em;"><span class="stl_338 stl_21 stl_226" style="word-spacing:-0.0231em;">Total interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7245em;top:15.9094em;"><span class="stl_338 stl_21 stl_845">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0008em;top:15.9094em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2914em;top:15.9094em;"><span class="stl_338 stl_21 stl_126">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2645em;top:15.9094em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7002em;top:15.9094em;"><span class="stl_338 stl_21 stl_326">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3151em;top:15.9094em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:17.4482em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Foreign exchange gains/losses, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0551em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.307em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5589em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5901em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0945em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:18.4138em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Gains/losses on derivative financial instruments, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3583em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3114em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.862em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8151em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:19.3857em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.0341em;">Total currency gains/losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3333em;top:19.3857em;"><span class="stl_338 stl_21 stl_116">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2795em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7833em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:21.3175em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Total financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6976em;top:21.3175em;"><span class="stl_338 stl_21 stl_34">49  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0014em;top:21.3175em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0164em;top:21.3175em;"><span class="stl_338 stl_21 stl_453">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2145em;top:21.3175em;"><span class="stl_338 stl_21 stl_224">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6983em;top:21.3175em;"><span class="stl_338 stl_21 stl_101">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7683em;top:21.3175em;"><span class="stl_338 stl_21 stl_822">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:22.6563em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:23.3644em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">in the year as well as increase of interest rates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:0.3422em;">5.5 Financial</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.494em;top:8.9083em;"><span class="stl_801 stl_33 stl_208">items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3633em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0365em;">Financial income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.532em;top:10.7113em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial expenses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.132em;top:10.7113em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Net financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:12.1025em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9877em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2314em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4914em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7352em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9952em;top:12.1025em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2389em;top:12.1025em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:13.9719em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">Interest etc. relating to financial assets/liabilities measured at amortised cost  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7458em;top:13.9719em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.017em;top:13.9719em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3152em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.567em;top:13.9719em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7052em;top:13.9719em;"><span class="stl_298 stl_16 stl_253">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3133em;top:13.9719em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3614em;top:14.9375em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0327em;">Interest expenses on leases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0533em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3052em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.307em;top:14.9375em;"><span class="stl_298 stl_16 stl_861">-0  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5883em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0614em;top:14.9375em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0927em;top:14.9375em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.9094em;"><span class="stl_338 stl_21 stl_226" style="word-spacing:-0.0231em;">Total interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7245em;top:15.9094em;"><span class="stl_338 stl_21 stl_845">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0008em;top:15.9094em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2914em;top:15.9094em;"><span class="stl_338 stl_21 stl_126">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2645em;top:15.9094em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7002em;top:15.9094em;"><span class="stl_338 stl_21 stl_326">33  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3151em;top:15.9094em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:17.4482em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Foreign exchange gains/losses, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0551em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.307em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5589em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5901em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:17.4482em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0945em;top:17.4482em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:18.4138em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Gains/losses on derivative financial instruments, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:18.4138em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3583em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3114em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.862em;top:18.4138em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8151em;top:18.4138em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3639em;top:19.3857em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.0341em;">Total currency gains/losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0558em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3076em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3333em;top:19.3857em;"><span class="stl_338 stl_21 stl_116">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2795em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0633em;top:19.3857em;"><span class="stl_338 stl_21 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7833em;top:19.3857em;"><span class="stl_338 stl_21 stl_816">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:21.3175em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Total financial items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6976em;top:21.3175em;"><span class="stl_338 stl_21 stl_34">49  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0014em;top:21.3175em;"><span class="stl_338 stl_21 stl_729">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0164em;top:21.3175em;"><span class="stl_338 stl_21 stl_453">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2145em;top:21.3175em;"><span class="stl_338 stl_21 stl_224">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6983em;top:21.3175em;"><span class="stl_338 stl_21 stl_101">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7683em;top:21.3175em;"><span class="stl_338 stl_21 stl_822">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:22.6563em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3633em;top:23.3644em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0259em;">in the year as well as increase of interest rates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.350em;top:10.6917em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_95" style="word-spacing:0.357em;">5.6 Financial</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.494em;top:8.9083em;"><span class="stl_801 stl_33 stl_47" style="word-spacing:-0.0221em;">risks and financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7022em;"><span class="stl_881 stl_21 stl_268" style="word-spacing:-0.0393em;">Financial risk management policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4254em;"><span class="stl_882 stl_16 stl_564" style="word-spacing:-0.0344em;">NKT is exposed to several financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.1546em;"><span class="stl_882 stl_16 stl_210" style="word-spacing:-0.0268em;">risks due to its operations, investments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.8838em;"><span class="stl_882 stl_16 stl_382" style="word-spacing:-0.0377em;">and financing activities. NKT has cen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.613em;"><span class="stl_882 stl_16 stl_200" style="word-spacing:-0.0257em;">tralised management of the Group's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.3423em;"><span class="stl_882 stl_16 stl_566" style="word-spacing:-0.0335em;">financial risks. The overall objectives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.0715em;"><span class="stl_882 stl_16 stl_291" style="word-spacing:-0.0373em;">and policies for financial risk manage-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.8007em;"><span class="stl_882 stl_16 stl_201" style="word-spacing:-0.0311em;">ment are outlined in the internal Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.53em;"><span class="stl_882 stl_16 stl_79" style="word-spacing:-0.0199em;">Treasury Policy, which is approved by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.2592em;"><span class="stl_882 stl_16 stl_55" style="word-spacing:-0.0303em;">the Board of Directors. The risk policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.9884em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0328em;">does not allow for speculation in finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.7177em;"><span class="stl_882 stl_16 stl_109" style="word-spacing:-0.0325em;">cial risks.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.1761em;"><span class="stl_882 stl_16 stl_78" style="word-spacing:-0.0364em;">The risk management policy is man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.9053em;"><span class="stl_882 stl_16 stl_61" style="word-spacing:-0.0226em;">aged by Group Treasury. All known  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.6346em;"><span class="stl_882 stl_16 stl_36" style="word-spacing:-0.0292em;">risks are hedged, though with accept-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.3638em;"><span class="stl_882 stl_16 stl_403" style="word-spacing:-0.0332em;">ance of an open position within a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.093em;"><span class="stl_882 stl_16 stl_54" style="word-spacing:-0.0324em;">defined and monitored threshold. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.8223em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0322em;">risk thresholds are defined at a level  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.5515em;"><span class="stl_882 stl_16 stl_378" style="word-spacing:-0.0387em;">that ensures NKT is sufficiently pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.2807em;"><span class="stl_882 stl_16 stl_36" style="word-spacing:-0.0291em;">tected against any risk, while providing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.0099em;"><span class="stl_882 stl_16 stl_204" style="word-spacing:-0.0286em;">Group Treasury room for managing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.7392em;"><span class="stl_882 stl_16 stl_300" style="word-spacing:-0.03em;">risks efficiently.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.1976em;"><span class="stl_882 stl_16 stl_64" style="word-spacing:-0.037em;">NKT uses financial instruments, such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9269em;"><span class="stl_882 stl_16 stl_230" style="word-spacing:-0.0273em;">as forwards, swaps and options to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.6561em;"><span class="stl_882 stl_16 stl_75" style="word-spacing:-0.0264em;">hedge exposures relating to currency,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.3853em;"><span class="stl_882 stl_16 stl_254" style="word-spacing:-0.0282em;">interest rates, and commodities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:2.3622em;top:31.842em;"><span class="stl_886 stl_16 stl_391" style="word-spacing:-0.0383em;">The financial risks, as described further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:2.3622em;top:32.5712em;"><span class="stl_886 stl_16 stl_266" style="word-spacing:-0.0196em;">below, are divided into:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:34.2647em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:34.009em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0327em;">Currency risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:34.7381em;"><span class="stl_882 stl_16 stl_46" style="word-spacing:-0.0254em;">Interest rate risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:34.9939em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:35.4673em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0318em;">Raw material price risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:35.723em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:36.4522em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:36.1965em;"><span class="stl_882 stl_16 stl_566" style="word-spacing:-0.0336em;">Credit risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:37.1814em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:36.9256em;"><span class="stl_882 stl_16 stl_91" style="word-spacing:-0.038em;">Liquidity risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:10.7024em;"><span class="stl_881 stl_21 stl_99" style="word-spacing:-0.0407em;">Currency risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:11.4256em;"><span class="stl_882 stl_16 stl_267" style="word-spacing:-0.0355em;">With presence in several countries NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.1548em;"><span class="stl_882 stl_16 stl_191" style="word-spacing:-0.0285em;">is exposed to currency risks that may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.884em;"><span class="stl_882 stl_16 stl_96" style="word-spacing:-0.0338em;">have considerable influence on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.6132em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0312em;">income statement and balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:14.3425em;"><span class="stl_882 stl_16 stl_60" style="word-spacing:-0.0277em;">Currency risks refer to the risks of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.0717em;"><span class="stl_882 stl_16 stl_192" style="word-spacing:-0.0302em;">losses (or opportunities for gains) result-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.8009em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0312em;">ing from changes in currency rates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:16.5302em;"><span class="stl_882 stl_16 stl_54" style="word-spacing:-0.0325em;">Currency risks arise through transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.2594em;"><span class="stl_882 stl_16 stl_96" style="word-spacing:-0.0338em;">tions, financial assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.9886em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0329em;">denominated in currencies other than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:18.7179em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0335em;">the functional currency of the individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:19.4471em;"><span class="stl_882 stl_16 stl_92" style="word-spacing:-0.0341em;">subsidaries. Quantification and identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.1763em;"><span class="stl_882 stl_16 stl_187" style="word-spacing:-0.0254em;">fication of existing and anticipated cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.9055em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0319em;">rency risks are the responsibility of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.6348em;"><span class="stl_882 stl_16 stl_56" style="word-spacing:-0.0346em;">individual subsidaries, while the actual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:22.364em;"><span class="stl_882 stl_16 stl_80" style="word-spacing:-0.0213em;">hedging is executed by Group Treasury.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:23.8225em;"><span class="stl_882 stl_16 stl_174" style="word-spacing:-0.0363em;">NKT does not hedge the currency risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:24.5517em;"><span class="stl_882 stl_16 stl_187" style="word-spacing:-0.0255em;">related to net investments in foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:25.2809em;"><span class="stl_882 stl_16 stl_59" style="word-spacing:-0.0347em;">subsidiaries. Gains and losses relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.0102em;"><span class="stl_882 stl_16 stl_43" style="word-spacing:-0.0317em;">to unhedged net assets in foreign sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.7394em;"><span class="stl_882 stl_16 stl_155" style="word-spacing:-0.0314em;">sidiaries are accounted directly in other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:27.4686em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0328em;">comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.9271em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0329em;">The principal currency exposure relates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:29.6563em;"><span class="stl_882 stl_16 stl_92" style="word-spacing:-0.0342em;">to sales and purchases in currencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:30.3855em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0313em;">other than the functional currency of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.1148em;"><span class="stl_882 stl_16 stl_564" style="word-spacing:-0.0344em;">businesses. Hedging of these currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.844em;"><span class="stl_882 stl_16 stl_56" style="word-spacing:-0.0345em;">risks are based on an assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.5732em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0288em;">the likelihood of the future transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:33.3024em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0334em;">being performed and materiality.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:34.7586em;"><span class="stl_886 stl_16 stl_154" style="word-spacing:-0.036em;">Expected cash flows with significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:35.4879em;"><span class="stl_886 stl_16 stl_389" style="word-spacing:-0.0345em;">currency risk are hedged as they become  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:36.217em;"><span class="stl_886 stl_16 stl_164" style="word-spacing:-0.0291em;">known. Currency risks from project-re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:36.9461em;"><span class="stl_886 stl_16 stl_17" style="word-spacing:-0.0343em;">lated sales are considered on an individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:37.6754em;"><span class="stl_886 stl_16 stl_323" style="word-spacing:-0.033em;">basis. The fair value of the effective portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:38.4045em;"><span class="stl_886 stl_16 stl_109" style="word-spacing:-0.0325em;">of the hedge is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:39.1336em;"><span class="stl_886 stl_16 stl_289" style="word-spacing:-0.0326em;">prehensive income on a continuous basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.6961em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0328em;">The table on the next page shows the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.4254em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0314em;">net outstanding forward exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.1546em;"><span class="stl_882 stl_16 stl_39" style="word-spacing:-0.0296em;">hedging contracts as of 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.8838em;"><span class="stl_882 stl_16 stl_266" style="word-spacing:-0.0196em;">2024 for NKT, which are used for and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.613em;"><span class="stl_882 stl_16 stl_155" style="word-spacing:-0.0314em;">fulfil the conditions for hedge account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.3423em;"><span class="stl_882 stl_16 stl_191" style="word-spacing:-0.0283em;">ing of future transactions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.8007em;"><span class="stl_882 stl_16 stl_103" style="word-spacing:-0.0307em;">The fair value of the total portfolio of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.53em;"><span class="stl_882 stl_16 stl_109" style="word-spacing:-0.0326em;">currency hedge contracts will impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.2592em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0287em;">other comprehensive income if cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.9884em;"><span class="stl_882 stl_16 stl_43" style="word-spacing:-0.0316em;">rency rates change. The effect of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.7177em;"><span class="stl_882 stl_16 stl_105" style="word-spacing:-0.0367em;">reasonably possible changes based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.4469em;"><span class="stl_882 stl_16 stl_92" style="word-spacing:-0.0343em;">past experience in selected currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.1761em;"><span class="stl_882 stl_16 stl_83" style="word-spacing:-0.0257em;">rates is shown in the table to the right.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.6346em;"><span class="stl_882 stl_16 stl_280" style="word-spacing:-0.0396em;">As NKT largely uses forwards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.3638em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0312em;">spots to hedge the FX risks, and only  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.093em;"><span class="stl_882 stl_16 stl_39" style="word-spacing:-0.0296em;">designates the spot element, the likeli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.8223em;"><span class="stl_882 stl_16 stl_45" style="word-spacing:-0.0302em;">hood of inefficiency is low, though pos-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.5515em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0334em;">sible if changes in expected cashflows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.2807em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0311em;">from projects are not reflected correctly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.0099em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0333em;">in the hedges.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.4744em;"><span class="stl_881 stl_21 stl_291" style="word-spacing:-0.0373em;">Interest rate risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:26.4567em;top:28.1961em;"><span class="stl_886 stl_16 stl_436" style="word-spacing:-0.0262em;">Interest rate risks refer to the influence of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:26.4567em;top:28.9254em;"><span class="stl_886 stl_16 stl_545" style="word-spacing:-0.0297em;">changes in market interest rates on future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.6545em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0315em;">cash flows concerning interest-bearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.3837em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0287em;">assets and liabilities. NKT's exposure to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.1129em;"><span class="stl_882 stl_16 stl_57" style="word-spacing:-0.0274em;">interest rate risk is considered to be low  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.8421em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0288em;">due to the capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.3006em;"><span class="stl_882 stl_16 stl_103" style="word-spacing:-0.0309em;">An increase in variable interest rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.0298em;"><span class="stl_882 stl_16 stl_271" style="word-spacing:-0.0306em;">of 1 percentage point would result in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.7591em;"><span class="stl_882 stl_16 stl_59" style="word-spacing:-0.0348em;">an increase in the earnings before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.4883em;"><span class="stl_882 stl_16 stl_81" style="word-spacing:-0.0017em;">of EUR 13m (2023 EUR 7m). Refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.2175em;"><span class="stl_882 stl_16 stl_47" style="word-spacing:-0.0219em;">note 5.4 Net interest-bearing debt for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.9467em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0323em;">a specification of the interest bearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.676em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0321em;">assets and liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:10.7418em;"><span class="stl_338 stl_21 stl_165" style="word-spacing:-0.0399em;">Sensitivity analysis - financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:12.216em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0964em;top:12.216em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3758em;top:12.216em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6527em;top:13.1347em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.7946em;top:13.1341em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9364em;top:13.1335em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.0783em;top:13.1328em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0077em;top:13.8435em;"><span class="stl_338 stl_21 stl_249">Price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7627em;top:13.8428em;"><span class="stl_338 stl_21 stl_459">earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6308em;top:13.8422em;"><span class="stl_338 stl_21 stl_415">equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0464em;top:13.8416em;"><span class="stl_338 stl_21 stl_459">earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.9146em;top:13.841em;"><span class="stl_338 stl_21 stl_415">equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.5516em;"><span class="stl_338 stl_21 stl_91">Risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3433em;top:14.5516em;"><span class="stl_338 stl_21 stl_268">change  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3027em;top:14.551em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4446em;top:14.5503em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5864em;top:14.5497em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7283em;top:14.5491em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5046em;top:16.1466em;"><span class="stl_298 stl_16 stl_95">SEK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3052em;top:16.1466em;"><span class="stl_298 stl_16 stl_823">+7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6252em;top:16.1466em;"><span class="stl_298 stl_16 stl_71">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8364em;top:16.1466em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2671em;top:16.1466em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0714em;top:16.1466em;"><span class="stl_298 stl_16 stl_320">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4414em;top:17.0416em;"><span class="stl_298 stl_16 stl_830">-7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3921em;top:17.0416em;"><span class="stl_298 stl_16 stl_79">-59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6296em;top:17.0416em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0283em;top:17.0416em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8502em;top:17.0416em;"><span class="stl_298 stl_16 stl_320">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.9366em;"><span class="stl_298 stl_16 stl_154">GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2714em;top:17.9366em;"><span class="stl_298 stl_16 stl_771">+5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9833em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1252em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2671em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1664em;top:17.9366em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4077em;top:18.8316em;"><span class="stl_298 stl_16 stl_242">-5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9839em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1258em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2677em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4096em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5052em;top:19.7266em;"><span class="stl_298 stl_16 stl_64">NOK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2614em;top:19.7266em;"><span class="stl_298 stl_16 stl_221">+8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7639em;top:19.7266em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1264em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2683em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4102em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4002em;top:20.6216em;"><span class="stl_298 stl_16 stl_162">-8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:20.6216em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8846em;top:20.6216em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0852em;top:20.6216em;z-index:3490;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1896em;top:20.6216em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5058em;top:21.5166em;"><span class="stl_298 stl_16 stl_253">USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2621em;top:21.5166em;"><span class="stl_298 stl_16 stl_221">+8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:21.5166em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6414em;top:21.5166em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0477em;top:21.5166em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9083em;top:21.5166em;"><span class="stl_298 stl_16 stl_777">-19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4002em;top:22.4116em;"><span class="stl_298 stl_16 stl_162">-8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:22.4116em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8252em;top:22.4116em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2689em;top:22.4116em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0921em;top:22.4116em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5064em;top:23.3066em;"><span class="stl_298 stl_16 stl_79">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2596em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">+6%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7371em;top:23.3066em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0852em;top:23.3066em;z-index:3527;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4102em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3902em;top:24.2016em;"><span class="stl_298 stl_16 stl_79">-6%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2689em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:25.0966em;"><span class="stl_298 stl_16 stl_209">CAD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3071em;top:25.0966em;"><span class="stl_298 stl_16 stl_823">+7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:25.0966em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9065em;top:25.0966em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:25.0966em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1715em;top:25.0966em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4433em;top:25.9916em;"><span class="stl_298 stl_16 stl_830">-7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:26.8866em;"><span class="stl_298 stl_16 stl_291">Copper  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9946em;top:26.8866em;"><span class="stl_298 stl_16 stl_870">+21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:26.8866em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.474em;top:26.8866em;"><span class="stl_298 stl_16 stl_331">128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:26.8866em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.754em;top:26.8866em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.129em;top:27.7816em;"><span class="stl_298 stl_16 stl_372">-21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:27.7816em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2902em;top:27.7816em;"><span class="stl_298 stl_16 stl_344">-128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:27.7816em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5708em;top:27.7816em;"><span class="stl_298 stl_16 stl_885">-107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:28.6766em;"><span class="stl_298 stl_16 stl_342">Lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9358em;top:28.6766em;"><span class="stl_298 stl_16 stl_883">+22%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8196em;top:28.6766em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2696em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4115em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0715em;top:29.5716em;"><span class="stl_298 stl_16 stl_349">-22%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:29.5716em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6371em;top:29.5716em;"><span class="stl_298 stl_16 stl_366">-14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2702em;top:29.5716em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1633em;top:29.5716em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5071em;top:30.4666em;"><span class="stl_298 stl_16 stl_96">Aluminium  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0115em;top:30.4666em;"><span class="stl_298 stl_16 stl_884">+18%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1283em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2702em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4121em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.1433em;top:31.3616em;"><span class="stl_298 stl_16 stl_885">-18%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:31.3616em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8896em;top:31.3616em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2696em;top:31.3616em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2277em;top:31.3616em;z-index:3637;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:32.2566em;"><span class="stl_298 stl_16 stl_225">Gas-oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9458em;top:32.2566em;"><span class="stl_298 stl_16 stl_744">+28%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0808em;top:33.1516em;"><span class="stl_298 stl_16 stl_431">-28%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:33.1516em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8783em;top:33.1516em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2683em;top:33.1516em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1677em;top:33.1516em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:34.518em;"><span class="stl_723 stl_16 stl_401" style="word-spacing:-0.0328em;">The table above shows a sensitivity analysis of the exposures in currencies and commodities assuming effective hedge account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:35.268em;"><span class="stl_723 stl_16 stl_300" style="word-spacing:-0.03em;">ing continued to be applied. The presented effects are from the derivative financial instruments only (all things being equal).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.0177em;"><span class="stl_723 stl_16 stl_54" style="word-spacing:-0.0324em;">When also considering the development of the underlying exposure, the future income statement effects will be fully or partially  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.7674em;"><span class="stl_723 stl_16 stl_401" style="word-spacing:-0.0327em;">offset as hedge accounting is applied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0342em;">Cash flow hedges related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1698em;top:10.7835em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9098em;top:10.7835em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3373em;top:10.7835em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4918em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">the most significant currencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.0491em;top:11.4918em;"><span class="stl_338 stl_21 stl_211" style="word-spacing:-0.0239em;">Average exchange rate</span><sup style="top: -0.2081em;"><span class="stl_715 stl_21 stl_104" style="word-spacing:-0.041em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3179em;top:11.4916em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0371em;">Hedged currency in million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0923em;top:11.4916em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8323em;top:11.4916em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:12.8829em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Hedged currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4392em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.4496em;"><span class="stl_666 stl_21 stl_165">USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6691em;top:14.4496em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2673em;top:14.4437em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3313em;top:14.4437em;"><span class="stl_524 stl_16 stl_750">1.0736  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:14.4437em;"><span class="stl_524 stl_16 stl_398">1.0834  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8163em;top:14.4437em;"><span class="stl_524 stl_16 stl_154">834  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2024em;top:14.4437em;"><span class="stl_524 stl_16 stl_31">798  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.575em;top:14.4437em;"><span class="stl_524 stl_16 stl_162">777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9652em;top:14.4437em;"><span class="stl_524 stl_16 stl_354">737  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6313em;top:14.4437em;"><span class="stl_524 stl_16 stl_91">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.805em;top:14.4437em;"><span class="stl_524 stl_16 stl_481">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2673em;top:15.2143em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2829em;top:15.2143em;"><span class="stl_524 stl_16 stl_63">1.0685  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.736em;top:15.2143em;z-index:465;"><span class="stl_524 stl_16 stl_554">1.1</span><span class="stl_524 stl_16 stl_700">0</span><span class="stl_524 stl_16 stl_91">04  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.835em;top:15.2143em;"><span class="stl_524 stl_16 stl_162">542  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2006em;top:15.2143em;"><span class="stl_524 stl_16 stl_321">592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5809em;top:15.2143em;"><span class="stl_524 stl_16 stl_29">507  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9296em;top:15.2143em;"><span class="stl_524 stl_16 stl_201">538  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6406em;top:15.2143em;"><span class="stl_524 stl_16 stl_125">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8249em;top:15.2143em;"><span class="stl_524 stl_16 stl_603">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6685em;top:15.9907em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2667em;top:15.9849em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2823em;top:15.9849em;"><span class="stl_524 stl_16 stl_63">1.0695  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7191em;top:15.9849em;"><span class="stl_524 stl_16 stl_552">1.0815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.835em;top:15.9849em;"><span class="stl_524 stl_16 stl_685">991  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1843em;top:15.9849em;"><span class="stl_524 stl_16 stl_91">883  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5721em;top:15.9849em;"><span class="stl_524 stl_16 stl_329">926  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.985em;top:15.9849em;"><span class="stl_524 stl_16 stl_393">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4458em;top:15.9849em;"><span class="stl_524 stl_16 stl_744">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.032em;top:15.9849em;"><span class="stl_524 stl_16 stl_822">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2661em;top:16.7555em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2817em;top:16.7555em;"><span class="stl_524 stl_16 stl_63">1.0685  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:16.7555em;"><span class="stl_524 stl_16 stl_596">1.0939  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8688em;top:16.7555em;"><span class="stl_524 stl_16 stl_302">610  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2117em;top:16.7555em;"><span class="stl_524 stl_16 stl_242">779  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6065em;top:16.7555em;"><span class="stl_524 stl_16 stl_168">571  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.002em;top:16.7555em;"><span class="stl_524 stl_16 stl_892">712  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.433em;top:16.7555em;"><span class="stl_524 stl_16 stl_481">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9987em;top:16.7555em;"><span class="stl_524 stl_16 stl_165">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3599em;top:17.5319em;"><span class="stl_666 stl_21 stl_317">GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6668em;top:17.5319em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.265em;top:17.5261em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2543em;top:17.5261em;"><span class="stl_524 stl_16 stl_79">0.8458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:17.5261em;"><span class="stl_524 stl_16 stl_605">0.8788  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8408em;top:17.5261em;"><span class="stl_524 stl_16 stl_218">325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2444em;top:17.5261em;"><span class="stl_524 stl_16 stl_331">125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5546em;top:17.5261em;"><span class="stl_524 stl_16 stl_64">384  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9874em;top:17.5261em;"><span class="stl_524 stl_16 stl_383">142  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6669em;top:17.5261em;"><span class="stl_524 stl_16 stl_764">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1265em;top:17.5261em;"><span class="stl_524 stl_16 stl_361">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.265em;top:18.2966em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2642em;top:18.2966em;"><span class="stl_524 stl_16 stl_35">0.8620  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6608em;top:18.2966em;"><span class="stl_524 stl_16 stl_238">0.8972  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8513em;top:18.2966em;"><span class="stl_524 stl_16 stl_361">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2199em;top:18.2966em;"><span class="stl_524 stl_16 stl_197">195  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6235em;top:18.2966em;"><span class="stl_524 stl_16 stl_796">214  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9845em;top:18.2966em;"><span class="stl_524 stl_16 stl_622">218  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6925em;top:18.2966em;"><span class="stl_524 stl_16 stl_761">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1259em;top:18.2966em;"><span class="stl_524 stl_16 stl_361">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6656em;top:19.0731em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:19.0672em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2496em;top:19.0672em;"><span class="stl_524 stl_16 stl_37">0.8438  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7104em;top:19.0672em;"><span class="stl_524 stl_16 stl_839">0.8713  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8227em;top:19.0672em;"><span class="stl_524 stl_16 stl_95">462  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2047em;top:19.0672em;"><span class="stl_524 stl_16 stl_376">250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5564em;top:19.0672em;"><span class="stl_524 stl_16 stl_300">548  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9565em;top:19.0672em;"><span class="stl_524 stl_16 stl_458">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4265em;top:19.0672em;"><span class="stl_524 stl_16 stl_323">-22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1084em;top:19.0672em;"><span class="stl_524 stl_16 stl_300">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:19.8378em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2572em;top:19.8378em;"><span class="stl_524 stl_16 stl_235">0.8459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.662em;top:19.8378em;"><span class="stl_524 stl_16 stl_409">0.8765  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1459em;top:19.8378em;"><span class="stl_524 stl_16 stl_384">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2123em;top:19.8378em;"><span class="stl_524 stl_16 stl_481">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9128em;top:19.8378em;"><span class="stl_524 stl_16 stl_741">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9325em;top:19.8378em;"><span class="stl_524 stl_16 stl_79">230  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7357em;top:19.8378em;"><span class="stl_524 stl_16 stl_165">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:19.8378em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3581em;top:20.6142em;"><span class="stl_666 stl_21 stl_384">NOK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.665em;top:20.6142em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:20.6084em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0583em;top:20.6084em;"><span class="stl_524 stl_16 stl_874">11.4521  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4747em;top:20.6084em;"><span class="stl_524 stl_16 stl_890">11.3211  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.814em;top:20.6084em;"><span class="stl_524 stl_16 stl_225">489  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2712em;top:20.6084em;"><span class="stl_524 stl_16 stl_776">311  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8877em;top:20.6084em;"><span class="stl_524 stl_16 stl_154">43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2761em;top:20.6084em;"><span class="stl_524 stl_16 stl_361">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9626em;top:20.6084em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:20.6084em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:21.379em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.102em;top:21.379em;"><span class="stl_524 stl_16 stl_887">11.5122  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5132em;top:21.379em;"><span class="stl_524 stl_16 stl_891">11.1675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8478em;top:21.379em;"><span class="stl_524 stl_16 stl_197">547  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.189em;top:21.379em;"><span class="stl_524 stl_16 stl_58">208  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8895em;top:21.379em;"><span class="stl_524 stl_16 stl_300">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2936em;top:21.379em;"><span class="stl_524 stl_16 stl_315">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.79em;top:21.379em;"><span class="stl_524 stl_16 stl_316">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:21.379em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.665em;top:22.1554em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:22.1496em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0122em;top:22.1496em;"><span class="stl_524 stl_16 stl_750">11.6490  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3849em;top:22.1496em;"><span class="stl_524 stl_16 stl_756">11.3589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8198em;top:22.1496em;"><span class="stl_524 stl_16 stl_226">260  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2281em;top:22.1496em;"><span class="stl_524 stl_16 stl_370">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8936em;top:22.1496em;"><span class="stl_524 stl_16 stl_276">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.303em;top:22.1496em;"><span class="stl_524 stl_16 stl_857">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9621em;top:22.1496em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3324em;top:22.1496em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:22.9201em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.063em;top:22.9201em;"><span class="stl_524 stl_16 stl_888">11.4376  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3965em;top:22.9201em;"><span class="stl_524 stl_16 stl_839">11.6299  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8834em;top:22.9201em;"><span class="stl_524 stl_16 stl_315">173  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2123em;top:22.9201em;"><span class="stl_524 stl_16 stl_481">109  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9251em;top:22.9201em;"><span class="stl_524 stl_16 stl_764">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5929em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9632em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3336em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3587em;top:23.6966em;"><span class="stl_666 stl_21 stl_164">CAD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6656em;top:23.6966em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:23.6907em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3045em;top:23.6907em;"><span class="stl_524 stl_16 stl_889">1.4932  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.662em;top:23.6907em;"><span class="stl_524 stl_16 stl_487">1.4630  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4831em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.553em;top:23.6907em;"><span class="stl_524 stl_16 stl_551">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2231em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3216em;top:23.6907em;"><span class="stl_524 stl_16 stl_761">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9632em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3336em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2644em;top:24.4613em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.743em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1133em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4836em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.854em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2243em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5946em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.965em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3353em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6674em;top:25.2377em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2656em;top:25.2319em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2893em;top:25.2319em;"><span class="stl_524 stl_16 stl_488">1.4805  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7349em;top:25.2319em;"><span class="stl_524 stl_16 stl_893">1.3743  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1541em;top:25.2319em;"><span class="stl_524 stl_16 stl_47">46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5186em;top:25.2319em;"><span class="stl_524 stl_16 stl_384">68  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9151em;top:25.2319em;"><span class="stl_524 stl_16 stl_650">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2633em;top:25.2319em;"><span class="stl_524 stl_16 stl_211">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9644em;top:25.2319em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3347em;top:25.2319em;"><span class="stl_524 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2655em;top:26.0025em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7441em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1145em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4848em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8551em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2255em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5958em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9661em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3365em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:27.1931em;"><span class="stl_666 stl_21 stl_46" style="word-spacing:-0.0448em;">Cash flow hedges reported as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6354em;top:27.1931em;"><span class="stl_666 stl_21 stl_47">91  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0075em;top:27.1931em;"><span class="stl_666 stl_21 stl_305">71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:28.3778em;"><span class="stl_666 stl_21 stl_206" style="word-spacing:-0.0421em;">Cash flow hedges reported as liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3356em;top:28.3778em;"><span class="stl_666 stl_21 stl_333">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0098em;top:28.3778em;"><span class="stl_666 stl_21 stl_31">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:29.6282em;"><span class="stl_371 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.7743em;top:29.593em;z-index:1113;"><span class="stl_98 stl_16 stl_155">EUR/CC</span><span class="stl_98 stl_16 stl_549">Y</span><span class="stl_98 stl_16 stl_606" style="word-spacing:-0.0403em;">, to make average exchange rates comparable a theoretical EUR/CCY have been calculated for hedges made against non-EUR currencies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT mainly applies hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">for financial instruments related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">currency, raw materials, and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">rates for loans. The hedges normally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">hedge the risk one-to-one with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">hedged item. Only gas-oil hedges for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">the hedging of the price risk of plastic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">differs from this principle, as here  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group Treasury determines the ratio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">necessary to hedge the price risk for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_46">plastic.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">The Group designates the share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">the fair value of a forward contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">that is related to spot price for metals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">and spot price for FX hedges (i.e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">excluding the forward elements) as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">hedging instrument for all of its hedg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">ing relationships involve forward con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">tracts. In accordance with the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">hedging principle all fair values related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">to the forward element of the hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">contract is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">prehensive income and accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0973em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in the cost of hedging reserve. As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8891em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">hedged items are transaction-related,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.681em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">the forward element is reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4729em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">the profit or loss when the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">item affects profit or loss, and in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">same line item as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4729em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Fair value changes for cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">hedges considered effective, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">income in the hedging reserve. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">each reporting date, effectiveness is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0365em;">considered and if the future cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">are no longer expected to materialise,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the accumulated value reported in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.8079em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">hedge reserve is reclassified to finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5998em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">cial items in the income statement. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.3916em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">other cases the accumulated value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1835em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reclassified to the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9754em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the same line as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5585em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Where the hedged item subsequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3504em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">results in the recognition of a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1423em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">financial asset (such as inventory),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9341em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">both the deferred hedging gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.726em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">losses and the deferred forward points  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5179em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are included within the initial cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3098em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">the asset. The deferred amounts are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.1016em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">ultimately recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.8935em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">statement, when the hedged item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:33.6854em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">affects profit or loss (for example,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:34.4773em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">through cost of goods sold).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:10.7374em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0362em;">Raw material price risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:11.5231em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Raw material price risks primarily  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:12.3149em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">relate to metals and plastics used in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:13.1068em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">the cable production. When changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:13.8987em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in raw material prices cannot be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:14.6906em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">transferred to customers, NKT uses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:15.4824em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">financial instruments to hedge the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:16.2743em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">price risks. NKT has, due to the larger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.0662em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">order backlog, a high amount of raw  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.8581em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">material derivatives to hedge the risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:18.6499em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">related to the large future purchases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:19.4418em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">of copper in particular. Current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:20.2337em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">expected future raw material expo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:21.0256em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">sures are managed by the subsidaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:21.8174em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">and hedging is managed by Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:22.6093em;"><span class="stl_298 stl_16 stl_93" style="word-spacing:-0.0176em;">Treasury according to the Group's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:23.4012em;"><span class="stl_298 stl_16 stl_324" style="word-spacing:-0.0192em;">Treasury Policy. Hedging of awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:24.1931em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">projects are done at the time of award  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:24.9849em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">and adjusted according to changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:25.7768em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">production plans.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:27.3599em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">NKT hedges raw materials by pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:28.1518em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">chasing hedging instruments on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:28.9437em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">London Metal Exchange via financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:29.7356em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">counterparties. Changes in the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:30.5274em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">value of the hedging instrument  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:31.3193em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">should offset changes in the value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:32.1112em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">of the underlying item because the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:32.9031em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">reference prices are the same for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:33.6949em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">hedging instrument and the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:34.4868em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">item. NKT applies cost of hedging,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:35.2787em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">whereby the forward points are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:10.7368em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">nised in other comprehensive income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:11.5287em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">and transferred with the effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.3206em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">hedge when the hedged transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.1124em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">occurs. For the hedge of plastic,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.9043em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0333em;">ineffectiveness could arise as this is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:14.6962em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">hedged via a gas-oil proxy hedge.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.4881em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">Ineffectiveness because of differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:16.2799em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">in the change between gas-oil and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.0718em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.031em;">plastic are considered insignificant.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:18.6549em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0241em;">As at 31 December 2024, NKT A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:19.4468em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">had current financial hedging instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.2387em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">ments relating to future raw material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.0306em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">supplies with a net notional value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.8224em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.012em;">EUR 944m (EUR 1,084m in 2023) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:22.6143em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">a net positive fair value of EUR 79m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:23.4062em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0132em;">(positive value of EUR 77m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:24.9893em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">The table to the right provides an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:25.7812em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">overview of the cash flow hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.5731em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">related to raw materials.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.1562em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">As at 31 December 2024 accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.9481em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">basis adjustments included in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:29.7399em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">carrying amount of inventory from fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:30.5318em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">value hedges was EUR 0m (EUR 0m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.3237em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">in 2023). The ineffectiveness recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.1156em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">nised in the statement of profit or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.9074em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">was immaterial.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:10.7418em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0342em;">Cash flow hedges related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4063em;top:10.7837em;"><span class="stl_338 stl_21 stl_36" style="word-spacing:-0.0291em;">Average rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7294em;top:10.7837em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.9763em;top:10.7837em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:11.4918em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">raw material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0225em;top:11.4918em;"><span class="stl_338 stl_21 stl_384">EUR/ton  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.9119em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4713em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7675em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5469em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3263em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1057em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.885em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6644em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:13.5912em;"><span class="stl_338 stl_21 stl_490">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3982em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1694em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9569em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7282em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.5157em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2869em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:15.4668em;"><span class="stl_338 stl_21 stl_559">Copper  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:15.4668em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:15.4606em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3325em;top:15.4606em;z-index:327;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_351">321  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0288em;top:15.4606em;"><span class="stl_298 stl_16 stl_502">6,652  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3375em;top:15.4606em;"><span class="stl_298 stl_16 stl_349">531  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1238em;top:15.4606em;"><span class="stl_298 stl_16 stl_364">579  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2319em;top:15.4606em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0032em;top:15.4606em;"><span class="stl_298 stl_16 stl_154">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:16.4262em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.26em;top:16.4262em;"><span class="stl_298 stl_16 stl_410">8,347  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1444em;top:16.4262em;z-index:365;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_132">,</span><span class="stl_298 stl_16 stl_745">915  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3413em;top:16.4262em;"><span class="stl_298 stl_16 stl_28">108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1088em;top:16.4262em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:16.4262em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8613em;top:16.4262em;"><span class="stl_298 stl_16 stl_554">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:17.3981em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:17.3918em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2413em;top:17.3918em;"><span class="stl_298 stl_16 stl_472">8,367  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2525em;top:17.3918em;"><span class="stl_298 stl_16 stl_86">7,112  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2313em;top:17.3918em;"><span class="stl_298 stl_16 stl_90">-116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1957em;top:17.3918em;"><span class="stl_298 stl_16 stl_317">-69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3432em;top:17.3918em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3619em;top:17.3918em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0719em;top:18.3574em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3194em;top:18.3574em;z-index:430;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_502">326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2438em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0232em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8025em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3613em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:19.3293em;"><span class="stl_338 stl_21 stl_91">Lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:19.3293em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:19.3231em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2857em;top:19.3231em;"><span class="stl_298 stl_16 stl_333">1,987  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0375em;top:19.3231em;"><span class="stl_298 stl_16 stl_218">1,903  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6657em;top:19.3231em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4563em;top:19.3231em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3981em;top:19.3231em;z-index:474;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1775em;top:19.3231em;z-index:476;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:20.2887em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2613em;top:20.2887em;"><span class="stl_298 stl_16 stl_500">2,020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0381em;top:20.2887em;"><span class="stl_298 stl_16 stl_128">1,996  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7144em;top:20.2887em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4531em;top:20.2887em;"><span class="stl_298 stl_16 stl_162">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.36em;top:20.2887em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1213em;top:20.2887em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7075em;top:21.2606em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:21.2543em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3063em;top:21.2543em;"><span class="stl_298 stl_16 stl_894">1,979  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0388em;top:21.2543em;"><span class="stl_298 stl_16 stl_484">1,804  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7788em;top:21.2543em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6175em;top:21.2543em;z-index:538;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:22.2199em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0213em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:23.1918em;"><span class="stl_338 stl_21 stl_243">Aluminium  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:23.1918em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2325em;top:23.1856em;"><span class="stl_298 stl_16 stl_117">2,390  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_744">2,051  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6638em;top:23.1856em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5794em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3588em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0688em;top:24.1512em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2456em;top:24.1512em;"><span class="stl_298 stl_16 stl_466">2,480  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0369em;top:24.1512em;"><span class="stl_298 stl_16 stl_242">2,459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6706em;top:24.1512em;"><span class="stl_298 stl_16 stl_31">29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4444em;top:24.1512em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3962em;top:24.1512em;z-index:628;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:24.1512em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:25.1231em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:25.1168em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2756em;top:25.1168em;"><span class="stl_298 stl_16 stl_351">2,420  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0069em;top:25.1168em;"><span class="stl_298 stl_16 stl_430">2,000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4544em;top:25.1168em;"><span class="stl_298 stl_16 stl_377">-23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3056em;top:25.1168em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:26.0824em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0212em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:27.0543em;"><span class="stl_338 stl_21 stl_317">Gas-oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:27.0543em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:27.0481em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.775em;top:27.0481em;"><span class="stl_298 stl_16 stl_592">523  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5344em;top:27.0481em;"><span class="stl_298 stl_16 stl_79">550  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7019em;top:27.0481em;"><span class="stl_298 stl_16 stl_870">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4825em;top:27.0481em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:28.0137em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8256em;top:28.0137em;"><span class="stl_298 stl_16 stl_862">617  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.59em;top:28.0137em;"><span class="stl_298 stl_16 stl_795">615  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0219em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4894em;top:28.0137em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5812em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7081em;top:28.9856em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:28.9793em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8444em;top:28.9793em;"><span class="stl_298 stl_16 stl_362">514  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.525em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">669  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7831em;top:28.9793em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5594em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3975em;top:28.9793em;z-index:771;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.9793em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:29.9449em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4631em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5631em;top:29.9449em;"><span class="stl_298 stl_16 stl_197">847  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0225em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6187em;top:29.9449em;z-index:792;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3612em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:31.4962em;"><span class="stl_338 stl_21 stl_202" style="word-spacing:-0.0406em;">Cash flow hedges reported as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2256em;top:31.4962em;"><span class="stl_338 stl_21 stl_253">92  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9969em;top:31.4962em;"><span class="stl_338 stl_21 stl_101">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:33.0412em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Cash flow hedges reported as liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.26em;top:33.0412em;"><span class="stl_338 stl_21 stl_27">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3618em;top:33.0412em;"><span class="stl_338 stl_21 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0741em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Fair value changes of financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.866em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ments used to hedge the change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6579em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">fair value of an asset or liability are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4497em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">recorded in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2416em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">the same line item as the changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0335em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">value of the hedged asset or liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8254em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recognised in.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4085em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">In a fair value hedge where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2004em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">hedged item is a non-financial item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9922em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">such as inventory, the changes in fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7841em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">value attributable to the risk being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.576em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">hedged are adjusted against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3679em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">carrying value of inventory. The basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1597em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">adjustment remains part of the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9516em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">rying value of inventory and is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7435em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">nised in the income statement when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5354em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">the inventory is sold.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.1185em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Hedging of currency risk is not per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.9104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">formed for net assets (equity) in for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:29.7023em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">eign subsidiaries. Gains and losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:30.4941em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">relating to unhedged net assets in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:31.286em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">foreign subsidiaries are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.0779em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">for directly in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.8698em;"><span class="stl_298 stl_16 stl_184">income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.272em;top:10.7418em;"><span class="stl_338 stl_21 stl_268" style="word-spacing:-0.0391em;">Cash flow hedge reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6201em;top:12.0149em;"><span class="stl_338 stl_21 stl_38">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3245em;top:12.0156em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2157em;top:12.0162em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0007em;top:12.6818em;"><span class="stl_338 stl_21 stl_207">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.472em;top:12.6818em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8195em;top:12.6818em;"><span class="stl_338 stl_21 stl_250">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.057em;top:12.6824em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2545em;top:12.6831em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.3481em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.222em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4188em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2457em;top:13.3493em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4432em;top:13.3499em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:15.2256em;"><span class="stl_338 stl_21 stl_384" style="word-spacing:-0.042em;">Balance at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.527em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:15.2256em;"><span class="stl_338 stl_21 stl_871">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5738em;top:15.2256em;"><span class="stl_338 stl_21 stl_823">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6288em;top:15.2256em;"><span class="stl_338 stl_21 stl_349">133  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:16.6575em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1763em;top:16.6575em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5026em;top:16.6575em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5907em;top:16.6575em;"><span class="stl_298 stl_16 stl_428">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7795em;top:16.6575em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9838em;top:16.6575em;"><span class="stl_298 stl_16 stl_116">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:17.6231em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:18.3312em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2188em;top:18.3312em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9207em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1176em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0126em;top:18.3312em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:19.2968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0238em;top:19.2968em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:19.2968em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0651em;top:19.2968em;"><span class="stl_298 stl_16 stl_823">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8688em;top:19.2968em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4738em;top:19.2968em;"><span class="stl_298 stl_16 stl_885">-157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2624em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5263em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7232em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5826em;top:20.2624em;"><span class="stl_298 stl_16 stl_320">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8782em;top:20.2624em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9657em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:21.2343em;"><span class="stl_338 stl_21 stl_105" style="word-spacing:-0.0367em;">Balance at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1713em;top:21.2343em;"><span class="stl_338 stl_21 stl_47">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5557em;top:21.2343em;"><span class="stl_338 stl_21 stl_293">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9513em;top:21.2343em;"><span class="stl_338 stl_21 stl_275">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:22.1937em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9313em;top:22.1937em;"><span class="stl_298 stl_16 stl_211">-35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:22.1937em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:22.1937em;"><span class="stl_298 stl_16 stl_167">153  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8738em;top:22.1937em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7032em;top:22.1937em;"><span class="stl_298 stl_16 stl_710">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.1593em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.8674em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5257em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4838em;top:23.8674em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9195em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3132em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:24.8331em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2832em;top:24.8331em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:24.8331em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.062em;top:24.8331em;"><span class="stl_298 stl_16 stl_895">-138  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9138em;top:24.8331em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4695em;top:24.8331em;"><span class="stl_298 stl_16 stl_758">-149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3607em;top:25.7987em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5251em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6763em;top:25.7987em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1151em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.312em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:26.7706em;"><span class="stl_338 stl_21 stl_243" style="word-spacing:-0.0352em;">Balance at 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2826em;top:26.7706em;"><span class="stl_338 stl_21 stl_132">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7213em;top:26.7706em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6076em;top:26.7706em;"><span class="stl_338 stl_21 stl_356">74  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5688em;top:26.7706em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9494em;top:26.7706em;"><span class="stl_338 stl_21 stl_87">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.1924em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.9843em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.017em;">2023), Inventory/Cost of raw materials EUR </span><span class="stl_298 stl_16 stl_70">1</span><span class="stl_298 stl_16 stl_408" style="word-spacing:-0.0128em;">15m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5488em;top:10.7406em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Categories of financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.116em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:12.116em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:12.116em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.9916em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.956em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.9166em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4718em;top:15.9166em;"><span class="stl_298 stl_16 stl_618">423  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6968em;top:15.9166em;"><span class="stl_298 stl_16 stl_184">340  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.8822em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Contract assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4912em;top:16.8822em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7518em;top:16.8822em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8478em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0326em;">Interest bearing receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:18.8135em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">Cash at bank and in hand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0437em;top:18.8135em;"><span class="stl_298 stl_16 stl_717">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6918em;top:18.8135em;"><span class="stl_298 stl_16 stl_71">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:20.3635em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:21.3241em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Other investments and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1556em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:22.2897em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5187em;top:22.2897em;"><span class="stl_298 stl_16 stl_816">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7324em;top:22.2897em;"><span class="stl_298 stl_16 stl_756">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:23.841em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:24.8053em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:25.766em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Trade payables and other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4668em;top:25.766em;"><span class="stl_298 stl_16 stl_496">825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6924em;top:25.766em;"><span class="stl_298 stl_16 stl_34">509  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:26.7316em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4531em;top:26.7316em;"><span class="stl_298 stl_16 stl_321">238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7243em;top:26.7316em;"><span class="stl_298 stl_16 stl_390">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:28.2816em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:29.2422em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4812em;top:29.2422em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0512em;top:29.2422em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:30.6703em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">In the table above, financial instruments are presented in the categories which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:31.4622em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">determine how they will be measured in the financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_256" style="word-spacing:-0.0369em;">Measuring fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5275em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">Financial instruments measured at fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.3193em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">value in the balance sheet are desig-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.1112em;"><span class="stl_298 stl_16 stl_612" style="word-spacing:-0.0258em;">nated as belonging to one of the fol-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.9031em;"><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0283em;">lowing three categories (the ‘fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.695em;"><span class="stl_298 stl_16 stl_123">hierarchy’):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2743em;"><span class="stl_157 stl_33 stl_502" style="word-spacing:-0.018em;">Level 1: </span><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0284em;">Listed prices (unadjusted) in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.07em;"><span class="stl_298 stl_16 stl_82" style="word-spacing:-0.0274em;">active markets for identical assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.8618em;"><span class="stl_298 stl_16 stl_321">liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.4412em;"><span class="stl_157 stl_33 stl_23" style="word-spacing:-0.0403em;">Level 2: </span><span class="stl_298 stl_16 stl_329" style="word-spacing:-0.027em;">Input, other than listed prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.2368em;"><span class="stl_298 stl_16 stl_494" style="word-spacing:-0.0255em;">on Level 1, which is observable for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.0287em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0333em;">the asset or liability either directly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.8206em;"><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0268em;">(as prices) or indirectly (derived from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.6125em;"><span class="stl_298 stl_16 stl_224">prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.1918em;"><span class="stl_157 stl_33 stl_69" style="word-spacing:-0.0367em;">Level 3: </span><span class="stl_298 stl_16 stl_127" style="word-spacing:-0.033em;">Input for the asset or liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.9875em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.0299em;">which is not based on observable mar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.7793em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">ket data (non-observable input)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.3625em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">Financial instruments measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.1543em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.03em;">fair value consist of derivative finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9462em;"><span class="stl_298 stl_16 stl_483" style="word-spacing:-0.0265em;">cial instruments. The fair value on 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.7381em;"><span class="stl_298 stl_16 stl_297" style="word-spacing:-0.0246em;">December 2024 and 2023 of NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.53em;"><span class="stl_298 stl_16 stl_685" style="word-spacing:-0.023em;">Group’s forward transactions are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.3218em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0302em;">measured in accordance with Level  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1137em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0293em;">2 as the fair value is calculated based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.9056em;"><span class="stl_298 stl_16 stl_215" style="word-spacing:-0.0311em;">on official exchange rates and forward  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6975em;"><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0248em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.2806em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0338em;">The fair value of commodity forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.0725em;"><span class="stl_298 stl_16 stl_51" style="word-spacing:-0.0295em;">is measured as the present value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.8643em;"><span class="stl_298 stl_16 stl_134" style="word-spacing:-0.0318em;">future cash flows based on forward  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.6562em;"><span class="stl_298 stl_16 stl_66" style="word-spacing:-0.0285em;">rates and official exchange rates on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.74em;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0278em;">balance sheet date. The fair value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.5318em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">foreign currency forwards is measured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.3237em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0294em;">as the present value of future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.1156em;"><span class="stl_298 stl_16 stl_224" style="word-spacing:-0.029em;">flows based on the forward exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.9075em;"><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0248em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:15.4906em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">No financial instruments were moved  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:16.2825em;"><span class="stl_298 stl_16 stl_297" style="word-spacing:-0.0245em;">from one level to another in the year (no  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.0743em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:-0.0163em;">move in 2023 either).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:18.6637em;"><span class="stl_338 stl_21 stl_429" style="word-spacing:-0.0382em;">Liquidity risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:19.4493em;"><span class="stl_298 stl_16 stl_289" style="word-spacing:-0.0225em;">It is NKT Group’s policy to maintain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:20.2412em;"><span class="stl_298 stl_16 stl_335" style="word-spacing:-0.0307em;">adequate liquidity resources to imple-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.0331em;"><span class="stl_298 stl_16 stl_308" style="word-spacing:-0.0324em;">ment planned operating activities and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:21.825em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0272em;">to be able to operate effectively in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:22.6168em;"><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0284em;">the event of unforeseen fluctuations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:23.4087em;"><span class="stl_298 stl_16 stl_494" style="word-spacing:-0.0254em;">in liquidity. NKT Group’s liquidity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.2006em;"><span class="stl_298 stl_16 stl_322" style="word-spacing:-0.0304em;">resources consist of cash, cash equiv-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:24.9925em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">alents and undrawn committed credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:25.7843em;"><span class="stl_298 stl_16 stl_299" style="word-spacing:-0.0289em;">facilities, which have a maturity of more  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:26.5762em;"><span class="stl_298 stl_16 stl_128" style="word-spacing:-0.0106em;">than 12 months.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.1593em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0294em;">The revolving credit facility of EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:28.9512em;"><span class="stl_298 stl_16 stl_125" style="word-spacing:-0.0261em;">200m matures in November 2026. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:29.7431em;"><span class="stl_298 stl_16 stl_525" style="word-spacing:-0.0352em;">mortgage loan portfolio matures in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:30.535em;z-index:1610;"><span class="stl_298 stl_16 stl_128" style="word-spacing:-0.0107em;">2032, 2033 and 203</span><span class="stl_298 stl_16 stl_897">7</span><span class="stl_298 stl_16 stl_897">.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.1181em;"><span class="stl_298 stl_16 stl_430" style="word-spacing:-0.0355em;">NKT has financial covenants and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:32.91em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0338em;">change of control clause on certain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:33.7018em;"><span class="stl_298 stl_16 stl_285" style="word-spacing:-0.0334em;">financial agreements. The latter comes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:34.4937em;"><span class="stl_298 stl_16 stl_120" style="word-spacing:-0.0335em;">into effect if a shareholder or share-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:35.2856em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.031em;">holder group gains control over NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.0775em;"><span class="stl_298 stl_16 stl_69" style="word-spacing:-0.0372em;">A/S or if NKT A/S is no longer listed at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:36.8693em;"><span class="stl_298 stl_16 stl_85" style="word-spacing:-0.0325em;">Nasdaq Copenhagen.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:10.745em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0272em;">It is Group Management’s opinion that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:11.5368em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0342em;">the financial headroom is sufficient to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:12.3287em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">manage the level of activity expected in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:13.1206em;"><span class="stl_298 stl_16 stl_227" style="word-spacing:-0.0217em;">2025 for the NKT Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:14.71em;"><span class="stl_338 stl_21 stl_278" style="word-spacing:-0.0373em;">Credit risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:15.4956em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0342em;">Credit risk arises from the possibility  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:16.2875em;"><span class="stl_298 stl_16 stl_286" style="word-spacing:-0.0309em;">that transactional counterparties may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.0793em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.031em;">default on their obligations causing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:17.8712em;"><span class="stl_298 stl_16 stl_335" style="word-spacing:-0.0306em;">financial losses for the Group.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:10.7462em;"><span class="stl_298 stl_16 stl_483" style="word-spacing:-0.0263em;">NKT’s credit risks relate partly to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:11.5381em;"><span class="stl_298 stl_16 stl_286" style="word-spacing:-0.0307em;">receivables, contract assets and cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:12.33em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0301em;">at bank and in hand, and partly to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:13.1218em;"><span class="stl_298 stl_16 stl_286" style="word-spacing:-0.0309em;">derivative financial instruments with  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:13.9137em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">positive fair value. The maximum credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:14.7056em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0332em;">risk attached to financial assets corre-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:15.4975em;"><span class="stl_298 stl_16 stl_224" style="word-spacing:-0.029em;">spond to the values recognised in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5047em;top:16.2893em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0302em;">balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4572em;top:23.7962em;"><span class="stl_338 stl_21 stl_429" style="word-spacing:-0.0402em;">Liquidity resources  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.233em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9961em;top:25.233em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2398em;top:25.233em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.1023em;"><span class="stl_298 stl_16 stl_80" style="word-spacing:-0.0211em;">Committed facilities (1-3 years)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3479em;top:27.1023em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5998em;top:27.1023em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.068em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0237em;">Committed facilities (&lt;1 year)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0617em;top:28.068em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:28.068em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:29.0336em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">Total commited facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3473em;top:29.0336em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5992em;top:29.0336em;"><span class="stl_298 stl_16 stl_300">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:29.9992em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Uncommitted facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0611em;top:29.9992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.313em;top:29.9992em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4555em;top:30.9711em;"><span class="stl_338 stl_21 stl_226" style="word-spacing:-0.0231em;">Total facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3317em;top:30.9711em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5836em;top:30.9711em;"><span class="stl_338 stl_21 stl_541">200  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4555em;top:33.4842em;"><span class="stl_298 stl_16 stl_34">Cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9486em;top:33.4842em;"><span class="stl_298 stl_16 stl_717">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.5967em;top:33.4842em;"><span class="stl_298 stl_16 stl_71">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4555em;top:34.4498em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Utilised facilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0605em;top:34.4498em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3123em;top:34.4498em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4548em;top:35.4155em;"><span class="stl_298 stl_16 stl_56" style="word-spacing:-0.0346em;">Cash classified as assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0598em;top:35.4155em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3117em;top:35.4155em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4542em;top:36.3873em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0386em;">Liquidity recources  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8955em;top:36.3873em;"><span class="stl_338 stl_21 stl_649">1,718  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.078em;top:36.3873em;"><span class="stl_338 stl_21 stl_127">1,090  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:10.7321em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0273em;">To manage credit risk regarding finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:11.524em;"><span class="stl_298 stl_16 stl_22" style="word-spacing:-0.0345em;">cial counterparties, NKT only enters  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:12.3159em;"><span class="stl_298 stl_16 stl_66" style="word-spacing:-0.0286em;">into derivative financial contracts and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:13.1078em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.0319em;">money market deposits with financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:13.8996em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.0319em;">counterparties possessing a long-term  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:14.6915em;"><span class="stl_298 stl_16 stl_461" style="word-spacing:-0.0165em;">credit rating of ‘A-‘ from at least one  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:15.4834em;"><span class="stl_298 stl_16 stl_49" style="word-spacing:-0.0272em;">out of the following three selected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:16.2753em;"><span class="stl_298 stl_16 stl_659" style="word-spacing:-0.0237em;">rating agencies: Standard and Poor's,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:17.0671em;"><span class="stl_298 stl_16 stl_788" style="word-spacing:-0.0185em;">Moody's or Fitch.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:10.734em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.0299em;">NKT has no material risks relating to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:11.5259em;"><span class="stl_298 stl_16 stl_332" style="word-spacing:-0.0242em;">a single customer or partner. NKT’s  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:12.3178em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0295em;">policy for acceptance of credit risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:13.1096em;"><span class="stl_298 stl_16 stl_215" style="word-spacing:-0.0312em;">entails ongoing monitoring and credit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:13.9015em;"><span class="stl_298 stl_16 stl_232" style="word-spacing:-0.0309em;">rating of important customers and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:14.6934em;"><span class="stl_298 stl_16 stl_213" style="word-spacing:-0.0349em;">other partners. NKT historically has  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:15.4853em;"><span class="stl_298 stl_16 stl_325" style="word-spacing:-0.0282em;">had only a few material losses related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5962em;top:16.2771em;"><span class="stl_298 stl_16 stl_171" style="word-spacing:-0.0214em;">to customers.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5486em;top:21.893em;"><span class="stl_338 stl_21 stl_389" style="word-spacing:-0.0363em;">Credit exposure for cash at bank and derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5486em;top:22.6598em;"><span class="stl_338 stl_21 stl_82" style="word-spacing:-0.0293em;">(fair value)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.5418em;top:23.8159em;"><span class="stl_338 stl_21 stl_34">Derivative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.9918em;top:24.5246em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Cash at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9974em;top:24.524em;"><span class="stl_338 stl_21 stl_280">financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.2328em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7924em;top:25.2321em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:0.8441em;">bank instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3106em;top:25.2321em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.1078em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.0671em;"><span class="stl_298 stl_16 stl_424" style="word-spacing:-0.0488em;">AA range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.2799em;top:28.0671em;"><span class="stl_298 stl_16 stl_896">413  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8174em;top:28.0671em;"><span class="stl_298 stl_16 stl_361">42  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6981em;top:28.0671em;"><span class="stl_298 stl_16 stl_226">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:29.0328em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">A range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7049em;top:29.0328em;"><span class="stl_298 stl_16 stl_170">1,099  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5024em;top:29.0328em;"><span class="stl_298 stl_16 stl_331">128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2287em;top:29.0328em;"><span class="stl_298 stl_16 stl_721">1,227  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:29.9984em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">BBB range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9037em;top:29.9984em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1556em;top:29.9984em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:29.9984em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:30.964em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">Not rated or below BBB range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9031em;top:30.964em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1549em;top:30.964em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:30.964em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:31.9359em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.7281em;top:31.9359em;"><span class="stl_338 stl_21 stl_646">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4981em;top:31.9359em;"><span class="stl_338 stl_21 stl_368">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.1731em;top:31.9359em;"><span class="stl_338 stl_21 stl_127">1,688  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:33.4809em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:34.4403em;"><span class="stl_298 stl_16 stl_424" style="word-spacing:-0.0488em;">AA range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.2399em;top:34.4403em;"><span class="stl_298 stl_16 stl_168">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8168em;top:34.4403em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7293em;top:34.4403em;"><span class="stl_298 stl_16 stl_361">165  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:35.4059em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">A range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.2549em;top:35.4059em;"><span class="stl_298 stl_16 stl_686">7</span><span class="stl_298 stl_16 stl_34">4</span><span class="stl_298 stl_16 stl_34">4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4737em;top:35.4059em;"><span class="stl_298 stl_16 stl_28">160  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6837em;top:35.4059em;"><span class="stl_298 stl_16 stl_317">904  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:36.3715em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">BBB range  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9025em;top:36.3715em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1543em;top:36.3715em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:36.3715em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:37.3434em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.1706em;top:37.3434em;"><span class="stl_338 stl_21 stl_571">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4687em;top:37.3434em;"><span class="stl_338 stl_21 stl_349">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.2087em;top:37.3434em;"><span class="stl_338 stl_21 stl_349">1,073  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7022em;"><span class="stl_881 stl_21 stl_268" style="word-spacing:-0.0393em;">Financial risk management policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4254em;"><span class="stl_882 stl_16 stl_564" style="word-spacing:-0.0344em;">NKT is exposed to several financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.1546em;"><span class="stl_882 stl_16 stl_210" style="word-spacing:-0.0268em;">risks due to its operations, investments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.8838em;"><span class="stl_882 stl_16 stl_382" style="word-spacing:-0.0377em;">and financing activities. NKT has cen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.613em;"><span class="stl_882 stl_16 stl_200" style="word-spacing:-0.0257em;">tralised management of the Group's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.3423em;"><span class="stl_882 stl_16 stl_566" style="word-spacing:-0.0335em;">financial risks. The overall objectives  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.0715em;"><span class="stl_882 stl_16 stl_291" style="word-spacing:-0.0373em;">and policies for financial risk manage-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:15.8007em;"><span class="stl_882 stl_16 stl_201" style="word-spacing:-0.0311em;">ment are outlined in the internal Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.53em;"><span class="stl_882 stl_16 stl_79" style="word-spacing:-0.0199em;">Treasury Policy, which is approved by  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.2592em;"><span class="stl_882 stl_16 stl_55" style="word-spacing:-0.0303em;">the Board of Directors. The risk policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.9884em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0328em;">does not allow for speculation in finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:18.7177em;"><span class="stl_882 stl_16 stl_109" style="word-spacing:-0.0325em;">cial risks.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.1761em;"><span class="stl_882 stl_16 stl_78" style="word-spacing:-0.0364em;">The risk management policy is man-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.9053em;"><span class="stl_882 stl_16 stl_61" style="word-spacing:-0.0226em;">aged by Group Treasury. All known  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.6346em;"><span class="stl_882 stl_16 stl_36" style="word-spacing:-0.0292em;">risks are hedged, though with accept-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.3638em;"><span class="stl_882 stl_16 stl_403" style="word-spacing:-0.0332em;">ance of an open position within a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.093em;"><span class="stl_882 stl_16 stl_54" style="word-spacing:-0.0324em;">defined and monitored threshold. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.8223em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0322em;">risk thresholds are defined at a level  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.5515em;"><span class="stl_882 stl_16 stl_378" style="word-spacing:-0.0387em;">that ensures NKT is sufficiently pro-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.2807em;"><span class="stl_882 stl_16 stl_36" style="word-spacing:-0.0291em;">tected against any risk, while providing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.0099em;"><span class="stl_882 stl_16 stl_204" style="word-spacing:-0.0286em;">Group Treasury room for managing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:26.7392em;"><span class="stl_882 stl_16 stl_300" style="word-spacing:-0.03em;">risks efficiently.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.1976em;"><span class="stl_882 stl_16 stl_64" style="word-spacing:-0.037em;">NKT uses financial instruments, such  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9269em;"><span class="stl_882 stl_16 stl_230" style="word-spacing:-0.0273em;">as forwards, swaps and options to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.6561em;"><span class="stl_882 stl_16 stl_75" style="word-spacing:-0.0264em;">hedge exposures relating to currency,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.3853em;"><span class="stl_882 stl_16 stl_254" style="word-spacing:-0.0282em;">interest rates, and commodities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:2.3622em;top:31.842em;"><span class="stl_886 stl_16 stl_391" style="word-spacing:-0.0383em;">The financial risks, as described further  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:2.3622em;top:32.5712em;"><span class="stl_886 stl_16 stl_266" style="word-spacing:-0.0196em;">below, are divided into:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:34.2647em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:34.009em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0327em;">Currency risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:34.7381em;"><span class="stl_882 stl_16 stl_46" style="word-spacing:-0.0254em;">Interest rate risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:34.9939em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:35.4673em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0318em;">Raw material price risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:35.723em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:36.4522em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:36.1965em;"><span class="stl_882 stl_16 stl_566" style="word-spacing:-0.0336em;">Credit risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:37.1814em;"><span class="stl_711 stl_452 stl_42">■</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:3.0709em;top:36.9256em;"><span class="stl_882 stl_16 stl_91" style="word-spacing:-0.038em;">Liquidity risks  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:10.7024em;"><span class="stl_881 stl_21 stl_99" style="word-spacing:-0.0407em;">Currency risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:11.4256em;"><span class="stl_882 stl_16 stl_267" style="word-spacing:-0.0355em;">With presence in several countries NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.1548em;"><span class="stl_882 stl_16 stl_191" style="word-spacing:-0.0285em;">is exposed to currency risks that may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.884em;"><span class="stl_882 stl_16 stl_96" style="word-spacing:-0.0338em;">have considerable influence on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.6132em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0312em;">income statement and balance sheet.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:14.3425em;"><span class="stl_882 stl_16 stl_60" style="word-spacing:-0.0277em;">Currency risks refer to the risks of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.0717em;"><span class="stl_882 stl_16 stl_192" style="word-spacing:-0.0302em;">losses (or opportunities for gains) result-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.8009em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0312em;">ing from changes in currency rates.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:16.5302em;"><span class="stl_882 stl_16 stl_54" style="word-spacing:-0.0325em;">Currency risks arise through transac-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.2594em;"><span class="stl_882 stl_16 stl_96" style="word-spacing:-0.0338em;">tions, financial assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.9886em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0329em;">denominated in currencies other than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:18.7179em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0335em;">the functional currency of the individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:19.4471em;"><span class="stl_882 stl_16 stl_92" style="word-spacing:-0.0341em;">subsidaries. Quantification and identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.1763em;"><span class="stl_882 stl_16 stl_187" style="word-spacing:-0.0254em;">fication of existing and anticipated cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.9055em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0319em;">rency risks are the responsibility of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.6348em;"><span class="stl_882 stl_16 stl_56" style="word-spacing:-0.0346em;">individual subsidaries, while the actual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:22.364em;"><span class="stl_882 stl_16 stl_80" style="word-spacing:-0.0213em;">hedging is executed by Group Treasury.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:23.8225em;"><span class="stl_882 stl_16 stl_174" style="word-spacing:-0.0363em;">NKT does not hedge the currency risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:24.5517em;"><span class="stl_882 stl_16 stl_187" style="word-spacing:-0.0255em;">related to net investments in foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:25.2809em;"><span class="stl_882 stl_16 stl_59" style="word-spacing:-0.0347em;">subsidiaries. Gains and losses relating  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.0102em;"><span class="stl_882 stl_16 stl_43" style="word-spacing:-0.0317em;">to unhedged net assets in foreign sub-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.7394em;"><span class="stl_882 stl_16 stl_155" style="word-spacing:-0.0314em;">sidiaries are accounted directly in other  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:27.4686em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0328em;">comprehensive income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.9271em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0329em;">The principal currency exposure relates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:29.6563em;"><span class="stl_882 stl_16 stl_92" style="word-spacing:-0.0342em;">to sales and purchases in currencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:30.3855em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0313em;">other than the functional currency of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.1148em;"><span class="stl_882 stl_16 stl_564" style="word-spacing:-0.0344em;">businesses. Hedging of these currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.844em;"><span class="stl_882 stl_16 stl_56" style="word-spacing:-0.0345em;">risks are based on an assessment of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.5732em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0288em;">the likelihood of the future transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:33.3024em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0334em;">being performed and materiality.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:34.7586em;"><span class="stl_886 stl_16 stl_154" style="word-spacing:-0.036em;">Expected cash flows with significant  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:35.4879em;"><span class="stl_886 stl_16 stl_389" style="word-spacing:-0.0345em;">currency risk are hedged as they become  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:36.217em;"><span class="stl_886 stl_16 stl_164" style="word-spacing:-0.0291em;">known. Currency risks from project-re-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:36.9461em;"><span class="stl_886 stl_16 stl_17" style="word-spacing:-0.0343em;">lated sales are considered on an individual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:37.6754em;"><span class="stl_886 stl_16 stl_323" style="word-spacing:-0.033em;">basis. The fair value of the effective portion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:38.4045em;"><span class="stl_886 stl_16 stl_109" style="word-spacing:-0.0325em;">of the hedge is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:14.4095em;top:39.1336em;"><span class="stl_886 stl_16 stl_289" style="word-spacing:-0.0326em;">prehensive income on a continuous basis.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.6961em;"><span class="stl_882 stl_16 stl_401" style="word-spacing:-0.0328em;">The table on the next page shows the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.4254em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0314em;">net outstanding forward exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.1546em;"><span class="stl_882 stl_16 stl_39" style="word-spacing:-0.0296em;">hedging contracts as of 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.8838em;"><span class="stl_882 stl_16 stl_266" style="word-spacing:-0.0196em;">2024 for NKT, which are used for and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.613em;"><span class="stl_882 stl_16 stl_155" style="word-spacing:-0.0314em;">fulfil the conditions for hedge account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.3423em;"><span class="stl_882 stl_16 stl_191" style="word-spacing:-0.0283em;">ing of future transactions.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.8007em;"><span class="stl_882 stl_16 stl_103" style="word-spacing:-0.0307em;">The fair value of the total portfolio of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.53em;"><span class="stl_882 stl_16 stl_109" style="word-spacing:-0.0326em;">currency hedge contracts will impact  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.2592em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0287em;">other comprehensive income if cur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.9884em;"><span class="stl_882 stl_16 stl_43" style="word-spacing:-0.0316em;">rency rates change. The effect of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.7177em;"><span class="stl_882 stl_16 stl_105" style="word-spacing:-0.0367em;">reasonably possible changes based on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.4469em;"><span class="stl_882 stl_16 stl_92" style="word-spacing:-0.0343em;">past experience in selected currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.1761em;"><span class="stl_882 stl_16 stl_83" style="word-spacing:-0.0257em;">rates is shown in the table to the right.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.6346em;"><span class="stl_882 stl_16 stl_280" style="word-spacing:-0.0396em;">As NKT largely uses forwards and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.3638em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0312em;">spots to hedge the FX risks, and only  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.093em;"><span class="stl_882 stl_16 stl_39" style="word-spacing:-0.0296em;">designates the spot element, the likeli-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.8223em;"><span class="stl_882 stl_16 stl_45" style="word-spacing:-0.0302em;">hood of inefficiency is low, though pos-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.5515em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0334em;">sible if changes in expected cashflows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.2807em;"><span class="stl_882 stl_16 stl_272" style="word-spacing:-0.0311em;">from projects are not reflected correctly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.0099em;"><span class="stl_882 stl_16 stl_38" style="word-spacing:-0.0333em;">in the hedges.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.4744em;"><span class="stl_881 stl_21 stl_291" style="word-spacing:-0.0373em;">Interest rate risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:26.4567em;top:28.1961em;"><span class="stl_886 stl_16 stl_436" style="word-spacing:-0.0262em;">Interest rate risks refer to the influence of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:26.4567em;top:28.9254em;"><span class="stl_886 stl_16 stl_545" style="word-spacing:-0.0297em;">changes in market interest rates on future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.6545em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0315em;">cash flows concerning interest-bearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.3837em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0287em;">assets and liabilities. NKT's exposure to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.1129em;"><span class="stl_882 stl_16 stl_57" style="word-spacing:-0.0274em;">interest rate risk is considered to be low  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.8421em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0288em;">due to the capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.3006em;"><span class="stl_882 stl_16 stl_103" style="word-spacing:-0.0309em;">An increase in variable interest rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.0298em;"><span class="stl_882 stl_16 stl_271" style="word-spacing:-0.0306em;">of 1 percentage point would result in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.7591em;"><span class="stl_882 stl_16 stl_59" style="word-spacing:-0.0348em;">an increase in the earnings before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.4883em;"><span class="stl_882 stl_16 stl_81" style="word-spacing:-0.0017em;">of EUR 13m (2023 EUR 7m). Refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.2175em;"><span class="stl_882 stl_16 stl_47" style="word-spacing:-0.0219em;">note 5.4 Net interest-bearing debt for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.9467em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0323em;">a specification of the interest bearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.676em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0321em;">assets and liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:10.7418em;"><span class="stl_338 stl_21 stl_165" style="word-spacing:-0.0399em;">Sensitivity analysis - financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:12.216em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0964em;top:12.216em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3758em;top:12.216em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6527em;top:13.1347em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.7946em;top:13.1341em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9364em;top:13.1335em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.0783em;top:13.1328em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0077em;top:13.8435em;"><span class="stl_338 stl_21 stl_249">Price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7627em;top:13.8428em;"><span class="stl_338 stl_21 stl_459">earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6308em;top:13.8422em;"><span class="stl_338 stl_21 stl_415">equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0464em;top:13.8416em;"><span class="stl_338 stl_21 stl_459">earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.9146em;top:13.841em;"><span class="stl_338 stl_21 stl_415">equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.5516em;"><span class="stl_338 stl_21 stl_91">Risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3433em;top:14.5516em;"><span class="stl_338 stl_21 stl_268">change  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3027em;top:14.551em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4446em;top:14.5503em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5864em;top:14.5497em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7283em;top:14.5491em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5046em;top:16.1466em;"><span class="stl_298 stl_16 stl_95">SEK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3052em;top:16.1466em;"><span class="stl_298 stl_16 stl_823">+7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6252em;top:16.1466em;"><span class="stl_298 stl_16 stl_71">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8364em;top:16.1466em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2671em;top:16.1466em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0714em;top:16.1466em;"><span class="stl_298 stl_16 stl_320">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4414em;top:17.0416em;"><span class="stl_298 stl_16 stl_830">-7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3921em;top:17.0416em;"><span class="stl_298 stl_16 stl_79">-59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6296em;top:17.0416em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0283em;top:17.0416em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8502em;top:17.0416em;"><span class="stl_298 stl_16 stl_320">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.9366em;"><span class="stl_298 stl_16 stl_154">GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2714em;top:17.9366em;"><span class="stl_298 stl_16 stl_771">+5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9833em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1252em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2671em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1664em;top:17.9366em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4077em;top:18.8316em;"><span class="stl_298 stl_16 stl_242">-5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9839em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1258em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2677em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4096em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5052em;top:19.7266em;"><span class="stl_298 stl_16 stl_64">NOK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2614em;top:19.7266em;"><span class="stl_298 stl_16 stl_221">+8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7639em;top:19.7266em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1264em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2683em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4102em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4002em;top:20.6216em;"><span class="stl_298 stl_16 stl_162">-8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:20.6216em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8846em;top:20.6216em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0852em;top:20.6216em;z-index:3490;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1896em;top:20.6216em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5058em;top:21.5166em;"><span class="stl_298 stl_16 stl_253">USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2621em;top:21.5166em;"><span class="stl_298 stl_16 stl_221">+8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:21.5166em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6414em;top:21.5166em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0477em;top:21.5166em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9083em;top:21.5166em;"><span class="stl_298 stl_16 stl_777">-19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4002em;top:22.4116em;"><span class="stl_298 stl_16 stl_162">-8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:22.4116em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8252em;top:22.4116em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2689em;top:22.4116em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0921em;top:22.4116em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5064em;top:23.3066em;"><span class="stl_298 stl_16 stl_79">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2596em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">+6%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7371em;top:23.3066em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0852em;top:23.3066em;z-index:3527;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4102em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3902em;top:24.2016em;"><span class="stl_298 stl_16 stl_79">-6%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2689em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:25.0966em;"><span class="stl_298 stl_16 stl_209">CAD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3071em;top:25.0966em;"><span class="stl_298 stl_16 stl_823">+7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:25.0966em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9065em;top:25.0966em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:25.0966em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1715em;top:25.0966em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4433em;top:25.9916em;"><span class="stl_298 stl_16 stl_830">-7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:26.8866em;"><span class="stl_298 stl_16 stl_291">Copper  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9946em;top:26.8866em;"><span class="stl_298 stl_16 stl_870">+21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:26.8866em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.474em;top:26.8866em;"><span class="stl_298 stl_16 stl_331">128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:26.8866em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.754em;top:26.8866em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.129em;top:27.7816em;"><span class="stl_298 stl_16 stl_372">-21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:27.7816em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2902em;top:27.7816em;"><span class="stl_298 stl_16 stl_344">-128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:27.7816em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5708em;top:27.7816em;"><span class="stl_298 stl_16 stl_885">-107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:28.6766em;"><span class="stl_298 stl_16 stl_342">Lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9358em;top:28.6766em;"><span class="stl_298 stl_16 stl_883">+22%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8196em;top:28.6766em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2696em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4115em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0715em;top:29.5716em;"><span class="stl_298 stl_16 stl_349">-22%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:29.5716em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6371em;top:29.5716em;"><span class="stl_298 stl_16 stl_366">-14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2702em;top:29.5716em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1633em;top:29.5716em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5071em;top:30.4666em;"><span class="stl_298 stl_16 stl_96">Aluminium  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0115em;top:30.4666em;"><span class="stl_298 stl_16 stl_884">+18%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1283em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2702em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4121em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.1433em;top:31.3616em;"><span class="stl_298 stl_16 stl_885">-18%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:31.3616em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8896em;top:31.3616em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2696em;top:31.3616em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2277em;top:31.3616em;z-index:3637;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:32.2566em;"><span class="stl_298 stl_16 stl_225">Gas-oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9458em;top:32.2566em;"><span class="stl_298 stl_16 stl_744">+28%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0808em;top:33.1516em;"><span class="stl_298 stl_16 stl_431">-28%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:33.1516em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8783em;top:33.1516em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2683em;top:33.1516em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1677em;top:33.1516em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:34.518em;"><span class="stl_723 stl_16 stl_401" style="word-spacing:-0.0328em;">The table above shows a sensitivity analysis of the exposures in currencies and commodities assuming effective hedge account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:35.268em;"><span class="stl_723 stl_16 stl_300" style="word-spacing:-0.03em;">ing continued to be applied. The presented effects are from the derivative financial instruments only (all things being equal).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.0177em;"><span class="stl_723 stl_16 stl_54" style="word-spacing:-0.0324em;">When also considering the development of the underlying exposure, the future income statement effects will be fully or partially  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.7674em;"><span class="stl_723 stl_16 stl_401" style="word-spacing:-0.0327em;">offset as hedge accounting is applied.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0342em;">Cash flow hedges related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1698em;top:10.7835em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9098em;top:10.7835em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3373em;top:10.7835em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4918em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">the most significant currencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.0491em;top:11.4918em;"><span class="stl_338 stl_21 stl_211" style="word-spacing:-0.0239em;">Average exchange rate</span><sup style="top: -0.2081em;"><span class="stl_715 stl_21 stl_104" style="word-spacing:-0.041em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3179em;top:11.4916em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0371em;">Hedged currency in million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0923em;top:11.4916em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8323em;top:11.4916em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:12.8829em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Hedged currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4392em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.4496em;"><span class="stl_666 stl_21 stl_165">USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6691em;top:14.4496em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2673em;top:14.4437em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3313em;top:14.4437em;"><span class="stl_524 stl_16 stl_750">1.0736  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:14.4437em;"><span class="stl_524 stl_16 stl_398">1.0834  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8163em;top:14.4437em;"><span class="stl_524 stl_16 stl_154">834  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2024em;top:14.4437em;"><span class="stl_524 stl_16 stl_31">798  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.575em;top:14.4437em;"><span class="stl_524 stl_16 stl_162">777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9652em;top:14.4437em;"><span class="stl_524 stl_16 stl_354">737  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6313em;top:14.4437em;"><span class="stl_524 stl_16 stl_91">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.805em;top:14.4437em;"><span class="stl_524 stl_16 stl_481">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2673em;top:15.2143em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2829em;top:15.2143em;"><span class="stl_524 stl_16 stl_63">1.0685  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.736em;top:15.2143em;z-index:465;"><span class="stl_524 stl_16 stl_554">1.1</span><span class="stl_524 stl_16 stl_700">0</span><span class="stl_524 stl_16 stl_91">04  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.835em;top:15.2143em;"><span class="stl_524 stl_16 stl_162">542  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2006em;top:15.2143em;"><span class="stl_524 stl_16 stl_321">592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5809em;top:15.2143em;"><span class="stl_524 stl_16 stl_29">507  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9296em;top:15.2143em;"><span class="stl_524 stl_16 stl_201">538  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6406em;top:15.2143em;"><span class="stl_524 stl_16 stl_125">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8249em;top:15.2143em;"><span class="stl_524 stl_16 stl_603">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6685em;top:15.9907em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2667em;top:15.9849em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2823em;top:15.9849em;"><span class="stl_524 stl_16 stl_63">1.0695  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7191em;top:15.9849em;"><span class="stl_524 stl_16 stl_552">1.0815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.835em;top:15.9849em;"><span class="stl_524 stl_16 stl_685">991  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1843em;top:15.9849em;"><span class="stl_524 stl_16 stl_91">883  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5721em;top:15.9849em;"><span class="stl_524 stl_16 stl_329">926  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.985em;top:15.9849em;"><span class="stl_524 stl_16 stl_393">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4458em;top:15.9849em;"><span class="stl_524 stl_16 stl_744">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.032em;top:15.9849em;"><span class="stl_524 stl_16 stl_822">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2661em;top:16.7555em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2817em;top:16.7555em;"><span class="stl_524 stl_16 stl_63">1.0685  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:16.7555em;"><span class="stl_524 stl_16 stl_596">1.0939  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8688em;top:16.7555em;"><span class="stl_524 stl_16 stl_302">610  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2117em;top:16.7555em;"><span class="stl_524 stl_16 stl_242">779  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6065em;top:16.7555em;"><span class="stl_524 stl_16 stl_168">571  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.002em;top:16.7555em;"><span class="stl_524 stl_16 stl_892">712  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.433em;top:16.7555em;"><span class="stl_524 stl_16 stl_481">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9987em;top:16.7555em;"><span class="stl_524 stl_16 stl_165">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3599em;top:17.5319em;"><span class="stl_666 stl_21 stl_317">GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6668em;top:17.5319em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.265em;top:17.5261em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2543em;top:17.5261em;"><span class="stl_524 stl_16 stl_79">0.8458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:17.5261em;"><span class="stl_524 stl_16 stl_605">0.8788  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8408em;top:17.5261em;"><span class="stl_524 stl_16 stl_218">325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2444em;top:17.5261em;"><span class="stl_524 stl_16 stl_331">125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5546em;top:17.5261em;"><span class="stl_524 stl_16 stl_64">384  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9874em;top:17.5261em;"><span class="stl_524 stl_16 stl_383">142  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6669em;top:17.5261em;"><span class="stl_524 stl_16 stl_764">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1265em;top:17.5261em;"><span class="stl_524 stl_16 stl_361">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.265em;top:18.2966em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2642em;top:18.2966em;"><span class="stl_524 stl_16 stl_35">0.8620  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6608em;top:18.2966em;"><span class="stl_524 stl_16 stl_238">0.8972  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8513em;top:18.2966em;"><span class="stl_524 stl_16 stl_361">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2199em;top:18.2966em;"><span class="stl_524 stl_16 stl_197">195  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6235em;top:18.2966em;"><span class="stl_524 stl_16 stl_796">214  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9845em;top:18.2966em;"><span class="stl_524 stl_16 stl_622">218  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6925em;top:18.2966em;"><span class="stl_524 stl_16 stl_761">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1259em;top:18.2966em;"><span class="stl_524 stl_16 stl_361">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6656em;top:19.0731em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:19.0672em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2496em;top:19.0672em;"><span class="stl_524 stl_16 stl_37">0.8438  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7104em;top:19.0672em;"><span class="stl_524 stl_16 stl_839">0.8713  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8227em;top:19.0672em;"><span class="stl_524 stl_16 stl_95">462  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2047em;top:19.0672em;"><span class="stl_524 stl_16 stl_376">250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5564em;top:19.0672em;"><span class="stl_524 stl_16 stl_300">548  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9565em;top:19.0672em;"><span class="stl_524 stl_16 stl_458">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4265em;top:19.0672em;"><span class="stl_524 stl_16 stl_323">-22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1084em;top:19.0672em;"><span class="stl_524 stl_16 stl_300">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:19.8378em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2572em;top:19.8378em;"><span class="stl_524 stl_16 stl_235">0.8459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.662em;top:19.8378em;"><span class="stl_524 stl_16 stl_409">0.8765  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1459em;top:19.8378em;"><span class="stl_524 stl_16 stl_384">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2123em;top:19.8378em;"><span class="stl_524 stl_16 stl_481">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9128em;top:19.8378em;"><span class="stl_524 stl_16 stl_741">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9325em;top:19.8378em;"><span class="stl_524 stl_16 stl_79">230  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7357em;top:19.8378em;"><span class="stl_524 stl_16 stl_165">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:19.8378em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3581em;top:20.6142em;"><span class="stl_666 stl_21 stl_384">NOK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.665em;top:20.6142em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:20.6084em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0583em;top:20.6084em;"><span class="stl_524 stl_16 stl_874">11.4521  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4747em;top:20.6084em;"><span class="stl_524 stl_16 stl_890">11.3211  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.814em;top:20.6084em;"><span class="stl_524 stl_16 stl_225">489  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2712em;top:20.6084em;"><span class="stl_524 stl_16 stl_776">311  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8877em;top:20.6084em;"><span class="stl_524 stl_16 stl_154">43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2761em;top:20.6084em;"><span class="stl_524 stl_16 stl_361">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9626em;top:20.6084em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:20.6084em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:21.379em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.102em;top:21.379em;"><span class="stl_524 stl_16 stl_887">11.5122  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5132em;top:21.379em;"><span class="stl_524 stl_16 stl_891">11.1675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8478em;top:21.379em;"><span class="stl_524 stl_16 stl_197">547  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.189em;top:21.379em;"><span class="stl_524 stl_16 stl_58">208  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8895em;top:21.379em;"><span class="stl_524 stl_16 stl_300">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2936em;top:21.379em;"><span class="stl_524 stl_16 stl_315">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.79em;top:21.379em;"><span class="stl_524 stl_16 stl_316">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:21.379em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.665em;top:22.1554em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:22.1496em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0122em;top:22.1496em;"><span class="stl_524 stl_16 stl_750">11.6490  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3849em;top:22.1496em;"><span class="stl_524 stl_16 stl_756">11.3589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8198em;top:22.1496em;"><span class="stl_524 stl_16 stl_226">260  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2281em;top:22.1496em;"><span class="stl_524 stl_16 stl_370">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8936em;top:22.1496em;"><span class="stl_524 stl_16 stl_276">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.303em;top:22.1496em;"><span class="stl_524 stl_16 stl_857">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9621em;top:22.1496em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3324em;top:22.1496em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:22.9201em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.063em;top:22.9201em;"><span class="stl_524 stl_16 stl_888">11.4376  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3965em;top:22.9201em;"><span class="stl_524 stl_16 stl_839">11.6299  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8834em;top:22.9201em;"><span class="stl_524 stl_16 stl_315">173  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2123em;top:22.9201em;"><span class="stl_524 stl_16 stl_481">109  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9251em;top:22.9201em;"><span class="stl_524 stl_16 stl_764">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5929em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9632em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3336em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3587em;top:23.6966em;"><span class="stl_666 stl_21 stl_164">CAD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6656em;top:23.6966em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:23.6907em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3045em;top:23.6907em;"><span class="stl_524 stl_16 stl_889">1.4932  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.662em;top:23.6907em;"><span class="stl_524 stl_16 stl_487">1.4630  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4831em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.553em;top:23.6907em;"><span class="stl_524 stl_16 stl_551">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2231em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3216em;top:23.6907em;"><span class="stl_524 stl_16 stl_761">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9632em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3336em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2644em;top:24.4613em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.743em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1133em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4836em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.854em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2243em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5946em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.965em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3353em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6674em;top:25.2377em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2656em;top:25.2319em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2893em;top:25.2319em;"><span class="stl_524 stl_16 stl_488">1.4805  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7349em;top:25.2319em;"><span class="stl_524 stl_16 stl_893">1.3743  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1541em;top:25.2319em;"><span class="stl_524 stl_16 stl_47">46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5186em;top:25.2319em;"><span class="stl_524 stl_16 stl_384">68  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9151em;top:25.2319em;"><span class="stl_524 stl_16 stl_650">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2633em;top:25.2319em;"><span class="stl_524 stl_16 stl_211">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9644em;top:25.2319em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3347em;top:25.2319em;"><span class="stl_524 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2655em;top:26.0025em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7441em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1145em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4848em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8551em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2255em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5958em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9661em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3365em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:27.1931em;"><span class="stl_666 stl_21 stl_46" style="word-spacing:-0.0448em;">Cash flow hedges reported as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6354em;top:27.1931em;"><span class="stl_666 stl_21 stl_47">91  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0075em;top:27.1931em;"><span class="stl_666 stl_21 stl_305">71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:28.3778em;"><span class="stl_666 stl_21 stl_206" style="word-spacing:-0.0421em;">Cash flow hedges reported as liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3356em;top:28.3778em;"><span class="stl_666 stl_21 stl_333">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0098em;top:28.3778em;"><span class="stl_666 stl_21 stl_31">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:29.6282em;"><span class="stl_371 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.7743em;top:29.593em;z-index:1113;"><span class="stl_98 stl_16 stl_155">EUR/CC</span><span class="stl_98 stl_16 stl_549">Y</span><span class="stl_98 stl_16 stl_606" style="word-spacing:-0.0403em;">, to make average exchange rates comparable a theoretical EUR/CCY have been calculated for hedges made against non-EUR currencies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:10.7374em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0362em;">Raw material price risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:11.5231em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Raw material price risks primarily  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:12.3149em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">relate to metals and plastics used in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:13.1068em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">the cable production. When changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:13.8987em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in raw material prices cannot be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:14.6906em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">transferred to customers, NKT uses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:15.4824em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">financial instruments to hedge the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:16.2743em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">price risks. NKT has, due to the larger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.0662em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">order backlog, a high amount of raw  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.8581em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">material derivatives to hedge the risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:18.6499em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">related to the large future purchases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:19.4418em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">of copper in particular. Current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:20.2337em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">expected future raw material expo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:21.0256em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">sures are managed by the subsidaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:21.8174em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">and hedging is managed by Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:22.6093em;"><span class="stl_298 stl_16 stl_93" style="word-spacing:-0.0176em;">Treasury according to the Group's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:23.4012em;"><span class="stl_298 stl_16 stl_324" style="word-spacing:-0.0192em;">Treasury Policy. Hedging of awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:24.1931em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">projects are done at the time of award  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:24.9849em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">and adjusted according to changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:25.7768em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">production plans.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:27.3599em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">NKT hedges raw materials by pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:28.1518em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">chasing hedging instruments on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:28.9437em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">London Metal Exchange via financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:29.7356em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">counterparties. Changes in the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:30.5274em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">value of the hedging instrument  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:31.3193em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">should offset changes in the value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:32.1112em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">of the underlying item because the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:32.9031em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">reference prices are the same for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:33.6949em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">hedging instrument and the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:34.4868em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">item. NKT applies cost of hedging,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:35.2787em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">whereby the forward points are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:10.7368em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">nised in other comprehensive income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:11.5287em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">and transferred with the effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.3206em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">hedge when the hedged transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.1124em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">occurs. For the hedge of plastic,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.9043em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0333em;">ineffectiveness could arise as this is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:14.6962em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">hedged via a gas-oil proxy hedge.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.4881em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">Ineffectiveness because of differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:16.2799em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">in the change between gas-oil and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.0718em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.031em;">plastic are considered insignificant.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:18.6549em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0241em;">As at 31 December 2024, NKT A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:19.4468em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">had current financial hedging instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.2387em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">ments relating to future raw material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.0306em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">supplies with a net notional value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.8224em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.012em;">EUR 944m (EUR 1,084m in 2023) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:22.6143em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">a net positive fair value of EUR 79m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:23.4062em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0132em;">(positive value of EUR 77m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:24.9893em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">The table to the right provides an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:25.7812em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">overview of the cash flow hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.5731em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">related to raw materials.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.1562em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">As at 31 December 2024 accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.9481em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">basis adjustments included in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:29.7399em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">carrying amount of inventory from fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:30.5318em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">value hedges was EUR 0m (EUR 0m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.3237em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">in 2023). The ineffectiveness recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.1156em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">nised in the statement of profit or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.9074em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">was immaterial.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:10.7418em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0342em;">Cash flow hedges related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4063em;top:10.7837em;"><span class="stl_338 stl_21 stl_36" style="word-spacing:-0.0291em;">Average rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7294em;top:10.7837em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.9763em;top:10.7837em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:11.4918em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">raw material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0225em;top:11.4918em;"><span class="stl_338 stl_21 stl_384">EUR/ton  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.9119em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4713em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7675em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5469em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3263em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1057em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.885em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6644em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:13.5912em;"><span class="stl_338 stl_21 stl_490">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3982em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1694em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9569em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7282em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.5157em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2869em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:15.4668em;"><span class="stl_338 stl_21 stl_559">Copper  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:15.4668em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:15.4606em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3325em;top:15.4606em;z-index:327;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_351">321  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0288em;top:15.4606em;"><span class="stl_298 stl_16 stl_502">6,652  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3375em;top:15.4606em;"><span class="stl_298 stl_16 stl_349">531  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1238em;top:15.4606em;"><span class="stl_298 stl_16 stl_364">579  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2319em;top:15.4606em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0032em;top:15.4606em;"><span class="stl_298 stl_16 stl_154">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:16.4262em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.26em;top:16.4262em;"><span class="stl_298 stl_16 stl_410">8,347  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1444em;top:16.4262em;z-index:365;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_132">,</span><span class="stl_298 stl_16 stl_745">915  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3413em;top:16.4262em;"><span class="stl_298 stl_16 stl_28">108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1088em;top:16.4262em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:16.4262em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8613em;top:16.4262em;"><span class="stl_298 stl_16 stl_554">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:17.3981em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:17.3918em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2413em;top:17.3918em;"><span class="stl_298 stl_16 stl_472">8,367  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2525em;top:17.3918em;"><span class="stl_298 stl_16 stl_86">7,112  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2313em;top:17.3918em;"><span class="stl_298 stl_16 stl_90">-116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1957em;top:17.3918em;"><span class="stl_298 stl_16 stl_317">-69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3432em;top:17.3918em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3619em;top:17.3918em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0719em;top:18.3574em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3194em;top:18.3574em;z-index:430;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_502">326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2438em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0232em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8025em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3613em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:19.3293em;"><span class="stl_338 stl_21 stl_91">Lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:19.3293em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:19.3231em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2857em;top:19.3231em;"><span class="stl_298 stl_16 stl_333">1,987  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0375em;top:19.3231em;"><span class="stl_298 stl_16 stl_218">1,903  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6657em;top:19.3231em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4563em;top:19.3231em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3981em;top:19.3231em;z-index:474;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1775em;top:19.3231em;z-index:476;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:20.2887em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2613em;top:20.2887em;"><span class="stl_298 stl_16 stl_500">2,020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0381em;top:20.2887em;"><span class="stl_298 stl_16 stl_128">1,996  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7144em;top:20.2887em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4531em;top:20.2887em;"><span class="stl_298 stl_16 stl_162">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.36em;top:20.2887em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1213em;top:20.2887em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7075em;top:21.2606em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:21.2543em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3063em;top:21.2543em;"><span class="stl_298 stl_16 stl_894">1,979  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0388em;top:21.2543em;"><span class="stl_298 stl_16 stl_484">1,804  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7788em;top:21.2543em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6175em;top:21.2543em;z-index:538;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:22.2199em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0213em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:23.1918em;"><span class="stl_338 stl_21 stl_243">Aluminium  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:23.1918em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2325em;top:23.1856em;"><span class="stl_298 stl_16 stl_117">2,390  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_744">2,051  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6638em;top:23.1856em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5794em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3588em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0688em;top:24.1512em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2456em;top:24.1512em;"><span class="stl_298 stl_16 stl_466">2,480  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0369em;top:24.1512em;"><span class="stl_298 stl_16 stl_242">2,459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6706em;top:24.1512em;"><span class="stl_298 stl_16 stl_31">29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4444em;top:24.1512em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3962em;top:24.1512em;z-index:628;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:24.1512em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:25.1231em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:25.1168em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2756em;top:25.1168em;"><span class="stl_298 stl_16 stl_351">2,420  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0069em;top:25.1168em;"><span class="stl_298 stl_16 stl_430">2,000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4544em;top:25.1168em;"><span class="stl_298 stl_16 stl_377">-23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3056em;top:25.1168em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:26.0824em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0212em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:27.0543em;"><span class="stl_338 stl_21 stl_317">Gas-oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:27.0543em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:27.0481em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.775em;top:27.0481em;"><span class="stl_298 stl_16 stl_592">523  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5344em;top:27.0481em;"><span class="stl_298 stl_16 stl_79">550  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7019em;top:27.0481em;"><span class="stl_298 stl_16 stl_870">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4825em;top:27.0481em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:28.0137em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8256em;top:28.0137em;"><span class="stl_298 stl_16 stl_862">617  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.59em;top:28.0137em;"><span class="stl_298 stl_16 stl_795">615  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0219em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4894em;top:28.0137em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5812em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7081em;top:28.9856em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:28.9793em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8444em;top:28.9793em;"><span class="stl_298 stl_16 stl_362">514  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.525em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">669  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7831em;top:28.9793em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5594em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3975em;top:28.9793em;z-index:771;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.9793em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:29.9449em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4631em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5631em;top:29.9449em;"><span class="stl_298 stl_16 stl_197">847  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0225em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6187em;top:29.9449em;z-index:792;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3612em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:31.4962em;"><span class="stl_338 stl_21 stl_202" style="word-spacing:-0.0406em;">Cash flow hedges reported as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2256em;top:31.4962em;"><span class="stl_338 stl_21 stl_253">92  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9969em;top:31.4962em;"><span class="stl_338 stl_21 stl_101">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:33.0412em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Cash flow hedges reported as liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.26em;top:33.0412em;"><span class="stl_338 stl_21 stl_27">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3618em;top:33.0412em;"><span class="stl_338 stl_21 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.272em;top:10.7418em;"><span class="stl_338 stl_21 stl_268" style="word-spacing:-0.0391em;">Cash flow hedge reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6201em;top:12.0149em;"><span class="stl_338 stl_21 stl_38">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3245em;top:12.0156em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2157em;top:12.0162em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0007em;top:12.6818em;"><span class="stl_338 stl_21 stl_207">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.472em;top:12.6818em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8195em;top:12.6818em;"><span class="stl_338 stl_21 stl_250">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.057em;top:12.6824em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2545em;top:12.6831em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.3481em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.222em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4188em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2457em;top:13.3493em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4432em;top:13.3499em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:15.2256em;"><span class="stl_338 stl_21 stl_384" style="word-spacing:-0.042em;">Balance at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.527em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:15.2256em;"><span class="stl_338 stl_21 stl_871">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5738em;top:15.2256em;"><span class="stl_338 stl_21 stl_823">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6288em;top:15.2256em;"><span class="stl_338 stl_21 stl_349">133  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:16.6575em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1763em;top:16.6575em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5026em;top:16.6575em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5907em;top:16.6575em;"><span class="stl_298 stl_16 stl_428">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7795em;top:16.6575em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9838em;top:16.6575em;"><span class="stl_298 stl_16 stl_116">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:17.6231em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:18.3312em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2188em;top:18.3312em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9207em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1176em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0126em;top:18.3312em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:19.2968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0238em;top:19.2968em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:19.2968em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0651em;top:19.2968em;"><span class="stl_298 stl_16 stl_823">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8688em;top:19.2968em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4738em;top:19.2968em;"><span class="stl_298 stl_16 stl_885">-157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2624em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5263em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7232em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5826em;top:20.2624em;"><span class="stl_298 stl_16 stl_320">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8782em;top:20.2624em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9657em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:21.2343em;"><span class="stl_338 stl_21 stl_105" style="word-spacing:-0.0367em;">Balance at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1713em;top:21.2343em;"><span class="stl_338 stl_21 stl_47">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5557em;top:21.2343em;"><span class="stl_338 stl_21 stl_293">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9513em;top:21.2343em;"><span class="stl_338 stl_21 stl_275">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:22.1937em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9313em;top:22.1937em;"><span class="stl_298 stl_16 stl_211">-35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:22.1937em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:22.1937em;"><span class="stl_298 stl_16 stl_167">153  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8738em;top:22.1937em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7032em;top:22.1937em;"><span class="stl_298 stl_16 stl_710">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.1593em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.8674em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5257em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4838em;top:23.8674em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9195em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3132em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:24.8331em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2832em;top:24.8331em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:24.8331em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.062em;top:24.8331em;"><span class="stl_298 stl_16 stl_895">-138  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9138em;top:24.8331em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4695em;top:24.8331em;"><span class="stl_298 stl_16 stl_758">-149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3607em;top:25.7987em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5251em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6763em;top:25.7987em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1151em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.312em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:26.7706em;"><span class="stl_338 stl_21 stl_243" style="word-spacing:-0.0352em;">Balance at 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2826em;top:26.7706em;"><span class="stl_338 stl_21 stl_132">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7213em;top:26.7706em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6076em;top:26.7706em;"><span class="stl_338 stl_21 stl_356">74  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5688em;top:26.7706em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9494em;top:26.7706em;"><span class="stl_338 stl_21 stl_87">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.1924em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.9843em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.017em;">2023), Inventory/Cost of raw materials EUR </span><span class="stl_298 stl_16 stl_70">1</span><span class="stl_298 stl_16 stl_408" style="word-spacing:-0.0128em;">15m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023).  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.4744em;"><span class="stl_881 stl_21 stl_291" style="word-spacing:-0.0373em;">Interest rate risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:26.4567em;top:28.1961em;"><span class="stl_886 stl_16 stl_436" style="word-spacing:-0.0262em;">Interest rate risks refer to the influence of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01 stl_722" style="left:26.4567em;top:28.9254em;"><span class="stl_886 stl_16 stl_545" style="word-spacing:-0.0297em;">changes in market interest rates on future  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.6545em;"><span class="stl_882 stl_16 stl_88" style="word-spacing:-0.0315em;">cash flows concerning interest-bearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.3837em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0287em;">assets and liabilities. NKT's exposure to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.1129em;"><span class="stl_882 stl_16 stl_57" style="word-spacing:-0.0274em;">interest rate risk is considered to be low  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.8421em;"><span class="stl_882 stl_16 stl_94" style="word-spacing:-0.0288em;">due to the capital structure.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.3006em;"><span class="stl_882 stl_16 stl_103" style="word-spacing:-0.0309em;">An increase in variable interest rates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.0298em;"><span class="stl_882 stl_16 stl_271" style="word-spacing:-0.0306em;">of 1 percentage point would result in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.7591em;"><span class="stl_882 stl_16 stl_59" style="word-spacing:-0.0348em;">an increase in the earnings before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.4883em;"><span class="stl_882 stl_16 stl_81" style="word-spacing:-0.0017em;">of EUR 13m (2023 EUR 7m). Refer to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.2175em;"><span class="stl_882 stl_16 stl_47" style="word-spacing:-0.0219em;">note 5.4 Net interest-bearing debt for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.9467em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0323em;">a specification of the interest bearing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.676em;"><span class="stl_882 stl_16 stl_156" style="word-spacing:-0.0321em;">assets and liabilities.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:10.7418em;"><span class="stl_338 stl_21 stl_165" style="word-spacing:-0.0399em;">Sensitivity analysis - financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:12.216em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0964em;top:12.216em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3758em;top:12.216em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6527em;top:13.1347em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.7946em;top:13.1341em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9364em;top:13.1335em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.0783em;top:13.1328em;"><span class="stl_338 stl_21 stl_317" style="word-spacing:-0.044em;">Effect on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0077em;top:13.8435em;"><span class="stl_338 stl_21 stl_249">Price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7627em;top:13.8428em;"><span class="stl_338 stl_21 stl_459">earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6308em;top:13.8422em;"><span class="stl_338 stl_21 stl_415">equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0464em;top:13.8416em;"><span class="stl_338 stl_21 stl_459">earnings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.9146em;top:13.841em;"><span class="stl_338 stl_21 stl_415">equity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:14.5516em;"><span class="stl_338 stl_21 stl_91">Risk  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3433em;top:14.5516em;"><span class="stl_338 stl_21 stl_268">change  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3027em;top:14.551em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.4446em;top:14.5503em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.5864em;top:14.5497em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7283em;top:14.5491em;"><span class="stl_338 stl_21 stl_180" style="word-spacing:-0.0443em;">before tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5046em;top:16.1466em;"><span class="stl_298 stl_16 stl_95">SEK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3052em;top:16.1466em;"><span class="stl_298 stl_16 stl_823">+7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.6252em;top:16.1466em;"><span class="stl_298 stl_16 stl_71">69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8364em;top:16.1466em;"><span class="stl_298 stl_16 stl_70">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2671em;top:16.1466em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0714em;top:16.1466em;"><span class="stl_298 stl_16 stl_320">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4414em;top:17.0416em;"><span class="stl_298 stl_16 stl_830">-7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.3921em;top:17.0416em;"><span class="stl_298 stl_16 stl_79">-59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6296em;top:17.0416em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0283em;top:17.0416em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.8502em;top:17.0416em;"><span class="stl_298 stl_16 stl_320">-27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:17.9366em;"><span class="stl_298 stl_16 stl_154">GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2714em;top:17.9366em;"><span class="stl_298 stl_16 stl_771">+5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9833em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1252em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2671em;top:17.9366em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1664em;top:17.9366em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4077em;top:18.8316em;"><span class="stl_298 stl_16 stl_242">-5%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9839em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1258em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2677em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4096em;top:18.8316em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5052em;top:19.7266em;"><span class="stl_298 stl_16 stl_64">NOK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2614em;top:19.7266em;"><span class="stl_298 stl_16 stl_221">+8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7639em;top:19.7266em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1264em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2683em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4102em;top:19.7266em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4002em;top:20.6216em;"><span class="stl_298 stl_16 stl_162">-8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:20.6216em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8846em;top:20.6216em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0852em;top:20.6216em;z-index:3490;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1896em;top:20.6216em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5058em;top:21.5166em;"><span class="stl_298 stl_16 stl_253">USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2621em;top:21.5166em;"><span class="stl_298 stl_16 stl_221">+8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:21.5166em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6414em;top:21.5166em;"><span class="stl_298 stl_16 stl_810">-17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0477em;top:21.5166em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.9083em;top:21.5166em;"><span class="stl_298 stl_16 stl_777">-19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4002em;top:22.4116em;"><span class="stl_298 stl_16 stl_162">-8%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:22.4116em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8252em;top:22.4116em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2689em;top:22.4116em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0921em;top:22.4116em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5064em;top:23.3066em;"><span class="stl_298 stl_16 stl_79">PLN  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2596em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">+6%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.7371em;top:23.3066em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.0852em;top:23.3066em;z-index:3527;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4102em;top:23.3066em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3902em;top:24.2016em;"><span class="stl_298 stl_16 stl_79">-6%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2689em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:24.2016em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:25.0966em;"><span class="stl_298 stl_16 stl_209">CAD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3071em;top:25.0966em;"><span class="stl_298 stl_16 stl_823">+7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:25.0966em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9065em;top:25.0966em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:25.0966em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1715em;top:25.0966em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4433em;top:25.9916em;"><span class="stl_298 stl_16 stl_830">-7%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:25.9916em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:26.8866em;"><span class="stl_298 stl_16 stl_291">Copper  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9946em;top:26.8866em;"><span class="stl_298 stl_16 stl_870">+21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:26.8866em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.474em;top:26.8866em;"><span class="stl_298 stl_16 stl_331">128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:26.8866em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.754em;top:26.8866em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.129em;top:27.7816em;"><span class="stl_298 stl_16 stl_372">-21%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:27.7816em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2902em;top:27.7816em;"><span class="stl_298 stl_16 stl_344">-128  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:27.7816em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.5708em;top:27.7816em;"><span class="stl_298 stl_16 stl_885">-107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:28.6766em;"><span class="stl_298 stl_16 stl_342">Lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9358em;top:28.6766em;"><span class="stl_298 stl_16 stl_883">+22%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9858em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8196em;top:28.6766em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2696em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4115em;top:28.6766em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0715em;top:29.5716em;"><span class="stl_298 stl_16 stl_349">-22%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:29.5716em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6371em;top:29.5716em;"><span class="stl_298 stl_16 stl_366">-14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2702em;top:29.5716em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1633em;top:29.5716em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5071em;top:30.4666em;"><span class="stl_298 stl_16 stl_96">Aluminium  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0115em;top:30.4666em;"><span class="stl_298 stl_16 stl_884">+18%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1283em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2702em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4121em;top:30.4666em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.1433em;top:31.3616em;"><span class="stl_298 stl_16 stl_885">-18%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9865em;top:31.3616em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8896em;top:31.3616em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2696em;top:31.3616em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.2277em;top:31.3616em;z-index:3637;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5065em;top:32.2566em;"><span class="stl_298 stl_16 stl_225">Gas-oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9458em;top:32.2566em;"><span class="stl_298 stl_16 stl_744">+28%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1271em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.269em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4108em;top:32.2566em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0808em;top:33.1516em;"><span class="stl_298 stl_16 stl_431">-28%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9852em;top:33.1516em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8783em;top:33.1516em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.2683em;top:33.1516em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.1677em;top:33.1516em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:34.518em;"><span class="stl_723 stl_16 stl_401" style="word-spacing:-0.0328em;">The table above shows a sensitivity analysis of the exposures in currencies and commodities assuming effective hedge account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:35.268em;"><span class="stl_723 stl_16 stl_300" style="word-spacing:-0.03em;">ing continued to be applied. The presented effects are from the derivative financial instruments only (all things being equal).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.0177em;"><span class="stl_723 stl_16 stl_54" style="word-spacing:-0.0324em;">When also considering the development of the underlying exposure, the future income statement effects will be fully or partially  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5039em;top:36.7674em;"><span class="stl_723 stl_16 stl_401" style="word-spacing:-0.0327em;">offset as hedge accounting is applied.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0342em;">Cash flow hedges related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1698em;top:10.7835em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9098em;top:10.7835em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3373em;top:10.7835em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.4918em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">the most significant currencies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.0491em;top:11.4918em;"><span class="stl_338 stl_21 stl_211" style="word-spacing:-0.0239em;">Average exchange rate</span><sup style="top: -0.2081em;"><span class="stl_715 stl_21 stl_104" style="word-spacing:-0.041em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3179em;top:11.4916em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:-0.0371em;">Hedged currency in million  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0923em;top:11.4916em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8323em;top:11.4916em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:12.8829em;"><span class="stl_338 stl_21 stl_489" style="word-spacing:-0.0398em;">Hedged currency  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4392em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.438em;top:12.8829em;"><span class="stl_338 stl_21 stl_57" style="word-spacing:-0.0273em;">31 Dec 2024</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.799em;top:12.8829em;"><span class="stl_338 stl_21 stl_43" style="word-spacing:-0.0317em;">31 Dec 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.4496em;"><span class="stl_666 stl_21 stl_165">USD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6691em;top:14.4496em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2673em;top:14.4437em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3313em;top:14.4437em;"><span class="stl_524 stl_16 stl_750">1.0736  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:14.4437em;"><span class="stl_524 stl_16 stl_398">1.0834  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8163em;top:14.4437em;"><span class="stl_524 stl_16 stl_154">834  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2024em;top:14.4437em;"><span class="stl_524 stl_16 stl_31">798  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.575em;top:14.4437em;"><span class="stl_524 stl_16 stl_162">777  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9652em;top:14.4437em;"><span class="stl_524 stl_16 stl_354">737  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6313em;top:14.4437em;"><span class="stl_524 stl_16 stl_91">44  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.805em;top:14.4437em;"><span class="stl_524 stl_16 stl_481">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2673em;top:15.2143em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2829em;top:15.2143em;"><span class="stl_524 stl_16 stl_63">1.0685  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.736em;top:15.2143em;z-index:465;"><span class="stl_524 stl_16 stl_554">1.1</span><span class="stl_524 stl_16 stl_700">0</span><span class="stl_524 stl_16 stl_91">04  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.835em;top:15.2143em;"><span class="stl_524 stl_16 stl_162">542  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2006em;top:15.2143em;"><span class="stl_524 stl_16 stl_321">592  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5809em;top:15.2143em;"><span class="stl_524 stl_16 stl_29">507  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9296em;top:15.2143em;"><span class="stl_524 stl_16 stl_201">538  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6406em;top:15.2143em;"><span class="stl_524 stl_16 stl_125">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8249em;top:15.2143em;"><span class="stl_524 stl_16 stl_603">-24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6685em;top:15.9907em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2667em;top:15.9849em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2823em;top:15.9849em;"><span class="stl_524 stl_16 stl_63">1.0695  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7191em;top:15.9849em;"><span class="stl_524 stl_16 stl_552">1.0815  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.835em;top:15.9849em;"><span class="stl_524 stl_16 stl_685">991  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1843em;top:15.9849em;"><span class="stl_524 stl_16 stl_91">883  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5721em;top:15.9849em;"><span class="stl_524 stl_16 stl_329">926  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.985em;top:15.9849em;"><span class="stl_524 stl_16 stl_393">816  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4458em;top:15.9849em;"><span class="stl_524 stl_16 stl_744">-51  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.032em;top:15.9849em;"><span class="stl_524 stl_16 stl_822">24  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2661em;top:16.7555em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2817em;top:16.7555em;"><span class="stl_524 stl_16 stl_63">1.0685  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:16.7555em;"><span class="stl_524 stl_16 stl_596">1.0939  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8688em;top:16.7555em;"><span class="stl_524 stl_16 stl_302">610  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2117em;top:16.7555em;"><span class="stl_524 stl_16 stl_242">779  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6065em;top:16.7555em;"><span class="stl_524 stl_16 stl_168">571  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.002em;top:16.7555em;"><span class="stl_524 stl_16 stl_892">712  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.433em;top:16.7555em;"><span class="stl_524 stl_16 stl_481">-26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9987em;top:16.7555em;"><span class="stl_524 stl_16 stl_165">30  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3599em;top:17.5319em;"><span class="stl_666 stl_21 stl_317">GBP  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6668em;top:17.5319em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.265em;top:17.5261em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2543em;top:17.5261em;"><span class="stl_524 stl_16 stl_79">0.8458  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6579em;top:17.5261em;"><span class="stl_524 stl_16 stl_605">0.8788  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8408em;top:17.5261em;"><span class="stl_524 stl_16 stl_218">325  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2444em;top:17.5261em;"><span class="stl_524 stl_16 stl_331">125  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5546em;top:17.5261em;"><span class="stl_524 stl_16 stl_64">384  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9874em;top:17.5261em;"><span class="stl_524 stl_16 stl_383">142  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6669em;top:17.5261em;"><span class="stl_524 stl_16 stl_764">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1265em;top:17.5261em;"><span class="stl_524 stl_16 stl_361">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.265em;top:18.2966em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2642em;top:18.2966em;"><span class="stl_524 stl_16 stl_35">0.8620  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.6608em;top:18.2966em;"><span class="stl_524 stl_16 stl_238">0.8972  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8513em;top:18.2966em;"><span class="stl_524 stl_16 stl_361">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2199em;top:18.2966em;"><span class="stl_524 stl_16 stl_197">195  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6235em;top:18.2966em;"><span class="stl_524 stl_16 stl_796">214  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9845em;top:18.2966em;"><span class="stl_524 stl_16 stl_622">218  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6925em;top:18.2966em;"><span class="stl_524 stl_16 stl_761">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1259em;top:18.2966em;"><span class="stl_524 stl_16 stl_361">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6656em;top:19.0731em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:19.0672em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2496em;top:19.0672em;"><span class="stl_524 stl_16 stl_37">0.8438  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7104em;top:19.0672em;"><span class="stl_524 stl_16 stl_839">0.8713  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8227em;top:19.0672em;"><span class="stl_524 stl_16 stl_95">462  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2047em;top:19.0672em;"><span class="stl_524 stl_16 stl_376">250  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5564em;top:19.0672em;"><span class="stl_524 stl_16 stl_300">548  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9565em;top:19.0672em;"><span class="stl_524 stl_16 stl_458">287  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4265em;top:19.0672em;"><span class="stl_524 stl_16 stl_323">-22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1084em;top:19.0672em;"><span class="stl_524 stl_16 stl_300">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:19.8378em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2572em;top:19.8378em;"><span class="stl_524 stl_16 stl_235">0.8459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.662em;top:19.8378em;"><span class="stl_524 stl_16 stl_409">0.8765  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1459em;top:19.8378em;"><span class="stl_524 stl_16 stl_384">64  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2123em;top:19.8378em;"><span class="stl_524 stl_16 stl_481">201  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9128em;top:19.8378em;"><span class="stl_524 stl_16 stl_741">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9325em;top:19.8378em;"><span class="stl_524 stl_16 stl_79">230  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.7357em;top:19.8378em;"><span class="stl_524 stl_16 stl_165">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:19.8378em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3581em;top:20.6142em;"><span class="stl_666 stl_21 stl_384">NOK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.665em;top:20.6142em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:20.6084em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0583em;top:20.6084em;"><span class="stl_524 stl_16 stl_874">11.4521  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4747em;top:20.6084em;"><span class="stl_524 stl_16 stl_890">11.3211  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.814em;top:20.6084em;"><span class="stl_524 stl_16 stl_225">489  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2712em;top:20.6084em;"><span class="stl_524 stl_16 stl_776">311  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8877em;top:20.6084em;"><span class="stl_524 stl_16 stl_154">43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2761em;top:20.6084em;"><span class="stl_524 stl_16 stl_361">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9626em;top:20.6084em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:20.6084em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:21.379em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.102em;top:21.379em;"><span class="stl_524 stl_16 stl_887">11.5122  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.5132em;top:21.379em;"><span class="stl_524 stl_16 stl_891">11.1675  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8478em;top:21.379em;"><span class="stl_524 stl_16 stl_197">547  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.189em;top:21.379em;"><span class="stl_524 stl_16 stl_58">208  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8895em;top:21.379em;"><span class="stl_524 stl_16 stl_300">48  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2936em;top:21.379em;"><span class="stl_524 stl_16 stl_315">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.79em;top:21.379em;"><span class="stl_524 stl_16 stl_316">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.333em;top:21.379em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.665em;top:22.1554em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:22.1496em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0122em;top:22.1496em;"><span class="stl_524 stl_16 stl_750">11.6490  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3849em;top:22.1496em;"><span class="stl_524 stl_16 stl_756">11.3589  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8198em;top:22.1496em;"><span class="stl_524 stl_16 stl_226">260  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2281em;top:22.1496em;"><span class="stl_524 stl_16 stl_370">159  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8936em;top:22.1496em;"><span class="stl_524 stl_16 stl_276">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.303em;top:22.1496em;"><span class="stl_524 stl_16 stl_857">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9621em;top:22.1496em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3324em;top:22.1496em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2632em;top:22.9201em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.063em;top:22.9201em;"><span class="stl_524 stl_16 stl_888">11.4376  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3965em;top:22.9201em;"><span class="stl_524 stl_16 stl_839">11.6299  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.8834em;top:22.9201em;"><span class="stl_524 stl_16 stl_315">173  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2123em;top:22.9201em;"><span class="stl_524 stl_16 stl_481">109  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9251em;top:22.9201em;"><span class="stl_524 stl_16 stl_764">15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5929em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9632em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3336em;top:22.9201em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3587em;top:23.6966em;"><span class="stl_666 stl_21 stl_164">CAD  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6656em;top:23.6966em;"><span class="stl_666 stl_21 stl_434">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2638em;top:23.6907em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3045em;top:23.6907em;"><span class="stl_524 stl_16 stl_889">1.4932  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.662em;top:23.6907em;"><span class="stl_524 stl_16 stl_487">1.4630  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4831em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.553em;top:23.6907em;"><span class="stl_524 stl_16 stl_551">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2231em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3216em;top:23.6907em;"><span class="stl_524 stl_16 stl_761">11  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9632em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3336em;top:23.6907em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2644em;top:24.4613em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.743em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1133em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4836em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.854em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2243em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5946em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.965em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3353em;top:24.4613em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.6674em;top:25.2377em;"><span class="stl_666 stl_21 stl_384">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2656em;top:25.2319em;"><span class="stl_524 stl_16 stl_267" style="word-spacing:-0.0353em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2893em;top:25.2319em;"><span class="stl_524 stl_16 stl_488">1.4805  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7349em;top:25.2319em;"><span class="stl_524 stl_16 stl_893">1.3743  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.1541em;top:25.2319em;"><span class="stl_524 stl_16 stl_47">46  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5186em;top:25.2319em;"><span class="stl_524 stl_16 stl_384">68  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9151em;top:25.2319em;"><span class="stl_524 stl_16 stl_650">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.2633em;top:25.2319em;"><span class="stl_524 stl_16 stl_211">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9644em;top:25.2319em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3347em;top:25.2319em;"><span class="stl_524 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:8.2655em;top:26.0025em;"><span class="stl_524 stl_16 stl_403" style="word-spacing:-0.0331em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7441em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1145em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4848em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8551em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2255em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.5958em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9661em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3365em;top:26.0025em;"><span class="stl_524 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:27.1931em;"><span class="stl_666 stl_21 stl_46" style="word-spacing:-0.0448em;">Cash flow hedges reported as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6354em;top:27.1931em;"><span class="stl_666 stl_21 stl_47">91  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0075em;top:27.1931em;"><span class="stl_666 stl_21 stl_305">71  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:28.3778em;"><span class="stl_666 stl_21 stl_206" style="word-spacing:-0.0421em;">Cash flow hedges reported as liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.3356em;top:28.3778em;"><span class="stl_666 stl_21 stl_333">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0098em;top:28.3778em;"><span class="stl_666 stl_21 stl_31">73  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3623em;top:29.6282em;"><span class="stl_371 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.7743em;top:29.593em;z-index:1113;"><span class="stl_98 stl_16 stl_155">EUR/CC</span><span class="stl_98 stl_16 stl_549">Y</span><span class="stl_98 stl_16 stl_606" style="word-spacing:-0.0403em;">, to make average exchange rates comparable a theoretical EUR/CCY have been calculated for hedges made against non-EUR currencies.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT mainly applies hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">for financial instruments related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">currency, raw materials, and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">rates for loans. The hedges normally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">hedge the risk one-to-one with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">hedged item. Only gas-oil hedges for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">the hedging of the price risk of plastic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">differs from this principle, as here  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group Treasury determines the ratio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">necessary to hedge the price risk for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_46">plastic.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">The Group designates the share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">the fair value of a forward contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">that is related to spot price for metals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">and spot price for FX hedges (i.e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">excluding the forward elements) as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">hedging instrument for all of its hedg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">ing relationships involve forward con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">tracts. In accordance with the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">hedging principle all fair values related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">to the forward element of the hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">contract is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">prehensive income and accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0973em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in the cost of hedging reserve. As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8891em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">hedged items are transaction-related,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.681em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">the forward element is reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4729em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">the profit or loss when the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">item affects profit or loss, and in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">same line item as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4729em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Fair value changes for cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">hedges considered effective, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">income in the hedging reserve. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">each reporting date, effectiveness is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0365em;">considered and if the future cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">are no longer expected to materialise,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the accumulated value reported in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.8079em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">hedge reserve is reclassified to finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5998em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">cial items in the income statement. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.3916em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">other cases the accumulated value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1835em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reclassified to the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9754em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the same line as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5585em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Where the hedged item subsequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3504em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">results in the recognition of a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1423em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">financial asset (such as inventory),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9341em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">both the deferred hedging gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.726em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">losses and the deferred forward points  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5179em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are included within the initial cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3098em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">the asset. The deferred amounts are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.1016em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">ultimately recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.8935em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">statement, when the hedged item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:33.6854em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">affects profit or loss (for example,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:34.4773em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">through cost of goods sold).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:10.7374em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0362em;">Raw material price risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:11.5231em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Raw material price risks primarily  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:12.3149em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">relate to metals and plastics used in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:13.1068em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">the cable production. When changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:13.8987em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in raw material prices cannot be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:14.6906em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">transferred to customers, NKT uses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:15.4824em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">financial instruments to hedge the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:16.2743em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">price risks. NKT has, due to the larger  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.0662em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">order backlog, a high amount of raw  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:17.8581em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">material derivatives to hedge the risks  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:18.6499em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0267em;">related to the large future purchases  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:19.4418em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0273em;">of copper in particular. Current and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:20.2337em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">expected future raw material expo-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:21.0256em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">sures are managed by the subsidaries  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:21.8174em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">and hedging is managed by Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:22.6093em;"><span class="stl_298 stl_16 stl_93" style="word-spacing:-0.0176em;">Treasury according to the Group's  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:23.4012em;"><span class="stl_298 stl_16 stl_324" style="word-spacing:-0.0192em;">Treasury Policy. Hedging of awarded  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:24.1931em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">projects are done at the time of award  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:24.9849em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">and adjusted according to changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:25.7768em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">production plans.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:27.3599em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">NKT hedges raw materials by pur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:28.1518em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">chasing hedging instruments on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:28.9437em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">London Metal Exchange via financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:29.7356em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">counterparties. Changes in the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:30.5274em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">value of the hedging instrument  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:31.3193em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">should offset changes in the value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:32.1112em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">of the underlying item because the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:32.9031em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">reference prices are the same for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:33.6949em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">hedging instrument and the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:34.4868em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">item. NKT applies cost of hedging,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3625em;top:35.2787em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">whereby the forward points are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:10.7368em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">nised in other comprehensive income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:11.5287em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">and transferred with the effective  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:12.3206em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">hedge when the hedged transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.1124em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">occurs. For the hedge of plastic,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:13.9043em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0333em;">ineffectiveness could arise as this is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:14.6962em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">hedged via a gas-oil proxy hedge.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:15.4881em;"><span class="stl_298 stl_16 stl_64" style="word-spacing:-0.037em;">Ineffectiveness because of differences  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:16.2799em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0329em;">in the change between gas-oil and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:17.0718em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.031em;">plastic are considered insignificant.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:18.6549em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0241em;">As at 31 December 2024, NKT A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:19.4468em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">had current financial hedging instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:20.2387em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">ments relating to future raw material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.0306em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">supplies with a net notional value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:21.8224em;"><span class="stl_298 stl_16 stl_321" style="word-spacing:-0.012em;">EUR 944m (EUR 1,084m in 2023) and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:22.6143em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">a net positive fair value of EUR 79m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:23.4062em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0132em;">(positive value of EUR 77m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:24.9893em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">The table to the right provides an  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:25.7812em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">overview of the cash flow hedges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:26.5731em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0217em;">related to raw materials.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.1562em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">As at 31 December 2024 accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:28.9481em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">basis adjustments included in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:29.7399em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">carrying amount of inventory from fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:30.5318em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">value hedges was EUR 0m (EUR 0m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:31.3237em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">in 2023). The ineffectiveness recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.1156em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">nised in the statement of profit or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4093em;top:32.9074em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0255em;">was immaterial.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:10.7418em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0342em;">Cash flow hedges related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4063em;top:10.7837em;"><span class="stl_338 stl_21 stl_36" style="word-spacing:-0.0291em;">Average rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7294em;top:10.7837em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.9763em;top:10.7837em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:11.4918em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">raw material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0225em;top:11.4918em;"><span class="stl_338 stl_21 stl_384">EUR/ton  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.9119em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4713em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7675em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5469em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3263em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1057em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.885em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6644em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:13.5912em;"><span class="stl_338 stl_21 stl_490">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3982em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1694em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9569em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7282em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.5157em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2869em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:15.4668em;"><span class="stl_338 stl_21 stl_559">Copper  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:15.4668em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:15.4606em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3325em;top:15.4606em;z-index:327;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_351">321  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0288em;top:15.4606em;"><span class="stl_298 stl_16 stl_502">6,652  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3375em;top:15.4606em;"><span class="stl_298 stl_16 stl_349">531  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1238em;top:15.4606em;"><span class="stl_298 stl_16 stl_364">579  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2319em;top:15.4606em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0032em;top:15.4606em;"><span class="stl_298 stl_16 stl_154">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:16.4262em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.26em;top:16.4262em;"><span class="stl_298 stl_16 stl_410">8,347  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1444em;top:16.4262em;z-index:365;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_132">,</span><span class="stl_298 stl_16 stl_745">915  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3413em;top:16.4262em;"><span class="stl_298 stl_16 stl_28">108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1088em;top:16.4262em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:16.4262em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8613em;top:16.4262em;"><span class="stl_298 stl_16 stl_554">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:17.3981em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:17.3918em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2413em;top:17.3918em;"><span class="stl_298 stl_16 stl_472">8,367  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2525em;top:17.3918em;"><span class="stl_298 stl_16 stl_86">7,112  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2313em;top:17.3918em;"><span class="stl_298 stl_16 stl_90">-116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1957em;top:17.3918em;"><span class="stl_298 stl_16 stl_317">-69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3432em;top:17.3918em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3619em;top:17.3918em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0719em;top:18.3574em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3194em;top:18.3574em;z-index:430;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_502">326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2438em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0232em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8025em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3613em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:19.3293em;"><span class="stl_338 stl_21 stl_91">Lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:19.3293em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:19.3231em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2857em;top:19.3231em;"><span class="stl_298 stl_16 stl_333">1,987  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0375em;top:19.3231em;"><span class="stl_298 stl_16 stl_218">1,903  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6657em;top:19.3231em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4563em;top:19.3231em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3981em;top:19.3231em;z-index:474;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1775em;top:19.3231em;z-index:476;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:20.2887em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2613em;top:20.2887em;"><span class="stl_298 stl_16 stl_500">2,020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0381em;top:20.2887em;"><span class="stl_298 stl_16 stl_128">1,996  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7144em;top:20.2887em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4531em;top:20.2887em;"><span class="stl_298 stl_16 stl_162">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.36em;top:20.2887em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1213em;top:20.2887em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7075em;top:21.2606em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:21.2543em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3063em;top:21.2543em;"><span class="stl_298 stl_16 stl_894">1,979  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0388em;top:21.2543em;"><span class="stl_298 stl_16 stl_484">1,804  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7788em;top:21.2543em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6175em;top:21.2543em;z-index:538;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:22.2199em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0213em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:23.1918em;"><span class="stl_338 stl_21 stl_243">Aluminium  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:23.1918em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2325em;top:23.1856em;"><span class="stl_298 stl_16 stl_117">2,390  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_744">2,051  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6638em;top:23.1856em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5794em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3588em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0688em;top:24.1512em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2456em;top:24.1512em;"><span class="stl_298 stl_16 stl_466">2,480  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0369em;top:24.1512em;"><span class="stl_298 stl_16 stl_242">2,459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6706em;top:24.1512em;"><span class="stl_298 stl_16 stl_31">29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4444em;top:24.1512em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3962em;top:24.1512em;z-index:628;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:24.1512em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:25.1231em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:25.1168em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2756em;top:25.1168em;"><span class="stl_298 stl_16 stl_351">2,420  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0069em;top:25.1168em;"><span class="stl_298 stl_16 stl_430">2,000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4544em;top:25.1168em;"><span class="stl_298 stl_16 stl_377">-23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3056em;top:25.1168em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:26.0824em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0212em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:27.0543em;"><span class="stl_338 stl_21 stl_317">Gas-oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:27.0543em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:27.0481em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.775em;top:27.0481em;"><span class="stl_298 stl_16 stl_592">523  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5344em;top:27.0481em;"><span class="stl_298 stl_16 stl_79">550  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7019em;top:27.0481em;"><span class="stl_298 stl_16 stl_870">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4825em;top:27.0481em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:28.0137em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8256em;top:28.0137em;"><span class="stl_298 stl_16 stl_862">617  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.59em;top:28.0137em;"><span class="stl_298 stl_16 stl_795">615  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0219em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4894em;top:28.0137em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5812em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7081em;top:28.9856em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:28.9793em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8444em;top:28.9793em;"><span class="stl_298 stl_16 stl_362">514  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.525em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">669  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7831em;top:28.9793em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5594em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3975em;top:28.9793em;z-index:771;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.9793em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:29.9449em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4631em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5631em;top:29.9449em;"><span class="stl_298 stl_16 stl_197">847  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0225em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6187em;top:29.9449em;z-index:792;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3612em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:31.4962em;"><span class="stl_338 stl_21 stl_202" style="word-spacing:-0.0406em;">Cash flow hedges reported as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2256em;top:31.4962em;"><span class="stl_338 stl_21 stl_253">92  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9969em;top:31.4962em;"><span class="stl_338 stl_21 stl_101">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:33.0412em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Cash flow hedges reported as liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.26em;top:33.0412em;"><span class="stl_338 stl_21 stl_27">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3618em;top:33.0412em;"><span class="stl_338 stl_21 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0741em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Fair value changes of financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.866em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ments used to hedge the change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6579em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">fair value of an asset or liability are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4497em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">recorded in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2416em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">the same line item as the changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0335em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">value of the hedged asset or liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8254em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recognised in.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4085em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">In a fair value hedge where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2004em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">hedged item is a non-financial item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9922em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">such as inventory, the changes in fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7841em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">value attributable to the risk being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.576em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">hedged are adjusted against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3679em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">carrying value of inventory. The basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1597em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">adjustment remains part of the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9516em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">rying value of inventory and is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7435em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">nised in the income statement when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5354em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">the inventory is sold.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.1185em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Hedging of currency risk is not per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.9104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">formed for net assets (equity) in for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:29.7023em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">eign subsidiaries. Gains and losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:30.4941em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">relating to unhedged net assets in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:31.286em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">foreign subsidiaries are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.0779em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">for directly in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.8698em;"><span class="stl_298 stl_16 stl_184">income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.272em;top:10.7418em;"><span class="stl_338 stl_21 stl_268" style="word-spacing:-0.0391em;">Cash flow hedge reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6201em;top:12.0149em;"><span class="stl_338 stl_21 stl_38">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3245em;top:12.0156em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2157em;top:12.0162em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0007em;top:12.6818em;"><span class="stl_338 stl_21 stl_207">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.472em;top:12.6818em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8195em;top:12.6818em;"><span class="stl_338 stl_21 stl_250">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.057em;top:12.6824em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2545em;top:12.6831em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.3481em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.222em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4188em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2457em;top:13.3493em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4432em;top:13.3499em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:15.2256em;"><span class="stl_338 stl_21 stl_384" style="word-spacing:-0.042em;">Balance at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.527em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:15.2256em;"><span class="stl_338 stl_21 stl_871">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5738em;top:15.2256em;"><span class="stl_338 stl_21 stl_823">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6288em;top:15.2256em;"><span class="stl_338 stl_21 stl_349">133  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:16.6575em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1763em;top:16.6575em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5026em;top:16.6575em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5907em;top:16.6575em;"><span class="stl_298 stl_16 stl_428">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7795em;top:16.6575em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9838em;top:16.6575em;"><span class="stl_298 stl_16 stl_116">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:17.6231em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:18.3312em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2188em;top:18.3312em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9207em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1176em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0126em;top:18.3312em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:19.2968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0238em;top:19.2968em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:19.2968em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0651em;top:19.2968em;"><span class="stl_298 stl_16 stl_823">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8688em;top:19.2968em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4738em;top:19.2968em;"><span class="stl_298 stl_16 stl_885">-157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2624em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5263em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7232em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5826em;top:20.2624em;"><span class="stl_298 stl_16 stl_320">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8782em;top:20.2624em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9657em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:21.2343em;"><span class="stl_338 stl_21 stl_105" style="word-spacing:-0.0367em;">Balance at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1713em;top:21.2343em;"><span class="stl_338 stl_21 stl_47">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5557em;top:21.2343em;"><span class="stl_338 stl_21 stl_293">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9513em;top:21.2343em;"><span class="stl_338 stl_21 stl_275">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:22.1937em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9313em;top:22.1937em;"><span class="stl_298 stl_16 stl_211">-35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:22.1937em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:22.1937em;"><span class="stl_298 stl_16 stl_167">153  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8738em;top:22.1937em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7032em;top:22.1937em;"><span class="stl_298 stl_16 stl_710">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.1593em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.8674em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5257em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4838em;top:23.8674em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9195em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3132em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:24.8331em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2832em;top:24.8331em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:24.8331em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.062em;top:24.8331em;"><span class="stl_298 stl_16 stl_895">-138  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9138em;top:24.8331em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4695em;top:24.8331em;"><span class="stl_298 stl_16 stl_758">-149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3607em;top:25.7987em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5251em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6763em;top:25.7987em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1151em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.312em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:26.7706em;"><span class="stl_338 stl_21 stl_243" style="word-spacing:-0.0352em;">Balance at 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2826em;top:26.7706em;"><span class="stl_338 stl_21 stl_132">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7213em;top:26.7706em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6076em;top:26.7706em;"><span class="stl_338 stl_21 stl_356">74  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5688em;top:26.7706em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9494em;top:26.7706em;"><span class="stl_338 stl_21 stl_87">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.1924em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.9843em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.017em;">2023), Inventory/Cost of raw materials EUR </span><span class="stl_298 stl_16 stl_70">1</span><span class="stl_298 stl_16 stl_408" style="word-spacing:-0.0128em;">15m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5488em;top:10.7406em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Categories of financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.116em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:12.116em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:12.116em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.9916em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.956em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.9166em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4718em;top:15.9166em;"><span class="stl_298 stl_16 stl_618">423  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6968em;top:15.9166em;"><span class="stl_298 stl_16 stl_184">340  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.8822em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Contract assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4912em;top:16.8822em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7518em;top:16.8822em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8478em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0326em;">Interest bearing receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:18.8135em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">Cash at bank and in hand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0437em;top:18.8135em;"><span class="stl_298 stl_16 stl_717">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6918em;top:18.8135em;"><span class="stl_298 stl_16 stl_71">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:20.3635em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:21.3241em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Other investments and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1556em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:22.2897em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5187em;top:22.2897em;"><span class="stl_298 stl_16 stl_816">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7324em;top:22.2897em;"><span class="stl_298 stl_16 stl_756">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:23.841em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:24.8053em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:25.766em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Trade payables and other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4668em;top:25.766em;"><span class="stl_298 stl_16 stl_496">825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6924em;top:25.766em;"><span class="stl_298 stl_16 stl_34">509  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:26.7316em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4531em;top:26.7316em;"><span class="stl_298 stl_16 stl_321">238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7243em;top:26.7316em;"><span class="stl_298 stl_16 stl_390">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:28.2816em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:29.2422em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4812em;top:29.2422em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0512em;top:29.2422em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:30.6703em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">In the table above, financial instruments are presented in the categories which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:31.4622em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">determine how they will be measured in the financial statements.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT mainly applies hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">for financial instruments related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">currency, raw materials, and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">rates for loans. The hedges normally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">hedge the risk one-to-one with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">hedged item. Only gas-oil hedges for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">the hedging of the price risk of plastic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">differs from this principle, as here  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group Treasury determines the ratio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">necessary to hedge the price risk for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_46">plastic.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">The Group designates the share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">the fair value of a forward contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">that is related to spot price for metals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">and spot price for FX hedges (i.e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">excluding the forward elements) as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">hedging instrument for all of its hedg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">ing relationships involve forward con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">tracts. In accordance with the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">hedging principle all fair values related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">to the forward element of the hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">contract is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">prehensive income and accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0973em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in the cost of hedging reserve. As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8891em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">hedged items are transaction-related,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.681em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">the forward element is reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4729em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">the profit or loss when the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">item affects profit or loss, and in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">same line item as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4729em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Fair value changes for cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">hedges considered effective, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">income in the hedging reserve. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">each reporting date, effectiveness is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0365em;">considered and if the future cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">are no longer expected to materialise,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the accumulated value reported in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.8079em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">hedge reserve is reclassified to finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5998em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">cial items in the income statement. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.3916em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">other cases the accumulated value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1835em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reclassified to the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9754em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the same line as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5585em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Where the hedged item subsequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3504em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">results in the recognition of a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1423em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">financial asset (such as inventory),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9341em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">both the deferred hedging gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.726em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">losses and the deferred forward points  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5179em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are included within the initial cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3098em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">the asset. The deferred amounts are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.1016em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">ultimately recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.8935em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">statement, when the hedged item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:33.6854em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">affects profit or loss (for example,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:34.4773em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">through cost of goods sold).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0741em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Fair value changes of financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.866em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ments used to hedge the change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6579em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">fair value of an asset or liability are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4497em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">recorded in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2416em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">the same line item as the changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0335em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">value of the hedged asset or liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8254em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recognised in.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4085em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">In a fair value hedge where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2004em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">hedged item is a non-financial item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9922em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">such as inventory, the changes in fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7841em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">value attributable to the risk being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.576em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">hedged are adjusted against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3679em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">carrying value of inventory. The basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1597em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">adjustment remains part of the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9516em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">rying value of inventory and is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7435em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">nised in the income statement when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5354em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">the inventory is sold.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.1185em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Hedging of currency risk is not per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.9104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">formed for net assets (equity) in for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:29.7023em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">eign subsidiaries. Gains and losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:30.4941em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">relating to unhedged net assets in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:31.286em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">foreign subsidiaries are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.0779em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">for directly in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.8698em;"><span class="stl_298 stl_16 stl_184">income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT mainly applies hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">for financial instruments related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">currency, raw materials, and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">rates for loans. The hedges normally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">hedge the risk one-to-one with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">hedged item. Only gas-oil hedges for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">the hedging of the price risk of plastic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">differs from this principle, as here  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group Treasury determines the ratio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">necessary to hedge the price risk for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_46">plastic.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">The Group designates the share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">the fair value of a forward contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">that is related to spot price for metals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">and spot price for FX hedges (i.e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">excluding the forward elements) as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">hedging instrument for all of its hedg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">ing relationships involve forward con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">tracts. In accordance with the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">hedging principle all fair values related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">to the forward element of the hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">contract is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">prehensive income and accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0973em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in the cost of hedging reserve. As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8891em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">hedged items are transaction-related,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.681em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">the forward element is reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4729em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">the profit or loss when the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">item affects profit or loss, and in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">same line item as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4729em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Fair value changes for cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">hedges considered effective, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">income in the hedging reserve. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">each reporting date, effectiveness is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0365em;">considered and if the future cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">are no longer expected to materialise,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the accumulated value reported in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.8079em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">hedge reserve is reclassified to finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5998em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">cial items in the income statement. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.3916em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">other cases the accumulated value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1835em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reclassified to the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9754em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the same line as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5585em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Where the hedged item subsequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3504em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">results in the recognition of a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1423em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">financial asset (such as inventory),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9341em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">both the deferred hedging gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.726em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">losses and the deferred forward points  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5179em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are included within the initial cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3098em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">the asset. The deferred amounts are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.1016em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">ultimately recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.8935em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">statement, when the hedged item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:33.6854em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">affects profit or loss (for example,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:34.4773em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">through cost of goods sold).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0741em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Fair value changes of financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.866em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ments used to hedge the change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6579em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">fair value of an asset or liability are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4497em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">recorded in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2416em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">the same line item as the changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0335em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">value of the hedged asset or liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8254em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recognised in.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4085em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">In a fair value hedge where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2004em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">hedged item is a non-financial item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9922em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">such as inventory, the changes in fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7841em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">value attributable to the risk being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.576em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">hedged are adjusted against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3679em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">carrying value of inventory. The basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1597em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">adjustment remains part of the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9516em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">rying value of inventory and is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7435em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">nised in the income statement when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5354em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">the inventory is sold.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.1185em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Hedging of currency risk is not per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.9104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">formed for net assets (equity) in for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:29.7023em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">eign subsidiaries. Gains and losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:30.4941em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">relating to unhedged net assets in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:31.286em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">foreign subsidiaries are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.0779em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">for directly in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.8698em;"><span class="stl_298 stl_16 stl_184">income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT mainly applies hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">for financial instruments related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">currency, raw materials, and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">rates for loans. The hedges normally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">hedge the risk one-to-one with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">hedged item. Only gas-oil hedges for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">the hedging of the price risk of plastic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">differs from this principle, as here  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group Treasury determines the ratio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">necessary to hedge the price risk for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_46">plastic.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">The Group designates the share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">the fair value of a forward contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">that is related to spot price for metals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">and spot price for FX hedges (i.e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">excluding the forward elements) as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">hedging instrument for all of its hedg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">ing relationships involve forward con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">tracts. In accordance with the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">hedging principle all fair values related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">to the forward element of the hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">contract is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">prehensive income and accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0973em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in the cost of hedging reserve. As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8891em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">hedged items are transaction-related,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.681em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">the forward element is reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4729em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">the profit or loss when the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">item affects profit or loss, and in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">same line item as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4729em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Fair value changes for cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">hedges considered effective, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">income in the hedging reserve. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">each reporting date, effectiveness is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0365em;">considered and if the future cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">are no longer expected to materialise,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the accumulated value reported in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.8079em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">hedge reserve is reclassified to finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5998em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">cial items in the income statement. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.3916em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">other cases the accumulated value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1835em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reclassified to the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9754em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the same line as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5585em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Where the hedged item subsequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3504em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">results in the recognition of a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1423em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">financial asset (such as inventory),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9341em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">both the deferred hedging gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.726em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">losses and the deferred forward points  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5179em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are included within the initial cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3098em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">the asset. The deferred amounts are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.1016em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">ultimately recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.8935em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">statement, when the hedged item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:33.6854em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">affects profit or loss (for example,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:34.4773em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">through cost of goods sold).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0741em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Fair value changes of financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.866em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ments used to hedge the change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6579em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">fair value of an asset or liability are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4497em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">recorded in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2416em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">the same line item as the changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0335em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">value of the hedged asset or liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8254em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recognised in.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4085em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">In a fair value hedge where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2004em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">hedged item is a non-financial item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9922em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">such as inventory, the changes in fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7841em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">value attributable to the risk being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.576em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">hedged are adjusted against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3679em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">carrying value of inventory. The basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1597em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">adjustment remains part of the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9516em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">rying value of inventory and is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7435em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">nised in the income statement when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5354em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">the inventory is sold.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.1185em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Hedging of currency risk is not per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.9104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">formed for net assets (equity) in for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:29.7023em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">eign subsidiaries. Gains and losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:30.4941em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">relating to unhedged net assets in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:31.286em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">foreign subsidiaries are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.0779em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">for directly in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.8698em;"><span class="stl_298 stl_16 stl_184">income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3547em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.0929em;"><span class="stl_298 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT mainly applies hedge accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:13.8847em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">for financial instruments related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:14.6766em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.022em;">currency, raw materials, and interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:15.4685em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">rates for loans. The hedges normally  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:16.2604em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">hedge the risk one-to-one with the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.0522em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">hedged item. Only gas-oil hedges for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:17.8441em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">the hedging of the price risk of plastic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:18.636em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">differs from this principle, as here  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:19.4279em;"><span class="stl_298 stl_16 stl_62" style="word-spacing:-0.0252em;">Group Treasury determines the ratio  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:20.2197em;"><span class="stl_298 stl_16 stl_243" style="word-spacing:-0.0353em;">necessary to hedge the price risk for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:21.0116em;"><span class="stl_298 stl_16 stl_46">plastic.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:22.5947em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">The Group designates the share of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:23.3866em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">the fair value of a forward contract  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.1785em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0247em;">that is related to spot price for metals  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:24.9704em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">and spot price for FX hedges (i.e.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:25.7623em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">excluding the forward elements) as the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:26.5541em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">hedging instrument for all of its hedg-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:27.346em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">ing relationships involve forward con-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.1379em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">tracts. In accordance with the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:28.9298em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">hedging principle all fair values related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:29.7216em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">to the forward element of the hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:30.5135em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">contract is recognised in other com-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:31.3054em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">prehensive income and accumulated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.0973em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">in the cost of hedging reserve. As the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:32.8891em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">hedged items are transaction-related,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:33.681em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0323em;">the forward element is reclassified to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5509em;top:34.4729em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">the profit or loss when the hedged  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.0979em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">item affects profit or loss, and in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:13.8898em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">same line item as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:15.4729em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Fair value changes for cash flow  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:16.2648em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">hedges considered effective, are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.0566em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:17.8485em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">income in the hedging reserve. At  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:18.6404em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">each reporting date, effectiveness is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:19.4323em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0365em;">considered and if the future cash flows  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:20.2241em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">are no longer expected to materialise,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.016em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">the accumulated value reported in the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:21.8079em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">hedge reserve is reclassified to finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:22.5998em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">cial items in the income statement. In  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:23.3916em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">other cases the accumulated value is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.1835em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reclassified to the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:24.9754em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the same line as the hedged item.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:26.5585em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">Where the hedged item subsequently  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:27.3504em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">results in the recognition of a non-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.1423em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0264em;">financial asset (such as inventory),  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:28.9341em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">both the deferred hedging gains and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:29.726em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">losses and the deferred forward points  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:30.5179em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">are included within the initial cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:31.3098em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0282em;">the asset. The deferred amounts are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.1016em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">ultimately recognised in the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:32.8935em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">statement, when the hedged item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:33.6854em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">affects profit or loss (for example,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5984em;top:34.4773em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">through cost of goods sold).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0741em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Fair value changes of financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.866em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ments used to hedge the change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6579em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">fair value of an asset or liability are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4497em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">recorded in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2416em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">the same line item as the changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0335em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">value of the hedged asset or liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8254em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recognised in.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4085em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">In a fair value hedge where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2004em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">hedged item is a non-financial item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9922em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">such as inventory, the changes in fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7841em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">value attributable to the risk being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.576em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">hedged are adjusted against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3679em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">carrying value of inventory. The basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1597em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">adjustment remains part of the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9516em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">rying value of inventory and is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7435em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">nised in the income statement when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5354em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">the inventory is sold.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.1185em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Hedging of currency risk is not per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.9104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">formed for net assets (equity) in for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:29.7023em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">eign subsidiaries. Gains and losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:30.4941em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">relating to unhedged net assets in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:31.286em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">foreign subsidiaries are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.0779em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">for directly in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.8698em;"><span class="stl_298 stl_16 stl_184">income.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:10.7418em;"><span class="stl_338 stl_21 stl_92" style="word-spacing:-0.0342em;">Cash flow hedges related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4063em;top:10.7837em;"><span class="stl_338 stl_21 stl_36" style="word-spacing:-0.0291em;">Average rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7294em;top:10.7837em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Notional value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.9763em;top:10.7837em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:11.4918em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">raw material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0225em;top:11.4918em;"><span class="stl_338 stl_21 stl_384">EUR/ton  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.9119em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.4713em;top:11.4918em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.7675em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.5469em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.3263em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1057em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.885em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6644em;top:12.8831em;"><span class="stl_338 stl_21 stl_300" style="word-spacing:-0.03em;">31 Dec  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:13.5912em;"><span class="stl_338 stl_21 stl_490">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3982em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1694em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9569em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7282em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.5157em;top:13.5912em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.2869em;top:13.5912em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:15.4668em;"><span class="stl_338 stl_21 stl_559">Copper  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:15.4668em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:15.4606em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3325em;top:15.4606em;z-index:327;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_351">321  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0288em;top:15.4606em;"><span class="stl_298 stl_16 stl_502">6,652  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3375em;top:15.4606em;"><span class="stl_298 stl_16 stl_349">531  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1238em;top:15.4606em;"><span class="stl_298 stl_16 stl_364">579  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2319em;top:15.4606em;"><span class="stl_298 stl_16 stl_31">82  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.0032em;top:15.4606em;"><span class="stl_298 stl_16 stl_154">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:16.4262em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.26em;top:16.4262em;"><span class="stl_298 stl_16 stl_410">8,347  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1444em;top:16.4262em;z-index:365;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_132">,</span><span class="stl_298 stl_16 stl_745">915  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3413em;top:16.4262em;"><span class="stl_298 stl_16 stl_28">108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1088em;top:16.4262em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:16.4262em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8613em;top:16.4262em;"><span class="stl_298 stl_16 stl_554">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:17.3981em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:17.3918em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2413em;top:17.3918em;"><span class="stl_298 stl_16 stl_472">8,367  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2525em;top:17.3918em;"><span class="stl_298 stl_16 stl_86">7,112  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2313em;top:17.3918em;"><span class="stl_298 stl_16 stl_90">-116  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1957em;top:17.3918em;"><span class="stl_298 stl_16 stl_317">-69  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3432em;top:17.3918em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3619em;top:17.3918em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0719em;top:18.3574em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3194em;top:18.3574em;z-index:430;"><span class="stl_298 stl_16 stl_261">7</span><span class="stl_298 stl_16 stl_125">,</span><span class="stl_298 stl_16 stl_502">326  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2438em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0232em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8025em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3613em;top:18.3574em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:19.3293em;"><span class="stl_338 stl_21 stl_91">Lead  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7088em;top:19.3293em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0713em;top:19.3231em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2857em;top:19.3231em;"><span class="stl_298 stl_16 stl_333">1,987  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0375em;top:19.3231em;"><span class="stl_298 stl_16 stl_218">1,903  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6657em;top:19.3231em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4563em;top:19.3231em;"><span class="stl_298 stl_16 stl_29">26  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3981em;top:19.3231em;z-index:474;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1775em;top:19.3231em;z-index:476;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:20.2887em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2613em;top:20.2887em;"><span class="stl_298 stl_16 stl_500">2,020  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0381em;top:20.2887em;"><span class="stl_298 stl_16 stl_128">1,996  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7144em;top:20.2887em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4531em;top:20.2887em;"><span class="stl_298 stl_16 stl_162">59  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.36em;top:20.2887em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1213em;top:20.2887em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7075em;top:21.2606em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:21.2543em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3063em;top:21.2543em;"><span class="stl_298 stl_16 stl_894">1,979  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0388em;top:21.2543em;"><span class="stl_298 stl_16 stl_484">1,804  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7788em;top:21.2543em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6175em;top:21.2543em;z-index:538;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:21.2543em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:22.2199em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0213em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:22.2199em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:23.1918em;"><span class="stl_338 stl_21 stl_243">Aluminium  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:23.1918em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2325em;top:23.1856em;"><span class="stl_298 stl_16 stl_117">2,390  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0694em;top:23.1856em;"><span class="stl_298 stl_16 stl_744">2,051  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6638em;top:23.1856em;"><span class="stl_298 stl_16 stl_300">34  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5794em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3588em;top:23.1856em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0688em;top:24.1512em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2456em;top:24.1512em;"><span class="stl_298 stl_16 stl_466">2,480  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0369em;top:24.1512em;"><span class="stl_298 stl_16 stl_242">2,459  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6706em;top:24.1512em;"><span class="stl_298 stl_16 stl_31">29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4444em;top:24.1512em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3962em;top:24.1512em;z-index:628;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:24.1512em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:25.1231em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:25.1168em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.2756em;top:25.1168em;"><span class="stl_298 stl_16 stl_351">2,420  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.0069em;top:25.1168em;"><span class="stl_298 stl_16 stl_430">2,000  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4544em;top:25.1168em;"><span class="stl_298 stl_16 stl_377">-23  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3056em;top:25.1168em;"><span class="stl_298 stl_16 stl_729">-12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:25.1168em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:26.0824em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4625em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2419em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0212em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.8006em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.58em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3594em;top:26.0824em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.455em;top:27.0543em;"><span class="stl_338 stl_21 stl_317">Gas-oil  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7069em;top:27.0543em;"><span class="stl_338 stl_21 stl_450">Buy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0694em;top:27.0481em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.775em;top:27.0481em;"><span class="stl_298 stl_16 stl_592">523  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5344em;top:27.0481em;"><span class="stl_298 stl_16 stl_79">550  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7019em;top:27.0481em;"><span class="stl_298 stl_16 stl_870">16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4825em;top:27.0481em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5806em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.36em;top:27.0481em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.07em;top:28.0137em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8256em;top:28.0137em;"><span class="stl_298 stl_16 stl_862">617  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.59em;top:28.0137em;"><span class="stl_298 stl_16 stl_795">615  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0219em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4894em;top:28.0137em;"><span class="stl_298 stl_16 stl_843">12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5812em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.0137em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7081em;top:28.9856em;"><span class="stl_338 stl_21 stl_91">Sell  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:28.9793em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">Less than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8444em;top:28.9793em;"><span class="stl_298 stl_16 stl_362">514  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.525em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">669  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.7831em;top:28.9793em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5594em;top:28.9793em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3975em;top:28.9793em;z-index:771;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3606em;top:28.9793em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0706em;top:29.9449em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">More than 1 year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4631em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5631em;top:29.9449em;"><span class="stl_298 stl_16 stl_197">847  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0225em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6187em;top:29.9449em;z-index:792;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.5819em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3612em;top:29.9449em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4569em;top:31.4962em;"><span class="stl_338 stl_21 stl_202" style="word-spacing:-0.0406em;">Cash flow hedges reported as assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2256em;top:31.4962em;"><span class="stl_338 stl_21 stl_253">92  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9969em;top:31.4962em;"><span class="stl_338 stl_21 stl_101">84  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4575em;top:33.0412em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Cash flow hedges reported as liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.26em;top:33.0412em;"><span class="stl_338 stl_21 stl_27">13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3618em;top:33.0412em;"><span class="stl_338 stl_21 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0741em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Fair value changes of financial instru-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.866em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ments used to hedge the change in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6579em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">fair value of an asset or liability are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.4497em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">recorded in the income statement in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2416em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">the same line item as the changes in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0335em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">value of the hedged asset or liability is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8254em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">recognised in.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4085em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0306em;">In a fair value hedge where the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2004em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">hedged item is a non-financial item  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.9922em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0254em;">such as inventory, the changes in fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.7841em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">value attributable to the risk being  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.576em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0291em;">hedged are adjusted against the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3679em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">carrying value of inventory. The basis  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1597em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">adjustment remains part of the car-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9516em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">rying value of inventory and is recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7435em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">nised in the income statement when  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5354em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">the inventory is sold.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.1185em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">Hedging of currency risk is not per-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:28.9104em;"><span class="stl_298 stl_16 stl_212" style="word-spacing:-0.0236em;">formed for net assets (equity) in for-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:29.7023em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">eign subsidiaries. Gains and losses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:30.4941em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">relating to unhedged net assets in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:31.286em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">foreign subsidiaries are accounted  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.0779em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">for directly in other comprehensive  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:32.8698em;"><span class="stl_298 stl_16 stl_184">income.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.272em;top:10.7418em;"><span class="stl_338 stl_21 stl_268" style="word-spacing:-0.0391em;">Cash flow hedge reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.6201em;top:12.0149em;"><span class="stl_338 stl_21 stl_38">Foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3245em;top:12.0156em;"><span class="stl_338 stl_21 stl_71" style="word-spacing:-0.034em;">Cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2157em;top:12.0162em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0007em;top:12.6818em;"><span class="stl_338 stl_21 stl_207">exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.472em;top:12.6818em;"><span class="stl_338 stl_21 stl_78" style="word-spacing:-0.0364em;">Interest rate  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8195em;top:12.6818em;"><span class="stl_338 stl_21 stl_250">Commodity  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.057em;top:12.6824em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2545em;top:12.6831em;"><span class="stl_338 stl_21 stl_78">hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.3481em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.222em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4188em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:13.3487em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">risk hedging  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2457em;top:13.3493em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4432em;top:13.3499em;"><span class="stl_338 stl_21 stl_434">reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:15.2256em;"><span class="stl_338 stl_21 stl_384" style="word-spacing:-0.042em;">Balance at 1 January 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.527em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:15.2256em;"><span class="stl_338 stl_21 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:15.2256em;"><span class="stl_338 stl_21 stl_871">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5738em;top:15.2256em;"><span class="stl_338 stl_21 stl_823">-13  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6288em;top:15.2256em;"><span class="stl_338 stl_21 stl_349">133  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:16.6575em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1763em;top:16.6575em;"><span class="stl_298 stl_16 stl_117">22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5026em;top:16.6575em;"><span class="stl_298 stl_16 stl_320">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5907em;top:16.6575em;"><span class="stl_298 stl_16 stl_428">31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7795em;top:16.6575em;"><span class="stl_298 stl_16 stl_354">25  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9838em;top:16.6575em;"><span class="stl_298 stl_16 stl_116">76  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:17.6231em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:18.3312em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2188em;top:18.3312em;"><span class="stl_298 stl_16 stl_554">14  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9207em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1176em;top:18.3312em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0126em;top:18.3312em;"><span class="stl_298 stl_16 stl_316">17  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3626em;top:19.2968em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0238em;top:19.2968em;"><span class="stl_298 stl_16 stl_362">-16  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7238em;top:19.2968em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0651em;top:19.2968em;"><span class="stl_298 stl_16 stl_823">-135  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8688em;top:19.2968em;"><span class="stl_298 stl_16 stl_101">-6  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4738em;top:19.2968em;"><span class="stl_298 stl_16 stl_885">-157  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2624em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5263em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7232em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5826em;top:20.2624em;"><span class="stl_298 stl_16 stl_320">27  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8782em;top:20.2624em;"><span class="stl_298 stl_16 stl_211">-9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9657em;top:20.2624em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:21.2343em;"><span class="stl_338 stl_21 stl_105" style="word-spacing:-0.0367em;">Balance at 31 December 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1713em;top:21.2343em;"><span class="stl_338 stl_21 stl_47">21  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5557em;top:21.2343em;"><span class="stl_338 stl_21 stl_293">63  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:21.2343em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9513em;top:21.2343em;"><span class="stl_338 stl_21 stl_275">89  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:22.1937em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0293em;">Gain/(loss) arising from changes in fair value of hedging instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9313em;top:22.1937em;"><span class="stl_298 stl_16 stl_211">-35  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7226em;top:22.1937em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.2476em;top:22.1937em;"><span class="stl_298 stl_16 stl_167">153  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.8738em;top:22.1937em;"><span class="stl_298 stl_16 stl_154">-8  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7032em;top:22.1937em;"><span class="stl_298 stl_16 stl_710">110  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.1593em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">(Gain)/loss reclassified to profit or loss - hedged items have affected profit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:23.8674em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">or loss  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5257em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">9</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4838em;top:23.8674em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9195em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1163em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3132em;top:23.8674em;"><span class="stl_298 stl_16 stl_42">8</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3613em;top:24.8331em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">Deferred hedging gains and losses transferred to inventory  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2832em;top:24.8331em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:24.8331em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.062em;top:24.8331em;"><span class="stl_298 stl_16 stl_895">-138  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9138em;top:24.8331em;"><span class="stl_298 stl_16 stl_344">-7  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4695em;top:24.8331em;"><span class="stl_298 stl_16 stl_758">-149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3607em;top:25.7987em;"><span class="stl_298 stl_16 stl_105" style="word-spacing:-0.0367em;">Deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5251em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.722em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6763em;top:25.7987em;"><span class="stl_298 stl_16 stl_154">-4  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.1151em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.312em;top:25.7987em;"><span class="stl_298 stl_16 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:26.7706em;"><span class="stl_338 stl_21 stl_243" style="word-spacing:-0.0352em;">Balance at 31 December 2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2826em;top:26.7706em;"><span class="stl_338 stl_21 stl_132">-2  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7213em;top:26.7706em;"><span class="stl_338 stl_21 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6076em;top:26.7706em;"><span class="stl_338 stl_21 stl_356">74  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5688em;top:26.7706em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9494em;top:26.7706em;"><span class="stl_338 stl_21 stl_87">65  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.1924em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0275em;">The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3601em;top:28.9843em;"><span class="stl_298 stl_16 stl_256" style="word-spacing:-0.017em;">2023), Inventory/Cost of raw materials EUR </span><span class="stl_298 stl_16 stl_70">1</span><span class="stl_298 stl_16 stl_408" style="word-spacing:-0.0128em;">15m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5488em;top:10.7406em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Categories of financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.116em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:12.116em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:12.116em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.9916em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.956em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.9166em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4718em;top:15.9166em;"><span class="stl_298 stl_16 stl_618">423  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6968em;top:15.9166em;"><span class="stl_298 stl_16 stl_184">340  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.8822em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Contract assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4912em;top:16.8822em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7518em;top:16.8822em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8478em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0326em;">Interest bearing receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:18.8135em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">Cash at bank and in hand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0437em;top:18.8135em;"><span class="stl_298 stl_16 stl_717">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6918em;top:18.8135em;"><span class="stl_298 stl_16 stl_71">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:20.3635em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:21.3241em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Other investments and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1556em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:22.2897em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5187em;top:22.2897em;"><span class="stl_298 stl_16 stl_816">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7324em;top:22.2897em;"><span class="stl_298 stl_16 stl_756">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:23.841em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:24.8053em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:25.766em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Trade payables and other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4668em;top:25.766em;"><span class="stl_298 stl_16 stl_496">825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6924em;top:25.766em;"><span class="stl_298 stl_16 stl_34">509  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:26.7316em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4531em;top:26.7316em;"><span class="stl_298 stl_16 stl_321">238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7243em;top:26.7316em;"><span class="stl_298 stl_16 stl_390">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:28.2816em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:29.2422em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4812em;top:29.2422em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0512em;top:29.2422em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:30.6703em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">In the table above, financial instruments are presented in the categories which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:31.4622em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">determine how they will be measured in the financial statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_256" style="word-spacing:-0.0369em;">Measuring fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5275em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">Financial instruments measured at fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.3193em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">value in the balance sheet are desig-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.1112em;"><span class="stl_298 stl_16 stl_612" style="word-spacing:-0.0258em;">nated as belonging to one of the fol-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.9031em;"><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0283em;">lowing three categories (the ‘fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.695em;"><span class="stl_298 stl_16 stl_123">hierarchy’):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2743em;"><span class="stl_157 stl_33 stl_502" style="word-spacing:-0.018em;">Level 1: </span><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0284em;">Listed prices (unadjusted) in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.07em;"><span class="stl_298 stl_16 stl_82" style="word-spacing:-0.0274em;">active markets for identical assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.8618em;"><span class="stl_298 stl_16 stl_321">liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.4412em;"><span class="stl_157 stl_33 stl_23" style="word-spacing:-0.0403em;">Level 2: </span><span class="stl_298 stl_16 stl_329" style="word-spacing:-0.027em;">Input, other than listed prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.2368em;"><span class="stl_298 stl_16 stl_494" style="word-spacing:-0.0255em;">on Level 1, which is observable for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.0287em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0333em;">the asset or liability either directly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.8206em;"><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0268em;">(as prices) or indirectly (derived from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.6125em;"><span class="stl_298 stl_16 stl_224">prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.1918em;"><span class="stl_157 stl_33 stl_69" style="word-spacing:-0.0367em;">Level 3: </span><span class="stl_298 stl_16 stl_127" style="word-spacing:-0.033em;">Input for the asset or liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.9875em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.0299em;">which is not based on observable mar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.7793em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">ket data (non-observable input)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.3625em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">Financial instruments measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.1543em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.03em;">fair value consist of derivative finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9462em;"><span class="stl_298 stl_16 stl_483" style="word-spacing:-0.0265em;">cial instruments. The fair value on 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.7381em;"><span class="stl_298 stl_16 stl_297" style="word-spacing:-0.0246em;">December 2024 and 2023 of NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.53em;"><span class="stl_298 stl_16 stl_685" style="word-spacing:-0.023em;">Group’s forward transactions are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.3218em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0302em;">measured in accordance with Level  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1137em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0293em;">2 as the fair value is calculated based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.9056em;"><span class="stl_298 stl_16 stl_215" style="word-spacing:-0.0311em;">on official exchange rates and forward  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6975em;"><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0248em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.2806em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0338em;">The fair value of commodity forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.0725em;"><span class="stl_298 stl_16 stl_51" style="word-spacing:-0.0295em;">is measured as the present value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.8643em;"><span class="stl_298 stl_16 stl_134" style="word-spacing:-0.0318em;">future cash flows based on forward  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.6562em;"><span class="stl_298 stl_16 stl_66" style="word-spacing:-0.0285em;">rates and official exchange rates on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.74em;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0278em;">balance sheet date. The fair value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.5318em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">foreign currency forwards is measured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.3237em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0294em;">as the present value of future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.1156em;"><span class="stl_298 stl_16 stl_224" style="word-spacing:-0.029em;">flows based on the forward exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.9075em;"><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0248em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:15.4906em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">No financial instruments were moved  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:16.2825em;"><span class="stl_298 stl_16 stl_297" style="word-spacing:-0.0245em;">from one level to another in the year (no  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.0743em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:-0.0163em;">move in 2023 either).  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5488em;top:10.7406em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Categories of financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.116em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:12.116em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:12.116em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.9916em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.956em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.9166em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4718em;top:15.9166em;"><span class="stl_298 stl_16 stl_618">423  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6968em;top:15.9166em;"><span class="stl_298 stl_16 stl_184">340  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.8822em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Contract assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4912em;top:16.8822em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7518em;top:16.8822em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8478em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0326em;">Interest bearing receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:18.8135em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">Cash at bank and in hand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0437em;top:18.8135em;"><span class="stl_298 stl_16 stl_717">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6918em;top:18.8135em;"><span class="stl_298 stl_16 stl_71">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:20.3635em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:21.3241em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Other investments and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1556em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:22.2897em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5187em;top:22.2897em;"><span class="stl_298 stl_16 stl_816">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7324em;top:22.2897em;"><span class="stl_298 stl_16 stl_756">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:23.841em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:24.8053em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:25.766em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Trade payables and other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4668em;top:25.766em;"><span class="stl_298 stl_16 stl_496">825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6924em;top:25.766em;"><span class="stl_298 stl_16 stl_34">509  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:26.7316em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4531em;top:26.7316em;"><span class="stl_298 stl_16 stl_321">238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7243em;top:26.7316em;"><span class="stl_298 stl_16 stl_390">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:28.2816em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:29.2422em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4812em;top:29.2422em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0512em;top:29.2422em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:30.6703em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">In the table above, financial instruments are presented in the categories which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:31.4622em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">determine how they will be measured in the financial statements.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5488em;top:10.7406em;"><span class="stl_338 stl_21 stl_91" style="word-spacing:-0.038em;">Categories of financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:12.116em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:12.116em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:12.116em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.9916em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">Financial assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:14.956em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.9166em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4718em;top:15.9166em;"><span class="stl_298 stl_16 stl_618">423  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6968em;top:15.9166em;"><span class="stl_298 stl_16 stl_184">340  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.8822em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0275em;">Contract assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4912em;top:16.8822em;"><span class="stl_298 stl_16 stl_741">143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7518em;top:16.8822em;"><span class="stl_298 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8478em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0326em;">Interest bearing receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1562em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.408em;top:17.8478em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:18.8135em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0315em;">Cash at bank and in hand  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0437em;top:18.8135em;"><span class="stl_298 stl_16 stl_717">1,518  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6918em;top:18.8135em;"><span class="stl_298 stl_16 stl_71">888  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:20.3635em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:21.3241em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0321em;">Other investments and receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1556em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:21.3241em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:22.2897em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5187em;top:22.2897em;"><span class="stl_298 stl_16 stl_816">170  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7324em;top:22.2897em;"><span class="stl_298 stl_16 stl_756">185  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:23.841em;"><span class="stl_338 stl_21 stl_154" style="word-spacing:-0.036em;">Financial liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:24.8053em;"><span class="stl_380 stl_381 stl_34" style="word-spacing:-0.032em;">Measured at amortised costs:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:25.766em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Trade payables and other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4668em;top:25.766em;"><span class="stl_298 stl_16 stl_496">825  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6924em;top:25.766em;"><span class="stl_298 stl_16 stl_34">509  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:26.7316em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">Interest-bearing loans and borrowings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4531em;top:26.7316em;"><span class="stl_298 stl_16 stl_321">238  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7243em;top:26.7316em;"><span class="stl_298 stl_16 stl_390">207  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:28.2816em;"><span class="stl_380 stl_381 stl_164" style="word-spacing:-0.029em;">Measured at fair value through profit /loss:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:29.2422em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Derivative financial instruments  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4812em;top:29.2422em;"><span class="stl_298 stl_16 stl_10">102  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0512em;top:29.2422em;"><span class="stl_298 stl_16 stl_253">94  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:30.6703em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">In the table above, financial instruments are presented in the categories which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:31.4622em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">determine how they will be measured in the financial statements.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7418em;"><span class="stl_338 stl_21 stl_256" style="word-spacing:-0.0369em;">Measuring fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5275em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">Financial instruments measured at fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.3193em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">value in the balance sheet are desig-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.1112em;"><span class="stl_298 stl_16 stl_612" style="word-spacing:-0.0258em;">nated as belonging to one of the fol-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.9031em;"><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0283em;">lowing three categories (the ‘fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.695em;"><span class="stl_298 stl_16 stl_123">hierarchy’):  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2743em;"><span class="stl_157 stl_33 stl_502" style="word-spacing:-0.018em;">Level 1: </span><span class="stl_298 stl_16 stl_67" style="word-spacing:-0.0284em;">Listed prices (unadjusted) in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.07em;"><span class="stl_298 stl_16 stl_82" style="word-spacing:-0.0274em;">active markets for identical assets and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:17.8618em;"><span class="stl_298 stl_16 stl_321">liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.4412em;"><span class="stl_157 stl_33 stl_23" style="word-spacing:-0.0403em;">Level 2: </span><span class="stl_298 stl_16 stl_329" style="word-spacing:-0.027em;">Input, other than listed prices  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:20.2368em;"><span class="stl_298 stl_16 stl_494" style="word-spacing:-0.0255em;">on Level 1, which is observable for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.0287em;"><span class="stl_298 stl_16 stl_35" style="word-spacing:-0.0333em;">the asset or liability either directly  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:21.8206em;"><span class="stl_298 stl_16 stl_336" style="word-spacing:-0.0268em;">(as prices) or indirectly (derived from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:22.6125em;"><span class="stl_298 stl_16 stl_224">prices)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.1918em;"><span class="stl_157 stl_33 stl_69" style="word-spacing:-0.0367em;">Level 3: </span><span class="stl_298 stl_16 stl_127" style="word-spacing:-0.033em;">Input for the asset or liability  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.9875em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.0299em;">which is not based on observable mar-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.7793em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">ket data (non-observable input)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:27.3625em;"><span class="stl_298 stl_16 stl_422" style="word-spacing:-0.0317em;">Financial instruments measured at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.1543em;"><span class="stl_298 stl_16 stl_117" style="word-spacing:-0.03em;">fair value consist of derivative finan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:28.9462em;"><span class="stl_298 stl_16 stl_483" style="word-spacing:-0.0265em;">cial instruments. The fair value on 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:29.7381em;"><span class="stl_298 stl_16 stl_297" style="word-spacing:-0.0246em;">December 2024 and 2023 of NKT  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:30.53em;"><span class="stl_298 stl_16 stl_685" style="word-spacing:-0.023em;">Group’s forward transactions are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:31.3218em;"><span class="stl_298 stl_16 stl_203" style="word-spacing:-0.0302em;">measured in accordance with Level  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.1137em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0293em;">2 as the fair value is calculated based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:32.9056em;"><span class="stl_298 stl_16 stl_215" style="word-spacing:-0.0311em;">on official exchange rates and forward  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:33.6975em;"><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0248em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:35.2806em;"><span class="stl_298 stl_16 stl_301" style="word-spacing:-0.0338em;">The fair value of commodity forwards  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.0725em;"><span class="stl_298 stl_16 stl_51" style="word-spacing:-0.0295em;">is measured as the present value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:36.8643em;"><span class="stl_298 stl_16 stl_134" style="word-spacing:-0.0318em;">future cash flows based on forward  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:37.6562em;"><span class="stl_298 stl_16 stl_66" style="word-spacing:-0.0285em;">rates and official exchange rates on the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:10.74em;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0278em;">balance sheet date. The fair value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:11.5318em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">foreign currency forwards is measured  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:12.3237em;"><span class="stl_298 stl_16 stl_115" style="word-spacing:-0.0294em;">as the present value of future cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.1156em;"><span class="stl_298 stl_16 stl_224" style="word-spacing:-0.029em;">flows based on the forward exchange  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:13.9075em;"><span class="stl_298 stl_16 stl_76" style="word-spacing:-0.0248em;">rates at the balance sheet date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:15.4906em;"><span class="stl_298 stl_16 stl_444" style="word-spacing:-0.0292em;">No financial instruments were moved  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:16.2825em;"><span class="stl_298 stl_16 stl_297" style="word-spacing:-0.0245em;">from one level to another in the year (no  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4097em;top:17.0743em;"><span class="stl_298 stl_16 stl_118" style="word-spacing:-0.0163em;">move in 2023 either).  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_533" style="word-spacing:0.4498em;">6.1 Acquisition</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:9.485em;top:8.9083em;"><span class="stl_801 stl_33 stl_89" style="word-spacing:-0.0187em;">of companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:10.7356em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0174em;">On 21 June 2024 NKT acquired 100%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5275em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">of SolidAl, a Portugal-based power  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:12.3193em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0239em;">cable manufacturer, from Njord Part-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.1112em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">ners, adding medium- and high-volt-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.9031em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">age capacity to meet the growing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:10.7382em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">demand for power grid upgrades and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:11.5301em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0304em;">renewable energy projects across  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:12.3219em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0277em;">Europe. The considerations were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:13.1138em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">transferred in full and there are no  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:13.9057em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">contingent considerations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:16.2769em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7147em;top:16.2769em;"><span class="stl_338 stl_21 stl_253" style="word-spacing:-0.028em;">Fair value  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:18.1344em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8641em;top:18.1344em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:19.0769em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.028em;">Property, plant, and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8647em;top:19.0769em;"><span class="stl_298 stl_16 stl_211">53  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:20.0194em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Other non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2203em;top:20.0194em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:20.9619em;"><span class="stl_298 stl_16 stl_188">Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8835em;top:20.9619em;"><span class="stl_298 stl_16 stl_10">37  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:21.9044em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8985em;top:21.9044em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:22.8469em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2203em;top:22.8469em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:23.7894em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6485em;top:23.7894em;"><span class="stl_298 stl_16 stl_30">-22  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:24.7319em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">Current liabilites  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.621em;top:24.7319em;"><span class="stl_298 stl_16 stl_225">-43  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:25.6807em;"><span class="stl_338 stl_21 stl_382" style="word-spacing:-0.0379em;">Acquired net assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8572em;top:25.6807em;"><span class="stl_338 stl_21 stl_326">83  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:26.6169em;"><span class="stl_298 stl_16 stl_53">Goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8603em;top:26.6169em;"><span class="stl_298 stl_16 stl_91">66  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:27.5657em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0395em;">Purchase price  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5491em;top:27.5657em;"><span class="stl_338 stl_21 stl_449">149  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:28.5019em;"><span class="stl_298 stl_16 stl_566" style="word-spacing:-0.0335em;">Acquired cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9772em;top:28.5019em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:29.4507em;"><span class="stl_338 stl_21 stl_280" style="word-spacing:-0.0395em;">Net cash transferred to seller  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.5422em;top:29.4507em;"><span class="stl_338 stl_21 stl_361">144  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:31.6919em;"><span class="stl_298 stl_16 stl_131" style="word-spacing:-0.0299em;">The acquisition consists of net assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:32.4626em;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0278em;">of EUR 83m predominantly related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:33.2332em;"><span class="stl_298 stl_16 stl_494" style="word-spacing:-0.0254em;">to property, plant, and equipment,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:34.0038em;"><span class="stl_298 stl_16 stl_322" style="word-spacing:-0.0305em;">intangible assets, and working capital.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:34.7744em;"><span class="stl_298 stl_16 stl_129" style="word-spacing:-0.0277em;">Acquired intangible assets are related  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:35.5451em;"><span class="stl_298 stl_16 stl_329" style="word-spacing:-0.0271em;">to technology and customer relations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:36.3157em;"><span class="stl_298 stl_16 stl_44" style="word-spacing:-0.0342em;">EUR 66m is recognised as goodwill  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:37.0863em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">reflecting expected synergies from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:37.8569em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">the acquisition. The goodwill is not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3628em;top:38.6276em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">expected to be deductible for tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:31.6901em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0314em;">purposes. Acquisition-related costs of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:32.4607em;"><span class="stl_298 stl_16 stl_408" style="word-spacing:-0.0227em;">EUR 1m are recognised in other costs.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:33.9401em;"><span class="stl_298 stl_16 stl_638" style="word-spacing:-0.0207em;">From the acquisition date to 31 De-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:34.7107em;"><span class="stl_298 stl_16 stl_685" style="word-spacing:-0.0231em;">cember 2024 the impact on revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:35.4813em;"><span class="stl_298 stl_16 stl_466" style="word-spacing:-0.0194em;">was EUR 75m while EBITDA was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:36.2519em;"><span class="stl_298 stl_16 stl_289" style="word-spacing:-0.0227em;">impacted by 5m. EBITDA was nega-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:37.0226em;"><span class="stl_298 stl_16 stl_81" style="word-spacing:-0.0216em;">tively impacted by EUR 4m related to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:37.7932em;"><span class="stl_298 stl_16 stl_51" style="word-spacing:-0.0296em;">inventory purchase price allocation.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4103em;top:38.5638em;"><span class="stl_298 stl_16 stl_420" style="word-spacing:-0.0323em;">Had the acquisition occurred on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:10.7357em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0222em;">1 January 2024, the impact for the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:11.5063em;"><span class="stl_298 stl_16 stl_61" style="word-spacing:-0.0227em;">period until 31 December 2024 on  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:12.2769em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">revenue and EBITDA would have been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:13.0476em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">approximately EUR 138m and EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:13.8182em;"><span class="stl_298 stl_16 stl_274" style="word-spacing:-0.0151em;">16m, respectively.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:15.0788em;"><span class="stl_157 stl_33 stl_434" style="word-spacing:-0.0464em;">Investments in associated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:15.8707em;"><span class="stl_157 stl_33 stl_176" style="word-spacing:-0.0527em;">companies in 2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:16.6663em;"><span class="stl_298 stl_16 stl_95" style="word-spacing:-0.0189em;">On 22 May 2023, NKT acquired 10%  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:17.4582em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">of interest in Walsin Energy Cable  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:18.2501em;"><span class="stl_298 stl_16 stl_82" style="word-spacing:-0.0074em;">System Co., Ltd., a Taiwan-based  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:19.0419em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.0211em;">company, for EUR 9m with the option  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:19.8338em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0282em;">to acquire additional interest. NKT is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:20.6257em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">considered to have significant influ-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:21.4176em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">ence on the company.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:23.0013em;"><span class="stl_298 stl_16 stl_208" style="word-spacing:-0.0185em;">Walsin Energy Cable System Co., Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:23.7932em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">is a plant under construction that will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:24.5851em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0295em;">manufacture high-voltage cables. The  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:25.3769em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">acquisition is for a greenfield invest-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:26.1688em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0293em;">ment and consequently, the net assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:26.9607em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">predominantly related to cash and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:27.7526em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">cash equivalents, which will be used  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:28.5444em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">to construct the plant.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:30.1282em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">The impact on revenue and profit from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:30.9201em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">the acquisition date to 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4578em;top:31.7119em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0208em;">2023 was immaterial.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.304em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.0929em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">Enterprises acquired during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.8847em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">are recognised in the consolidated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.6766em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">financial statements from the date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.4685em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0279em;">acquisition. The acquisition date is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.2604em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">date when the parent company effec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.0522em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">tively obtains control of the acquired  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.8441em;"><span class="stl_298 stl_16 stl_204">enterprise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.4272em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">For acquisitions of new enterprises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.2191em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">in which the parent company can  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.011em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">exercise control over the acquired  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.8029em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">enterprise, the purchase method is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.5947em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">used. The acquired enterprises’ identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.3866em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">fiable assets, liabilities and contingent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.1785em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">liabilities are measured at fair value at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.9704em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">the acquisition date. Identifiable intan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.7623em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">gible assets are recognised if they are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.5541em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">separable or arise from a contractual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.346em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">right. Deferred tax on revaluations is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.1379em;"><span class="stl_298 stl_16 stl_300">recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.721em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Any excess of the cost over the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.5129em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">value of the identifiable assets, liabili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">ties and contingent liabilities acquired  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.0966em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">is recognised as goodwill under intan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.8885em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">gible assets. Goodwill is not amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.6804em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">but is tested at least annually for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.4723em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">impairment. The first impairment test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:35.2641em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">is performed within the end of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.056em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0245em;">acquisition year. Upon acquisition,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.8479em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">goodwill is allocated to the cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.0979em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">erating units, which subsequently form  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.8898em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">the basis for the impairment test.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4729em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">The cost of a business combina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2648em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">tion comprises the fair value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.0566em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">consideration agreed upon. When  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8485em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">a business combination agreement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.6404em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">provides for an adjustment to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.4323em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.029em;">cost of the combination contingent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.2241em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">on future events, the amount of that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.016em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">adjustment is included in the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.8079em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the combination if the adjustment is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.5998em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">probable and can be measured in a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.3916em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reliable manner. Subsequent changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.1835em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">to contingent considerations are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.9754em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">recognised in the income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.7673em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">If uncertainties regarding measure-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.5591em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ment of identifiable assets, liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.351em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">and contingent liabilities exist at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.1429em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">acquisition date, initial recognition will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.9348em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">take place based on preliminary fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.7266em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">values. If identifiable assets, liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.5185em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">and contingent liabilities are subse-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.3104em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">quently determined to have different  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.1023em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">fair value at the acquisition date than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.8941em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">first assumed, goodwill is adjusted up  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.686em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">until twelve months after the acquisi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.4779em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">tion. The effect of the adjustments is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:35.2698em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in the opening balance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:36.0616em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">equity and the comparative figures are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:36.8535em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">re-stated accordingly.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:10.7077em;"><span class="stl_157 stl_33 stl_326" style="word-spacing:-0.05em;">Significant estimates  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4019em;top:11.4995em;"><span class="stl_157 stl_33 stl_392" style="word-spacing:-0.0511em;">and judgements  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.0864em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">In applying the purchase method of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:13.8783em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0259em;">accounting, estimates are an integral  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:14.6702em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0344em;">part of assessing fair values of iden-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:15.462em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">tifiable assets acquired and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:16.2539em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">assumed, as observable market  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.0458em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">prices are typically not available. Valu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:17.8377em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0279em;">ation techniques where estimates are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:18.6295em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">applied typically relate to determining  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:19.4214em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">the present value of future uncertain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:20.2133em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">cash flows or assessing other events  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.0052em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">in which the outcome is uncertain at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:21.797em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0276em;">the date of acquisition. Significant esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:22.5889em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">mates are typically applied in account-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:23.3808em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">ing for property, plant and equipment,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.1727em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">customer relationships, deferred tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:24.9645em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.0271em;">debt and provisions. As a result of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:25.7564em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.0331em;">uncertainties inherent in fair value esti-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:26.5483em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">mation, measurement period adjust-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5982em;top:27.3402em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">ments may be applied.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.304em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.0929em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">Enterprises acquired during the year  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:13.8847em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">are recognised in the consolidated  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:14.6766em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">financial statements from the date of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:15.4685em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0279em;">acquisition. The acquisition date is the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:16.2604em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">date when the parent company effec-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.0522em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">tively obtains control of the acquired  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:17.8441em;"><span class="stl_298 stl_16 stl_204">enterprise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:19.4272em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">For acquisitions of new enterprises  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:20.2191em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">in which the parent company can  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.011em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">exercise control over the acquired  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:21.8029em;"><span class="stl_298 stl_16 stl_57" style="word-spacing:-0.0274em;">enterprise, the purchase method is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:22.5947em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">used. The acquired enterprises’ identi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:23.3866em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">fiable assets, liabilities and contingent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.1785em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0299em;">liabilities are measured at fair value at  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:24.9704em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">the acquisition date. Identifiable intan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:25.7623em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">gible assets are recognised if they are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:26.5541em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0312em;">separable or arise from a contractual  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:27.346em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">right. Deferred tax on revaluations is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:28.1379em;"><span class="stl_298 stl_16 stl_300">recognised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:29.721em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Any excess of the cost over the fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:30.5129em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">value of the identifiable assets, liabili-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:31.3048em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">ties and contingent liabilities acquired  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.0966em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0333em;">is recognised as goodwill under intan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:32.8885em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">gible assets. Goodwill is not amortised  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:33.6804em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">but is tested at least annually for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:34.4723em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0309em;">impairment. The first impairment test  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:35.2641em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0327em;">is performed within the end of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.056em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0245em;">acquisition year. Upon acquisition,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5037em;top:36.8479em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.03em;">goodwill is allocated to the cash-gen-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.0979em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">erating units, which subsequently form  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:13.8898em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">the basis for the impairment test.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:15.4729em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">The cost of a business combina-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:16.2648em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">tion comprises the fair value of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.0566em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">consideration agreed upon. When  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:17.8485em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">a business combination agreement  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.6404em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0257em;">provides for an adjustment to the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:19.4323em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.029em;">cost of the combination contingent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.2241em;"><span class="stl_298 stl_16 stl_229" style="word-spacing:-0.0238em;">on future events, the amount of that  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.016em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0288em;">adjustment is included in the cost of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.8079em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">the combination if the adjustment is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.5998em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0329em;">probable and can be measured in a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.3916em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">reliable manner. Subsequent changes  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.1835em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">to contingent considerations are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:24.9754em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">recognised in the income statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:25.7673em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">If uncertainties regarding measure-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:26.5591em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">ment of identifiable assets, liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:27.351em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">and contingent liabilities exist at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.1429em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">acquisition date, initial recognition will  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:28.9348em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">take place based on preliminary fair  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:29.7266em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0293em;">values. If identifiable assets, liabilities,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:30.5185em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">and contingent liabilities are subse-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:31.3104em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">quently determined to have different  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.1023em;"><span class="stl_298 stl_16 stl_207" style="word-spacing:-0.0265em;">fair value at the acquisition date than  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:32.8941em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">first assumed, goodwill is adjusted up  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:33.686em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">until twelve months after the acquisi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:34.4779em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">tion. The effect of the adjustments is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:35.2698em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">recognised in the opening balance of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:36.0616em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0326em;">equity and the comparative figures are  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:36.8535em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">re-stated accordingly.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_46" style="word-spacing:0.3252em;">6.2 Discontinued</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.388em;top:8.9083em;"><span class="stl_801 stl_33 stl_212">operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:10.7293em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">In June 2022, NKT entered into an agreement to divest NKT Photonics to Photon-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:11.5212em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">ics Management Europe S.R.L, a 100% owned subsidiary of Hamamatsu Photon-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:12.3131em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">ics K.K. Closing of the transaction was subject to regulatory approvals which were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:13.1049em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0208em;">obtained from Germany, the United Kingdom, and the United States; however, not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:13.8968em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">approved in Denmark in May 2023. After refiling the application in July 2023 the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:14.6887em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">sale was approved in April 2024 and NKT Photonics was sold with effect from 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:15.4806em;"><span class="stl_298 stl_16 stl_323" style="word-spacing:0.007em;">May 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:17.4531em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">Discontinued operations and information on discontinued operations below solely  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:18.2449em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">relates to NKT Photonics.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.7303em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.3735em;top:19.7303em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1447em;top:19.7303em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:21.6059em;"><span class="stl_338 stl_21 stl_243" style="word-spacing:-0.0352em;">Profit for the year – discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:22.5653em;"><span class="stl_298 stl_16 stl_57">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0978em;top:22.5653em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8603em;top:22.5653em;"><span class="stl_298 stl_16 stl_71">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:23.5309em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">Costs and other income, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8435em;top:23.5309em;"><span class="stl_298 stl_16 stl_58">-38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6447em;top:23.5309em;"><span class="stl_298 stl_16 stl_218">-81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:24.5028em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">Earnings before interest, tax, depreciation,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:25.2109em;"><span class="stl_338 stl_21 stl_391" style="word-spacing:-0.0382em;">and amortisation (EBITDA)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8922em;top:25.2109em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2178em;top:25.2109em;"><span class="stl_338 stl_21 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3603em;top:26.1703em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Depreciation, amortisation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4378em;top:26.1703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2172em;top:26.1703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3597em;top:27.1422em;"><span class="stl_338 stl_21 stl_459" style="word-spacing:-0.0413em;">Earnings before interest and tax (EBIT)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.891em;top:27.1422em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2166em;top:27.1422em;"><span class="stl_338 stl_21 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:28.1016em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0286em;">Financial items, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4366em;top:28.1016em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0328em;top:28.1016em;z-index:1446;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:29.0672em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">Gain from sale of discontinued operations, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.7803em;top:29.0672em;"><span class="stl_40 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2166em;top:29.0672em;"><span class="stl_40 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:30.0391em;"><span class="stl_338 stl_21 stl_151" style="word-spacing:-0.0439em;">Earnings before tax (EBT)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0716em;top:30.0391em;"><span class="stl_338 stl_21 stl_571">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2166em;top:30.0391em;"><span class="stl_338 stl_21 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:30.9984em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4366em;top:30.9984em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0328em;top:30.9984em;z-index:1521;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:31.9703em;"><span class="stl_338 stl_21 stl_246" style="word-spacing:-0.0369em;">Net result - discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.7597em;top:31.9703em;"><span class="stl_338 stl_21 stl_768">101  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2166em;top:31.9703em;"><span class="stl_338 stl_21 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:33.509em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">NKT's share hereof  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.7797em;top:33.509em;"><span class="stl_298 stl_16 stl_368">101  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.216em;top:33.509em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3585em;top:34.4747em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Basic earnings - discontinued operations,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3585em;top:35.1828em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">EUR, per share (EPS)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9541em;top:35.1828em;"><span class="stl_298 stl_16 stl_792">1.9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7566em;top:35.1828em;z-index:1637;"><span class="stl_298 stl_16 stl_899">0.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3585em;top:36.1484em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">Diluted earnings - discuntinued operations,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3585em;top:36.8566em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">EUR, per share (EPS-D)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9541em;top:36.8566em;"><span class="stl_298 stl_16 stl_792">1.9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7566em;top:36.8566em;z-index:1701;"><span class="stl_298 stl_16 stl_899">0.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4679em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2392em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:12.6174em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0361em;">Cash flows from discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:13.5768em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">Cash flow from operating activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2948em;top:13.5768em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:13.5768em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:14.5424em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">Cash flow from investing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9023em;top:14.5424em;"><span class="stl_298 stl_16 stl_775">241  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8129em;top:14.5424em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:15.5081em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Cash flow from financing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2123em;top:15.5081em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9917em;top:15.5081em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:16.4799em;"><span class="stl_338 stl_21 stl_246" style="word-spacing:-0.0365em;">Net cash flow from discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8223em;top:16.4799em;"><span class="stl_338 stl_21 stl_58">248  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0923em;top:16.4799em;"><span class="stl_338 stl_21 stl_822">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:18.0249em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">Balance sheet items comprise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:18.9843em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5336em;top:18.9843em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7061em;top:18.9843em;"><span class="stl_298 stl_16 stl_366">119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:19.9499em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5336em;top:19.9499em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9592em;top:19.9499em;"><span class="stl_298 stl_16 stl_79">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:20.9218em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:20.9218em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6436em;top:20.9218em;"><span class="stl_338 stl_21 stl_370">177  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:22.4606em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:22.4606em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9948em;top:22.4606em;"><span class="stl_298 stl_16 stl_344">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:23.4262em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:23.4262em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9648em;top:23.4262em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:24.3981em;"><span class="stl_338 stl_21 stl_291" style="word-spacing:-0.0372em;">Liabilities associated with assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:24.3981em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9467em;top:24.3981em;"><span class="stl_338 stl_21 stl_571">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5624em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3337em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:12.6174em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0361em;">Consideration received or receivable:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:13.5768em;"><span class="stl_298 stl_16 stl_34">Cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9343em;top:13.5768em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:13.5768em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:14.5487em;"><span class="stl_338 stl_21 stl_272" style="word-spacing:-0.0312em;">Total disposal consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9074em;top:14.5487em;"><span class="stl_338 stl_21 stl_165">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:14.5487em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:15.5081em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2706em;top:15.5081em;"><span class="stl_298 stl_16 stl_300">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:15.5081em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:16.4737em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.028em;">Property, plant, and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3193em;top:16.4737em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:16.4737em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:17.4393em;"><span class="stl_298 stl_16 stl_188">Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2768em;top:17.4393em;"><span class="stl_298 stl_16 stl_31">29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:17.4393em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:18.4049em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3087em;top:18.4049em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:18.4049em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:19.3706em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6268em;top:19.3706em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:19.3706em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:20.3362em;"><span class="stl_298 stl_16 stl_389" style="word-spacing:-0.0144em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3837em;top:20.3362em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:20.3362em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:21.3018em;"><span class="stl_298 stl_16 stl_50">Provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1218em;top:21.3018em;"><span class="stl_298 stl_16 stl_807">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:21.3018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:22.2674em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">Other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1243em;top:22.2674em;"><span class="stl_298 stl_16 stl_777">-19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4055em;top:22.2674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.548em;top:23.2393em;"><span class="stl_338 stl_21 stl_459" style="word-spacing:-0.0411em;">Carrying amount of net assets sold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7287em;top:23.2393em;"><span class="stl_338 stl_21 stl_898">-143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4049em;top:23.2393em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5474em;top:24.1987em;"><span class="stl_298 stl_16 stl_208" style="word-spacing:-0.0184em;">Transaction costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3862em;top:24.1987em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4049em;top:24.1987em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5474em;top:25.1706em;"><span class="stl_338 stl_21 stl_459" style="word-spacing:-0.0411em;">Gain on sale before income tax and reclassifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5474em;top:25.8787em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.039em;">tion of foreign currency translation reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9355em;top:25.8787em;"><span class="stl_338 stl_21 stl_218">108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4043em;top:25.8787em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5468em;top:26.8381em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Reclassification of foreign currency translation reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4412em;top:26.8381em;z-index:482;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4043em;top:26.8381em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5468em;top:27.8099em;"><span class="stl_338 stl_21 stl_459" style="word-spacing:-0.0412em;">Gain on sale before income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9518em;top:27.8099em;"><span class="stl_338 stl_21 stl_744">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4043em;top:27.8099em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5468em;top:28.7693em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0355em;">Income tax expense on gain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6243em;top:28.7693em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4037em;top:28.7693em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5461em;top:29.7412em;"><span class="stl_338 stl_21 stl_442" style="word-spacing:-0.0429em;">Gain on sale after income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9511em;top:29.7412em;"><span class="stl_338 stl_21 stl_744">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4036em;top:29.7412em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5461em;top:31.2862em;"><span class="stl_338 stl_21 stl_99" style="word-spacing:-0.0409em;">Cash effect:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5461em;top:32.2456em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">Cash received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9299em;top:32.2456em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.403em;top:32.2456em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5455em;top:33.2112em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Cost related to transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3843em;top:33.2112em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.403em;top:33.2112em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5455em;top:34.1768em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Cash and cash equivalents disposed of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3843em;top:34.1768em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.403em;top:34.1768em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5455em;top:35.1487em;"><span class="stl_338 stl_21 stl_528" style="word-spacing:-0.0432em;">Net cash effect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9118em;top:35.1487em;"><span class="stl_338 stl_21 stl_58">248  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.403em;top:35.1487em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Discontinued operations represent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">a separate major line of businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0215em;">intended to be disposed within 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">months. The results of discontinued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">operations are presented separately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.0522em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">in the income statement and the cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8441em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">flow statement with restatement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.636em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">comparative figures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Assets and liabilities held for sale from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">discontinued operations are presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">as separate items in the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">with no restatement of comparative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">figures. Elimination between contin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.1785em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uing and discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.9704em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">is presented to reflect continuing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.7622em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">operations as post-separation, which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.5541em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">includes elimination of interest and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:27.346em;"><span class="stl_298 stl_16 stl_60">loans.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.096em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">Assets and liabilities from discontin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8879em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ued operations and assets held for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6797em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">sale are measured at the lower of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4716em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.036em;">carrying amount and fair value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2635em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">cost of disposal. Impairment test is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0554em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">performed immediately before classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8472em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">fication as held for sale. Non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6391em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">assets held for sale are not depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.431em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ated or amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0141em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Enterprises disposed of are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.806em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">nised in the consolidated income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5979em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">statement until the disposal date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.5704em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Gains and losses from disposal of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.3622em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">activities are included the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.1541em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">statement in the line item ‘Net result -  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.946em;z-index:2355;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">discontinued operations</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_233">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_46" style="word-spacing:0.3252em;">6.2 Discontinued</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:10.388em;top:8.9083em;"><span class="stl_801 stl_33 stl_212">operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:10.7293em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">In June 2022, NKT entered into an agreement to divest NKT Photonics to Photon-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:11.5212em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0267em;">ics Management Europe S.R.L, a 100% owned subsidiary of Hamamatsu Photon-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:12.3131em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">ics K.K. Closing of the transaction was subject to regulatory approvals which were  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:13.1049em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0208em;">obtained from Germany, the United Kingdom, and the United States; however, not  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:13.8968em;"><span class="stl_298 stl_16 stl_75" style="word-spacing:-0.0263em;">approved in Denmark in May 2023. After refiling the application in July 2023 the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:14.6887em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0262em;">sale was approved in April 2024 and NKT Photonics was sold with effect from 31  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:15.4806em;"><span class="stl_298 stl_16 stl_323" style="word-spacing:0.007em;">May 2024.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:17.4531em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">Discontinued operations and information on discontinued operations below solely  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3568em;top:18.2449em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">relates to NKT Photonics.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:19.7303em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.3735em;top:19.7303em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1447em;top:19.7303em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:21.6059em;"><span class="stl_338 stl_21 stl_243" style="word-spacing:-0.0352em;">Profit for the year – discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:22.5653em;"><span class="stl_298 stl_16 stl_57">Revenue  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0978em;top:22.5653em;"><span class="stl_298 stl_16 stl_390">28  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.8603em;top:22.5653em;"><span class="stl_298 stl_16 stl_71">88  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:23.5309em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">Costs and other income, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8435em;top:23.5309em;"><span class="stl_298 stl_16 stl_58">-38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6447em;top:23.5309em;"><span class="stl_298 stl_16 stl_218">-81  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:24.5028em;"><span class="stl_338 stl_21 stl_615" style="word-spacing:-0.0394em;">Earnings before interest, tax, depreciation,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:25.2109em;"><span class="stl_338 stl_21 stl_391" style="word-spacing:-0.0382em;">and amortisation (EBITDA)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.8922em;top:25.2109em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2178em;top:25.2109em;"><span class="stl_338 stl_21 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3603em;top:26.1703em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0324em;">Depreciation, amortisation and impairment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4378em;top:26.1703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2172em;top:26.1703em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3597em;top:27.1422em;"><span class="stl_338 stl_21 stl_459" style="word-spacing:-0.0413em;">Earnings before interest and tax (EBIT)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.891em;top:27.1422em;"><span class="stl_338 stl_21 stl_383">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2166em;top:27.1422em;"><span class="stl_338 stl_21 stl_42">7</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:28.1016em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0286em;">Financial items, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4366em;top:28.1016em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0328em;top:28.1016em;z-index:1446;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:29.0672em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">Gain from sale of discontinued operations, net  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.7803em;top:29.0672em;"><span class="stl_40 stl_16 stl_368">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2166em;top:29.0672em;"><span class="stl_40 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:30.0391em;"><span class="stl_338 stl_21 stl_151" style="word-spacing:-0.0439em;">Earnings before tax (EBT)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0716em;top:30.0391em;"><span class="stl_338 stl_21 stl_571">99  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2166em;top:30.0391em;"><span class="stl_338 stl_21 stl_42">6</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:30.9984em;"><span class="stl_298 stl_16 stl_778">T</span><span class="stl_298 stl_16 stl_754">a</span><span class="stl_298 stl_16 stl_754">x  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4366em;top:30.9984em;"><span class="stl_298 stl_16 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0328em;top:30.9984em;z-index:1521;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:31.9703em;"><span class="stl_338 stl_21 stl_246" style="word-spacing:-0.0369em;">Net result - discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.7597em;top:31.9703em;"><span class="stl_338 stl_21 stl_768">101  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2166em;top:31.9703em;"><span class="stl_338 stl_21 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3591em;top:33.509em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">NKT's share hereof  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.7797em;top:33.509em;"><span class="stl_298 stl_16 stl_368">101  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.216em;top:33.509em;"><span class="stl_298 stl_16 stl_42">5</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3585em;top:34.4747em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">Basic earnings - discontinued operations,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3585em;top:35.1828em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">EUR, per share (EPS)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9541em;top:35.1828em;"><span class="stl_298 stl_16 stl_792">1.9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7566em;top:35.1828em;z-index:1637;"><span class="stl_298 stl_16 stl_899">0.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3585em;top:36.1484em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">Diluted earnings - discuntinued operations,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3585em;top:36.8566em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0253em;">EUR, per share (EPS-D)  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9541em;top:36.8566em;"><span class="stl_298 stl_16 stl_792">1.9  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7566em;top:36.8566em;z-index:1701;"><span class="stl_298 stl_16 stl_899">0.1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4679em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.2392em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:12.6174em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0361em;">Cash flows from discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:13.5768em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0297em;">Cash flow from operating activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2948em;top:13.5768em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3136em;top:13.5768em;"><span class="stl_298 stl_16 stl_42">4</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:14.5424em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.0281em;">Cash flow from investing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.9023em;top:14.5424em;"><span class="stl_298 stl_16 stl_775">241  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.8129em;top:14.5424em;"><span class="stl_298 stl_16 stl_554">-15  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:15.5081em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0316em;">Cash flow from financing activities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2123em;top:15.5081em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9917em;top:15.5081em;"><span class="stl_298 stl_16 stl_551">10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:16.4799em;"><span class="stl_338 stl_21 stl_246" style="word-spacing:-0.0365em;">Net cash flow from discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8223em;top:16.4799em;"><span class="stl_338 stl_21 stl_58">248  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0923em;top:16.4799em;"><span class="stl_338 stl_21 stl_822">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:18.0249em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0384em;">Balance sheet items comprise  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:18.9843em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0307em;">Non-current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5336em;top:18.9843em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.7061em;top:18.9843em;"><span class="stl_298 stl_16 stl_366">119  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4561em;top:19.9499em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Current assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5336em;top:19.9499em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9592em;top:19.9499em;"><span class="stl_298 stl_16 stl_79">58  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:20.9218em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:20.9218em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6436em;top:20.9218em;"><span class="stl_338 stl_21 stl_370">177  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:22.4606em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0323em;">Non-current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:22.4606em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9948em;top:22.4606em;"><span class="stl_298 stl_16 stl_344">18  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:23.4262em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">Current liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:23.4262em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9648em;top:23.4262em;"><span class="stl_298 stl_16 stl_42">20  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4554em;top:24.3981em;"><span class="stl_338 stl_21 stl_291" style="word-spacing:-0.0372em;">Liabilities associated with assets held for sale  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5329em;top:24.3981em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9467em;top:24.3981em;"><span class="stl_338 stl_21 stl_571">38  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:10.7418em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5624em;top:10.7418em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3337em;top:10.7418em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:12.6174em;"><span class="stl_338 stl_21 stl_174" style="word-spacing:-0.0361em;">Consideration received or receivable:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5506em;top:13.5768em;"><span class="stl_298 stl_16 stl_34">Cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9343em;top:13.5768em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:13.5768em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:14.5487em;"><span class="stl_338 stl_21 stl_272" style="word-spacing:-0.0312em;">Total disposal consideration  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9074em;top:14.5487em;"><span class="stl_338 stl_21 stl_165">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4074em;top:14.5487em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5499em;top:15.5081em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0301em;">Intangible assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2706em;top:15.5081em;"><span class="stl_298 stl_16 stl_300">85  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:15.5081em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:16.4737em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.028em;">Property, plant, and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3193em;top:16.4737em;"><span class="stl_298 stl_16 stl_385">41  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:16.4737em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:17.4393em;"><span class="stl_298 stl_16 stl_188">Inventories  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2768em;top:17.4393em;"><span class="stl_298 stl_16 stl_31">29  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:17.4393em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:18.4049em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Trade and other receivables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3087em;top:18.4049em;"><span class="stl_298 stl_16 stl_764">19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4068em;top:18.4049em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5493em;top:19.3706em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Cash and cash equivalents  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6268em;top:19.3706em;"><span class="stl_298 stl_16 stl_42">3</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:19.3706em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:20.3362em;"><span class="stl_298 stl_16 stl_389" style="word-spacing:-0.0144em;">Trade payables  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3837em;top:20.3362em;"><span class="stl_298 stl_16 stl_91">-5  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:20.3362em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:21.3018em;"><span class="stl_298 stl_16 stl_50">Provisions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1218em;top:21.3018em;"><span class="stl_298 stl_16 stl_807">-10  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4062em;top:21.3018em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5487em;top:22.2674em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0339em;">Other liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1243em;top:22.2674em;"><span class="stl_298 stl_16 stl_777">-19  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4055em;top:22.2674em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.548em;top:23.2393em;"><span class="stl_338 stl_21 stl_459" style="word-spacing:-0.0411em;">Carrying amount of net assets sold  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.7287em;top:23.2393em;"><span class="stl_338 stl_21 stl_898">-143  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4049em;top:23.2393em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5474em;top:24.1987em;"><span class="stl_298 stl_16 stl_208" style="word-spacing:-0.0184em;">Transaction costs  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3862em;top:24.1987em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4049em;top:24.1987em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5474em;top:25.1706em;"><span class="stl_338 stl_21 stl_459" style="word-spacing:-0.0411em;">Gain on sale before income tax and reclassifica-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5474em;top:25.8787em;"><span class="stl_338 stl_21 stl_360" style="word-spacing:-0.039em;">tion of foreign currency translation reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9355em;top:25.8787em;"><span class="stl_338 stl_21 stl_218">108  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4043em;top:25.8787em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5468em;top:26.8381em;"><span class="stl_298 stl_16 stl_156" style="word-spacing:-0.0322em;">Reclassification of foreign currency translation reserve  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4412em;top:26.8381em;z-index:482;"><span class="stl_298 stl_16 stl_359">-1  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4043em;top:26.8381em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5468em;top:27.8099em;"><span class="stl_338 stl_21 stl_459" style="word-spacing:-0.0412em;">Gain on sale before income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9518em;top:27.8099em;"><span class="stl_338 stl_21 stl_744">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4043em;top:27.8099em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5468em;top:28.7693em;"><span class="stl_298 stl_16 stl_563" style="word-spacing:-0.0355em;">Income tax expense on gain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6243em;top:28.7693em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4037em;top:28.7693em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5461em;top:29.7412em;"><span class="stl_338 stl_21 stl_442" style="word-spacing:-0.0429em;">Gain on sale after income tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9511em;top:29.7412em;"><span class="stl_338 stl_21 stl_744">107  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.4036em;top:29.7412em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5461em;top:31.2862em;"><span class="stl_338 stl_21 stl_99" style="word-spacing:-0.0409em;">Cash effect:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5461em;top:32.2456em;"><span class="stl_298 stl_16 stl_38" style="word-spacing:-0.0334em;">Cash received  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9299em;top:32.2456em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.403em;top:32.2456em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5455em;top:33.2112em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">Cost related to transaction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3843em;top:33.2112em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.403em;top:33.2112em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5455em;top:34.1768em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Cash and cash equivalents disposed of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3843em;top:34.1768em;"><span class="stl_298 stl_16 stl_211">-3  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.403em;top:34.1768em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5455em;top:35.1487em;"><span class="stl_338 stl_21 stl_528" style="word-spacing:-0.0432em;">Net cash effect  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9118em;top:35.1487em;"><span class="stl_338 stl_21 stl_58">248  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.403em;top:35.1487em;"><span class="stl_338 stl_21 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Discontinued operations represent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">a separate major line of businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0215em;">intended to be disposed within 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">months. The results of discontinued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">operations are presented separately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.0522em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">in the income statement and the cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8441em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">flow statement with restatement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.636em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">comparative figures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Assets and liabilities held for sale from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">discontinued operations are presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">as separate items in the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">with no restatement of comparative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">figures. Elimination between contin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.1785em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uing and discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.9704em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">is presented to reflect continuing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.7622em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">operations as post-separation, which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.5541em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">includes elimination of interest and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:27.346em;"><span class="stl_298 stl_16 stl_60">loans.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.096em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">Assets and liabilities from discontin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8879em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ued operations and assets held for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6797em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">sale are measured at the lower of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4716em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.036em;">carrying amount and fair value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2635em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">cost of disposal. Impairment test is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0554em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">performed immediately before classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8472em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">fication as held for sale. Non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6391em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">assets held for sale are not depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.431em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ated or amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0141em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Enterprises disposed of are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.806em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">nised in the consolidated income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5979em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">statement until the disposal date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.5704em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Gains and losses from disposal of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.3622em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">activities are included the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.1541em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">statement in the line item ‘Net result -  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.946em;z-index:2355;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">discontinued operations</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_233">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;"><span class="stl_801 stl_33 stl_188" style="word-spacing:0.3407em;">6.3 Group</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.356em;top:8.9083em;"><span class="stl_801 stl_33 stl_185">companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.4859em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Group companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4654em;top:11.4859em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:0.4425em;">Domicile Group</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.3022em;"><span class="stl_338 stl_21 stl_419" style="word-spacing:-0.0477em;">NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.574em;"><span class="stl_666 stl_21 stl_327">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.3627em;"><span class="stl_524 stl_16 stl_455" style="word-spacing:-0.0458em;">NKT Cables Group A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6992em;top:15.3627em;"><span class="stl_524 stl_16 stl_77">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.1572em;"><span class="stl_524 stl_16 stl_443" style="word-spacing:-0.0482em;">NKT (Denmark) A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6992em;top:16.1572em;"><span class="stl_524 stl_16 stl_77">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.9517em;"><span class="stl_524 stl_16 stl_407" style="word-spacing:-0.0436em;">NKT Invest A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6992em;top:16.9517em;"><span class="stl_524 stl_16 stl_77">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.1895em;"><span class="stl_666 stl_21 stl_165">Europe  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.9782em;"><span class="stl_524 stl_16 stl_563" style="word-spacing:-0.0355em;">NKT Group GmbH</span><sup style="top: -0.1946em;"><span class="stl_901 stl_16 stl_404" style="word-spacing:-0.0609em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:18.9779em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:19.7724em;"><span class="stl_524 stl_16 stl_615" style="word-spacing:-0.0393em;">NKT Verwaltungs GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:19.7724em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:20.5669em;"><span class="stl_524 stl_16 stl_155" style="word-spacing:-0.0315em;">NKT GmbH &amp; Co. KG  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:20.5669em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:21.3614em;"><span class="stl_524 stl_16 stl_153" style="word-spacing:-0.0532em;">NKT GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:21.3614em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:22.1559em;"><span class="stl_524 stl_16 stl_566" style="word-spacing:-0.0336em;">Zweite NKT GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:22.1559em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:22.9504em;"><span class="stl_524 stl_16 stl_503" style="word-spacing:0.0003em;">NKT s.r.o.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.984em;top:22.9504em;"><span class="stl_524 stl_16 stl_154" style="word-spacing:-0.036em;">Czech Republic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:23.7449em;"><span class="stl_524 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT (Ibérica) S.L.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5851em;top:23.7449em;"><span class="stl_524 stl_16 stl_91">Spain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:24.5394em;"><span class="stl_524 stl_16 stl_339" style="word-spacing:-0.0375em;">Solicabel, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5851em;top:24.5394em;"><span class="stl_524 stl_16 stl_91">Spain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:25.3339em;"><span class="stl_524 stl_16 stl_64" style="word-spacing:-0.037em;">NKT (Sweden) AB  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9458em;top:25.3339em;"><span class="stl_524 stl_16 stl_669">Sweden  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:26.1284em;"><span class="stl_524 stl_16 stl_327" style="word-spacing:-0.0473em;">NKT HV Cables AB  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9458em;top:26.1284em;"><span class="stl_524 stl_16 stl_669">Sweden  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:26.9229em;"><span class="stl_524 stl_16 stl_41" style="word-spacing:-0.0553em;">NKT AS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0741em;top:26.9229em;"><span class="stl_524 stl_16 stl_441">Norway  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:27.7174em;"><span class="stl_524 stl_16 stl_280" style="word-spacing:-0.0396em;">NKT HVC AS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0741em;top:27.7174em;"><span class="stl_524 stl_16 stl_441">Norway  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:28.5119em;"><span class="stl_524 stl_16 stl_213" style="word-spacing:-0.0148em;">NKT (U.K.) Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2658em;top:28.5119em;"><span class="stl_524 stl_16 stl_165">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:29.3064em;"><span class="stl_524 stl_16 stl_62" style="word-spacing:-0.0251em;">NKT HVC Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2658em;top:29.3064em;"><span class="stl_524 stl_16 stl_165">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:30.1009em;"><span class="stl_524 stl_16 stl_231" style="word-spacing:-0.0158em;">Ventcroft Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2658em;top:30.1009em;"><span class="stl_524 stl_16 stl_165">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:30.8954em;"><span class="stl_524 stl_16 stl_903" style="word-spacing:-0.0548em;">NKT S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2578em;top:30.8954em;"><span class="stl_524 stl_16 stl_272">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:31.6899em;z-index:415;"><span class="stl_524 stl_16 stl_122" style="word-spacing:0.0086em;">NKT HVC B.V.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9197em;top:31.6899em;"><span class="stl_524 stl_16 stl_669">Netherlands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:32.4844em;"><span class="stl_524 stl_16 stl_275" style="word-spacing:-0.046em;">NKT HV Cables GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0416em;top:32.4844em;"><span class="stl_524 stl_16 stl_165">Switzerland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.554em;top:11.4859em;"><span class="stl_338 stl_21 stl_291">companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5363em;top:11.4859em;"><span class="stl_338 stl_21 stl_59">Domicile  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:13.3065em;"><span class="stl_524 stl_16 stl_559" style="word-spacing:-0.0378em;">NKT Lithuania, UAB  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7911em;top:13.3065em;"><span class="stl_524 stl_16 stl_669">Lithuania  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:14.101em;"><span class="stl_524 stl_16 stl_59" style="word-spacing:-0.0347em;">Solidal – Condutores Eléctricos, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:14.101em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:14.8955em;"><span class="stl_524 stl_16 stl_563" style="word-spacing:-0.0355em;">Gandra Land, Sociedade Unipessoal, Lda.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:14.8955em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:15.69em;"><span class="stl_524 stl_16 stl_300" style="word-spacing:-0.0299em;">Póvoa Land, Unipessoal, Lda.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:15.69em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:16.4845em;"><span class="stl_524 stl_16 stl_59" style="word-spacing:-0.0347em;">Quintas &amp; Quintas – Condutores Eléctricos, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:16.4845em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:17.279em;"><span class="stl_524 stl_16 stl_246" style="word-spacing:-0.0369em;">Bobimade – Indústria de Bobines, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:17.279em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:18.5169em;"><span class="stl_666 stl_21 stl_702" style="word-spacing:-0.0514em;">North America  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:19.3055em;z-index:740;"><span class="stl_524 stl_16 stl_900">NK</span><span class="stl_524 stl_16 stl_549">T</span><span class="stl_524 stl_16 stl_42" style="word-spacing:0em;">, </span><span class="stl_524 stl_16 stl_300">I</span><span class="stl_524 stl_16 stl_154">nc  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3497em;top:19.3055em;"><span class="stl_524 stl_16 stl_34">US  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:20.1em;"><span class="stl_524 stl_16 stl_91" style="word-spacing:-0.038em;">Câbles NKT JV Canada Inc.</span><sup style="top: -0.1947em;"><span class="stl_901 stl_16 stl_902" style="word-spacing:-0.0652em;">3  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1068em;top:20.0996em;"><span class="stl_524 stl_16 stl_243">Canada  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:21.3374em;"><span class="stl_666 stl_21 stl_450" style="word-spacing:-0.043em;">Middle East  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:22.1261em;"><span class="stl_524 stl_16 stl_77" style="word-spacing:-0.0434em;">NKT Middle East DMCC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.6213em;top:22.1261em;"><span class="stl_524 stl_16 stl_280">Dubai  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:23.3639em;"><span class="stl_666 stl_21 stl_419">Asia/Pacific  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:24.1526em;"><span class="stl_524 stl_16 stl_327" style="word-spacing:-0.0473em;">NKT Pty Ltd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9126em;top:24.1526em;"><span class="stl_524 stl_16 stl_156">Australia  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:24.9471em;"><span class="stl_524 stl_16 stl_59" style="word-spacing:-0.0349em;">NKT South Asia Private Limited  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8966em;top:24.9471em;"><span class="stl_524 stl_16 stl_563">India  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:25.7416em;"><span class="stl_524 stl_16 stl_71" style="word-spacing:-0.0341em;">NKT Operations India Private Limited  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8966em;top:25.7416em;"><span class="stl_524 stl_16 stl_563">India  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:26.5361em;"><span class="stl_524 stl_16 stl_60" style="word-spacing:-0.0277em;">Walsin Energy Cable System Co. Ltd</span><sup style="top: -0.1947em;"><span class="stl_901 stl_16 stl_327" style="word-spacing:-0.0474em;">2  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3382em;top:26.5356em;"><span class="stl_524 stl_16 stl_607">Taiwan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.7435em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">All Group companies are wholly owned.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.5353em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Companies without material interest and dormant companies are omitted from the list.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.9408em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1989em;">1 </span></sup><span class="stl_98 stl_16 stl_158" style="word-spacing:-0.0444em;">The Group has applied Section 264 (3) of the German Commercial Code (“Handelsgesetzbuch”) by which NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7578em;top:37.5243em;"><span class="stl_98 stl_16 stl_104" style="word-spacing:-0.0409em;">GmbH is exempted from filing local financial statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:38.2256em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1989em;">2 </span></sup><span class="stl_98 stl_16 stl_489" style="word-spacing:-0.0398em;">The owned share in the entity is 10%. The entity is treated as an associated company in accordance with IAS 28.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:38.927em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1989em;">3 </span></sup><span class="stl_98 stl_16 stl_517" style="word-spacing:-0.0423em;">The owned share in the entity is 80%.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;"><span class="stl_801 stl_33 stl_188" style="word-spacing:0.3407em;">6.3 Group</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.356em;top:8.9083em;"><span class="stl_801 stl_33 stl_185">companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.4859em;"><span class="stl_338 stl_21 stl_559" style="word-spacing:-0.0383em;">Group companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4654em;top:11.4859em;"><span class="stl_338 stl_21 stl_64" style="word-spacing:0.4425em;">Domicile Group</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.3022em;"><span class="stl_338 stl_21 stl_419" style="word-spacing:-0.0477em;">NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.574em;"><span class="stl_666 stl_21 stl_327">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.3627em;"><span class="stl_524 stl_16 stl_455" style="word-spacing:-0.0458em;">NKT Cables Group A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6992em;top:15.3627em;"><span class="stl_524 stl_16 stl_77">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.1572em;"><span class="stl_524 stl_16 stl_443" style="word-spacing:-0.0482em;">NKT (Denmark) A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6992em;top:16.1572em;"><span class="stl_524 stl_16 stl_77">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.9517em;"><span class="stl_524 stl_16 stl_407" style="word-spacing:-0.0436em;">NKT Invest A/S  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6992em;top:16.9517em;"><span class="stl_524 stl_16 stl_77">Denmark  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.1895em;"><span class="stl_666 stl_21 stl_165">Europe  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.9782em;"><span class="stl_524 stl_16 stl_563" style="word-spacing:-0.0355em;">NKT Group GmbH</span><sup style="top: -0.1946em;"><span class="stl_901 stl_16 stl_404" style="word-spacing:-0.0609em;">1  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:18.9779em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:19.7724em;"><span class="stl_524 stl_16 stl_615" style="word-spacing:-0.0393em;">NKT Verwaltungs GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:19.7724em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:20.5669em;"><span class="stl_524 stl_16 stl_155" style="word-spacing:-0.0315em;">NKT GmbH &amp; Co. KG  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:20.5669em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:21.3614em;"><span class="stl_524 stl_16 stl_153" style="word-spacing:-0.0532em;">NKT GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:21.3614em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:22.1559em;"><span class="stl_524 stl_16 stl_566" style="word-spacing:-0.0336em;">Zweite NKT GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6943em;top:22.1559em;"><span class="stl_524 stl_16 stl_492">Germany  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:22.9504em;"><span class="stl_524 stl_16 stl_503" style="word-spacing:0.0003em;">NKT s.r.o.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.984em;top:22.9504em;"><span class="stl_524 stl_16 stl_154" style="word-spacing:-0.036em;">Czech Republic  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:23.7449em;"><span class="stl_524 stl_16 stl_174" style="word-spacing:-0.0362em;">NKT (Ibérica) S.L.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5851em;top:23.7449em;"><span class="stl_524 stl_16 stl_91">Spain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:24.5394em;"><span class="stl_524 stl_16 stl_339" style="word-spacing:-0.0375em;">Solicabel, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5851em;top:24.5394em;"><span class="stl_524 stl_16 stl_91">Spain  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:25.3339em;"><span class="stl_524 stl_16 stl_64" style="word-spacing:-0.037em;">NKT (Sweden) AB  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9458em;top:25.3339em;"><span class="stl_524 stl_16 stl_669">Sweden  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:26.1284em;"><span class="stl_524 stl_16 stl_327" style="word-spacing:-0.0473em;">NKT HV Cables AB  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9458em;top:26.1284em;"><span class="stl_524 stl_16 stl_669">Sweden  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:26.9229em;"><span class="stl_524 stl_16 stl_41" style="word-spacing:-0.0553em;">NKT AS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0741em;top:26.9229em;"><span class="stl_524 stl_16 stl_441">Norway  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:27.7174em;"><span class="stl_524 stl_16 stl_280" style="word-spacing:-0.0396em;">NKT HVC AS  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0741em;top:27.7174em;"><span class="stl_524 stl_16 stl_441">Norway  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:28.5119em;"><span class="stl_524 stl_16 stl_213" style="word-spacing:-0.0148em;">NKT (U.K.) Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2658em;top:28.5119em;"><span class="stl_524 stl_16 stl_165">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:29.3064em;"><span class="stl_524 stl_16 stl_62" style="word-spacing:-0.0251em;">NKT HVC Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2658em;top:29.3064em;"><span class="stl_524 stl_16 stl_165">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:30.1009em;"><span class="stl_524 stl_16 stl_231" style="word-spacing:-0.0158em;">Ventcroft Ltd.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2658em;top:30.1009em;"><span class="stl_524 stl_16 stl_165">UK  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:30.8954em;"><span class="stl_524 stl_16 stl_903" style="word-spacing:-0.0548em;">NKT S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2578em;top:30.8954em;"><span class="stl_524 stl_16 stl_272">Poland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:31.6899em;z-index:415;"><span class="stl_524 stl_16 stl_122" style="word-spacing:0.0086em;">NKT HVC B.V.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.9197em;top:31.6899em;"><span class="stl_524 stl_16 stl_669">Netherlands  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4565em;top:32.4844em;"><span class="stl_524 stl_16 stl_275" style="word-spacing:-0.046em;">NKT HV Cables GmbH  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0416em;top:32.4844em;"><span class="stl_524 stl_16 stl_165">Switzerland  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.554em;top:11.4859em;"><span class="stl_338 stl_21 stl_291">companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.5363em;top:11.4859em;"><span class="stl_338 stl_21 stl_59">Domicile  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:13.3065em;"><span class="stl_524 stl_16 stl_559" style="word-spacing:-0.0378em;">NKT Lithuania, UAB  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7911em;top:13.3065em;"><span class="stl_524 stl_16 stl_669">Lithuania  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:14.101em;"><span class="stl_524 stl_16 stl_59" style="word-spacing:-0.0347em;">Solidal – Condutores Eléctricos, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:14.101em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:14.8955em;"><span class="stl_524 stl_16 stl_563" style="word-spacing:-0.0355em;">Gandra Land, Sociedade Unipessoal, Lda.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:14.8955em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:15.69em;"><span class="stl_524 stl_16 stl_300" style="word-spacing:-0.0299em;">Póvoa Land, Unipessoal, Lda.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:15.69em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:16.4845em;"><span class="stl_524 stl_16 stl_59" style="word-spacing:-0.0347em;">Quintas &amp; Quintas – Condutores Eléctricos, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:16.4845em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:17.279em;"><span class="stl_524 stl_16 stl_246" style="word-spacing:-0.0369em;">Bobimade – Indústria de Bobines, S.A.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9486em;top:17.279em;"><span class="stl_524 stl_16 stl_165">Portugal  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:18.5169em;"><span class="stl_666 stl_21 stl_702" style="word-spacing:-0.0514em;">North America  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:19.3055em;z-index:740;"><span class="stl_524 stl_16 stl_900">NK</span><span class="stl_524 stl_16 stl_549">T</span><span class="stl_524 stl_16 stl_42" style="word-spacing:0em;">, </span><span class="stl_524 stl_16 stl_300">I</span><span class="stl_524 stl_16 stl_154">nc  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.3497em;top:19.3055em;"><span class="stl_524 stl_16 stl_34">US  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5276em;top:20.1em;"><span class="stl_524 stl_16 stl_91" style="word-spacing:-0.038em;">Câbles NKT JV Canada Inc.</span><sup style="top: -0.1947em;"><span class="stl_901 stl_16 stl_902" style="word-spacing:-0.0652em;">3  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.1068em;top:20.0996em;"><span class="stl_524 stl_16 stl_243">Canada  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:21.3374em;"><span class="stl_666 stl_21 stl_450" style="word-spacing:-0.043em;">Middle East  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:22.1261em;"><span class="stl_524 stl_16 stl_77" style="word-spacing:-0.0434em;">NKT Middle East DMCC  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.6213em;top:22.1261em;"><span class="stl_524 stl_16 stl_280">Dubai  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:23.3639em;"><span class="stl_666 stl_21 stl_419">Asia/Pacific  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:24.1526em;"><span class="stl_524 stl_16 stl_327" style="word-spacing:-0.0473em;">NKT Pty Ltd  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9126em;top:24.1526em;"><span class="stl_524 stl_16 stl_156">Australia  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:24.9471em;"><span class="stl_524 stl_16 stl_59" style="word-spacing:-0.0349em;">NKT South Asia Private Limited  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8966em;top:24.9471em;"><span class="stl_524 stl_16 stl_563">India  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:25.7416em;"><span class="stl_524 stl_16 stl_71" style="word-spacing:-0.0341em;">NKT Operations India Private Limited  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.8966em;top:25.7416em;"><span class="stl_524 stl_16 stl_563">India  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.5277em;top:26.5361em;"><span class="stl_524 stl_16 stl_60" style="word-spacing:-0.0277em;">Walsin Energy Cable System Co. Ltd</span><sup style="top: -0.1947em;"><span class="stl_901 stl_16 stl_327" style="word-spacing:-0.0474em;">2  </span></sup></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3382em;top:26.5356em;"><span class="stl_524 stl_16 stl_607">Taiwan  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.7435em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">All Group companies are wholly owned.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.5353em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">Companies without material interest and dormant companies are omitted from the list.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.9408em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1989em;">1 </span></sup><span class="stl_98 stl_16 stl_158" style="word-spacing:-0.0444em;">The Group has applied Section 264 (3) of the German Commercial Code (“Handelsgesetzbuch”) by which NKT Group  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7578em;top:37.5243em;"><span class="stl_98 stl_16 stl_104" style="word-spacing:-0.0409em;">GmbH is exempted from filing local financial statement.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:38.2256em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1989em;">2 </span></sup><span class="stl_98 stl_16 stl_489" style="word-spacing:-0.0398em;">The owned share in the entity is 10%. The entity is treated as an associated company in accordance with IAS 28.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:38.927em;"><sup style="top: -0.1665em;"><span class="stl_177 stl_16 stl_42" style="word-spacing:0.1989em;">3 </span></sup><span class="stl_98 stl_16 stl_517" style="word-spacing:-0.0423em;">The owned share in the entity is 80%.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Discontinued operations represent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">a separate major line of businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0215em;">intended to be disposed within 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">months. The results of discontinued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">operations are presented separately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.0522em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">in the income statement and the cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8441em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">flow statement with restatement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.636em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">comparative figures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Assets and liabilities held for sale from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">discontinued operations are presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">as separate items in the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">with no restatement of comparative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">figures. Elimination between contin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.1785em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uing and discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.9704em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">is presented to reflect continuing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.7622em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">operations as post-separation, which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.5541em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">includes elimination of interest and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:27.346em;"><span class="stl_298 stl_16 stl_60">loans.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.096em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">Assets and liabilities from discontin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8879em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ued operations and assets held for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6797em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">sale are measured at the lower of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4716em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.036em;">carrying amount and fair value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2635em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">cost of disposal. Impairment test is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0554em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">performed immediately before classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8472em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">fication as held for sale. Non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6391em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">assets held for sale are not depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.431em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ated or amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0141em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Enterprises disposed of are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.806em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">nised in the consolidated income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5979em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">statement until the disposal date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.5704em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Gains and losses from disposal of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.3622em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">activities are included the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.1541em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">statement in the line item ‘Net result -  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.946em;z-index:2355;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">discontinued operations</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_233">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.1657em;top:11.4641em;"><span class="stl_157 stl_33 stl_435" style="word-spacing:-0.0456em;">Accounting policy  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.0929em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">Discontinued operations represent  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:13.8847em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">a separate major line of businesses  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:14.6766em;"><span class="stl_298 stl_16 stl_216" style="word-spacing:-0.0215em;">intended to be disposed within 12  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:15.4685em;"><span class="stl_298 stl_16 stl_60" style="word-spacing:-0.0276em;">months. The results of discontinued  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:16.2604em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">operations are presented separately  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.0522em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0294em;">in the income statement and the cash  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:17.8441em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">flow statement with restatement of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:18.636em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">comparative figures.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:20.2191em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">Assets and liabilities held for sale from  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.011em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0287em;">discontinued operations are presented  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:21.8029em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">as separate items in the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:22.5947em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.026em;">with no restatement of comparative  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:23.3866em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0303em;">figures. Elimination between contin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.1785em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">uing and discontinued operations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:24.9704em;"><span class="stl_298 stl_16 stl_184" style="word-spacing:-0.027em;">is presented to reflect continuing  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:25.7622em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0263em;">operations as post-separation, which  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:26.5541em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">includes elimination of interest and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.362em;top:27.346em;"><span class="stl_298 stl_16 stl_60">loans.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.096em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0303em;">Assets and liabilities from discontin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:13.8879em;"><span class="stl_298 stl_16 stl_271" style="word-spacing:-0.0305em;">ued operations and assets held for  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:14.6797em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0279em;">sale are measured at the lower of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:15.4716em;"><span class="stl_298 stl_16 stl_154" style="word-spacing:-0.036em;">carrying amount and fair value less  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:16.2635em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0284em;">cost of disposal. Impairment test is  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.0554em;"><span class="stl_298 stl_16 stl_403" style="word-spacing:-0.0331em;">performed immediately before classi-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:17.8472em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">fication as held for sale. Non-current  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:18.6391em;"><span class="stl_298 stl_16 stl_103" style="word-spacing:-0.0308em;">assets held for sale are not depreci-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:19.431em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">ated or amortised.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.0141em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Enterprises disposed of are recog-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:21.806em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">nised in the consolidated income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:22.5979em;"><span class="stl_298 stl_16 stl_65" style="word-spacing:-0.0246em;">statement until the disposal date.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:24.5704em;"><span class="stl_298 stl_16 stl_54" style="word-spacing:-0.0325em;">Gains and losses from disposal of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:25.3622em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">activities are included the income  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.1541em;"><span class="stl_298 stl_16 stl_58" style="word-spacing:-0.0261em;">statement in the line item ‘Net result -  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:14.4095em;top:26.946em;z-index:2355;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0271em;">discontinued operations</span><span class="stl_298 stl_16 stl_233">’</span><span class="stl_298 stl_16 stl_233">.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:8.9083em;"><span class="stl_801 stl_33 stl_905" style="word-spacing:0.6062em;">7.1 Fees</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.607em;top:8.9083em;"><span class="stl_801 stl_33 stl_23" style="word-spacing:-0.0209em;">to the auditor elected at the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.2524em;top:9.9083em;"><span class="stl_801 stl_33 stl_46" style="word-spacing:-0.0248em;">Annual General Meeting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:11.5932em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.9016em;top:11.5932em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.1453em;top:11.5932em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:13.4626em;"><span class="stl_298 stl_16 stl_211">PwC:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:14.4282em;"><span class="stl_298 stl_16 stl_43" style="word-spacing:-0.0317em;">Statutory audit  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9672em;top:14.4282em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2191em;top:14.4282em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3616em;top:15.3938em;"><span class="stl_298 stl_16 stl_267" style="word-spacing:-0.0355em;">Other assurance  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9666em;top:15.3938em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2185em;top:15.3938em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.361em;top:16.3594em;"><span class="stl_298 stl_16 stl_450" style="word-spacing:-0.043em;">Other service  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.966em;top:16.3594em;"><span class="stl_298 stl_16 stl_42">1</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2178em;top:16.3594em;"><span class="stl_298 stl_16 stl_42">0</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3603em;top:17.3313em;"><span class="stl_338 stl_21 stl_788">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9653em;top:17.3313em;"><span class="stl_338 stl_21 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2172em;top:17.3313em;"><span class="stl_338 stl_21 stl_42">2</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3597em;top:18.7532em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">Other services than statutory audit provided by PwC Denmark in 2024 relate to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3597em;top:19.5451em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">sustainability assurance, transaction advice, cyber security, and other accounting  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3597em;top:20.3369em;"><span class="stl_298 stl_16 stl_490" style="word-spacing:-0.0416em;">and advisory services.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;z-index:439;"><span class="stl_801 stl_33 stl_860">7</span><span class="stl_801 stl_33 stl_34">.</span><span class="stl_801 stl_33 stl_324" style="word-spacing:0.4399em;">3 Contingent</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.521em;top:8.9083em;z-index:439;"><span class="stl_801 stl_33 stl_48" style="word-spacing:-0.0214em;">assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3469em;top:9.9083em;"><span class="stl_801 stl_33 stl_206" style="word-spacing:-0.0222em;">and pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.6961em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0365em;">NKT Group is a party to various dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.488em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">putes and inquiries from authorities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.2799em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">whose outcome is not expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.0718em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">materially affect profit for the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.8636em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">the financial position. In connection  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.6555em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">with the disposal of companies in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.4474em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">previous years, guarantees have been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.2393em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">provided which are not expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.0311em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">materially affect the net result. Fur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.823em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">ther, NKT Group is a party to various  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.6149em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">insurance claims as well as customer  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.4068em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">claims whose outcome is still uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.1986em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">tain and not recognised in the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.9905em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">statement at the balance sheet day.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.7824em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Finally, NKT Group is from time to time  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.5743em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">party to inquires from public authori-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.3661em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">ties and others related to competition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.158em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">laws and regulations. It is the opinion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.9499em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">of Management that, apart from items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.7418em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">recognised in the financial statements,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.5336em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">it is associated with a high degree of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.3255em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">uncertainty to assess how the out-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.1174em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">come of any of these inspections may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.9093em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">affect NKT Group's business, financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.7011em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">conditions and results of operations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.493em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">NKT Group does not expect these to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:32.2849em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">have a material impact on the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.0768em;"><span class="stl_298 stl_16 stl_205">statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.6599em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">NKT Group is jointly liable for Danish  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.4518em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">corporate taxes on dividend, interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.2436em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">and royalties together with Photonics  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.0355em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">up until the sale in May 2024. In a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.8274em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">few cases the NKT Group’s foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:38.6193em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">companies are subject to special tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:11.7024em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">schemes to which certain conditions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:12.4943em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">are attached. As of 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.2861em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">2024 these conditions were complied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:14.078em;"><span class="stl_298 stl_16 stl_52">with.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:15.6674em;"><span class="stl_338 stl_21 stl_374">Guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:16.453em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0174em;">At 31 December 2024 the value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:17.2449em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">guarantees issued by financial institu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:18.0368em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">tions on behalf of Group companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:18.8286em;"><span class="stl_298 stl_16 stl_461" style="word-spacing:0.0037em;">was EUR 2,570m (EUR 1,901m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:19.6205em;"><span class="stl_298 stl_16 stl_183" style="word-spacing:-0.0207em;">2023). At the balance sheet date none  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:20.4124em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">of the issued guarantees are expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:21.2043em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0222em;">to materialise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:22.7874em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">As part of the Group’s commercial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:23.5793em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">activities, parent company guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:24.3711em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">are provided towards customers and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.163em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">suppliers. These guarantees cover the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.9549em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">risk relating to performance inherent in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:26.7468em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">projects and contracts. On 31 Decem-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:27.5386em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0221em;">ber 2024 the value of parent company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:28.3305em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">guarantees issued to customers and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:29.1224em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">suppliers was EUR 5,542m (EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:29.9143em;"><span class="stl_298 stl_16 stl_213" style="word-spacing:-0.0148em;">4,705m in 2023). On the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:30.7061em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">date none of the issued guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:31.498em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">are expected to materialise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:33.0811em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">Further, parent company guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:33.873em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">have been provided towards financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:34.6649em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">institutions in relation to guarantee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:35.4568em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">facilities, credit facilities and mortgage  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:36.2486em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0208em;">loans. On 31 December 2024 the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:37.0405em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">value of parent company guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:37.8324em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">issued to financial institutions was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:38.6243em;"><span class="stl_298 stl_16 stl_505" style="word-spacing:0.0131em;">EUR 2,742m (EUR 2,052m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:11.5986em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">On the balance sheet date none of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:12.3905em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">issued guarantees are expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:13.1824em;"><span class="stl_298 stl_16 stl_207">materialise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:14.7718em;"><span class="stl_338 stl_21 stl_267">Pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:15.5574em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">Non-current assets with carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:16.3493em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">amount of EUR 880m (EUR 565m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:11.5892em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">2023) have been pledged as security  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:12.381em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">for mortgage loans of total EUR 138m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:13.1729em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">(EUR 140m in 2023). The development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:13.9648em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">of pledged assets relate mostly to tan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:14.7567em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">gible assets on sites of construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:15.5485em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">and the progression hereof.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.6513em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:18.6513em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:18.6513em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.5256em;"><span class="stl_380 stl_381 stl_59" style="word-spacing:-0.0348em;">Carrying amount of assets pledged as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.2338em;"><span class="stl_380 stl_381 stl_45" style="word-spacing:-0.0303em;">collateral for credit institutions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.1944em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">Land and buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4624em;top:22.1944em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7274em;top:22.1944em;"><span class="stl_298 stl_16 stl_771">243  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.16em;"><span class="stl_298 stl_16 stl_291" style="word-spacing:-0.0373em;">Plant and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5124em;top:23.16em;"><span class="stl_298 stl_16 stl_906">121  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7618em;top:23.16em;"><span class="stl_298 stl_16 stl_719">131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:24.1256em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">Fixtures, tools and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8037em;top:24.1256em;"><span class="stl_298 stl_16 stl_79">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0537em;top:24.1256em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:25.0913em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">Property, plant and equipment under construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4474em;top:25.0913em;"><span class="stl_298 stl_16 stl_226">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7512em;top:25.0913em;"><span class="stl_298 stl_16 stl_763">152  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:26.0631em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4274em;top:26.0631em;"><span class="stl_338 stl_21 stl_101">880  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6862em;top:26.0631em;"><span class="stl_338 stl_21 stl_152">565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:27.6019em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Liabilities related to pledged assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4843em;top:27.6019em;"><span class="stl_298 stl_16 stl_871">138  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7468em;top:27.6019em;"><span class="stl_298 stl_16 stl_168">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.352em;top:30.611em;"><span class="stl_157 stl_33 stl_654" style="word-spacing:-0.0501em;">Significant estimates and judgements</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:32.2398em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Disclosures for contingent assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.0317em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">and liabilities and when they must be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.8235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">recognised is derived from evalua-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.6154em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">tions of the expected outcome of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:35.4073em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">individual issues. These evaluations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:36.1992em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">are based on legal opinions of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:32.241em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">agreements contracted, which in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:33.0329em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">significant instances also include opin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:33.8248em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0312em;">ions obtained from external advisors,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:34.6167em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">including lawyers.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;z-index:439;"><span class="stl_801 stl_33 stl_860">7</span><span class="stl_801 stl_33 stl_34">.</span><span class="stl_801 stl_33 stl_324" style="word-spacing:0.4399em;">3 Contingent</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.521em;top:8.9083em;z-index:439;"><span class="stl_801 stl_33 stl_48" style="word-spacing:-0.0214em;">assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3469em;top:9.9083em;"><span class="stl_801 stl_33 stl_206" style="word-spacing:-0.0222em;">and pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.6961em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0365em;">NKT Group is a party to various dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.488em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">putes and inquiries from authorities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.2799em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">whose outcome is not expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.0718em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">materially affect profit for the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.8636em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">the financial position. In connection  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.6555em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">with the disposal of companies in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.4474em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">previous years, guarantees have been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.2393em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">provided which are not expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.0311em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">materially affect the net result. Fur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.823em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">ther, NKT Group is a party to various  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.6149em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">insurance claims as well as customer  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.4068em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">claims whose outcome is still uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.1986em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">tain and not recognised in the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.9905em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">statement at the balance sheet day.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.7824em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Finally, NKT Group is from time to time  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.5743em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">party to inquires from public authori-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.3661em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">ties and others related to competition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.158em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">laws and regulations. It is the opinion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.9499em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">of Management that, apart from items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.7418em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">recognised in the financial statements,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.5336em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">it is associated with a high degree of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.3255em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">uncertainty to assess how the out-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.1174em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">come of any of these inspections may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.9093em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">affect NKT Group's business, financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.7011em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">conditions and results of operations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.493em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">NKT Group does not expect these to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:32.2849em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">have a material impact on the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.0768em;"><span class="stl_298 stl_16 stl_205">statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.6599em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">NKT Group is jointly liable for Danish  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.4518em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">corporate taxes on dividend, interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.2436em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">and royalties together with Photonics  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.0355em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">up until the sale in May 2024. In a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.8274em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">few cases the NKT Group’s foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:38.6193em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">companies are subject to special tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:11.7024em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">schemes to which certain conditions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:12.4943em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">are attached. As of 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.2861em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">2024 these conditions were complied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:14.078em;"><span class="stl_298 stl_16 stl_52">with.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:15.6674em;"><span class="stl_338 stl_21 stl_374">Guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:16.453em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0174em;">At 31 December 2024 the value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:17.2449em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">guarantees issued by financial institu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:18.0368em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">tions on behalf of Group companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:18.8286em;"><span class="stl_298 stl_16 stl_461" style="word-spacing:0.0037em;">was EUR 2,570m (EUR 1,901m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:19.6205em;"><span class="stl_298 stl_16 stl_183" style="word-spacing:-0.0207em;">2023). At the balance sheet date none  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:20.4124em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">of the issued guarantees are expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:21.2043em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0222em;">to materialise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:22.7874em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">As part of the Group’s commercial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:23.5793em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">activities, parent company guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:24.3711em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">are provided towards customers and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.163em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">suppliers. These guarantees cover the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.9549em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">risk relating to performance inherent in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:26.7468em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">projects and contracts. On 31 Decem-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:27.5386em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0221em;">ber 2024 the value of parent company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:28.3305em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">guarantees issued to customers and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:29.1224em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">suppliers was EUR 5,542m (EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:29.9143em;"><span class="stl_298 stl_16 stl_213" style="word-spacing:-0.0148em;">4,705m in 2023). On the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:30.7061em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">date none of the issued guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:31.498em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">are expected to materialise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:33.0811em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">Further, parent company guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:33.873em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">have been provided towards financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:34.6649em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">institutions in relation to guarantee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:35.4568em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">facilities, credit facilities and mortgage  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:36.2486em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0208em;">loans. On 31 December 2024 the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:37.0405em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">value of parent company guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:37.8324em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">issued to financial institutions was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:38.6243em;"><span class="stl_298 stl_16 stl_505" style="word-spacing:0.0131em;">EUR 2,742m (EUR 2,052m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:11.5986em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">On the balance sheet date none of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:12.3905em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">issued guarantees are expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:13.1824em;"><span class="stl_298 stl_16 stl_207">materialise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:14.7718em;"><span class="stl_338 stl_21 stl_267">Pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:15.5574em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">Non-current assets with carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:16.3493em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">amount of EUR 880m (EUR 565m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:11.5892em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">2023) have been pledged as security  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:12.381em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">for mortgage loans of total EUR 138m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:13.1729em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">(EUR 140m in 2023). The development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:13.9648em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">of pledged assets relate mostly to tan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:14.7567em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">gible assets on sites of construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:15.5485em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">and the progression hereof.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.6513em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:18.6513em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:18.6513em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.5256em;"><span class="stl_380 stl_381 stl_59" style="word-spacing:-0.0348em;">Carrying amount of assets pledged as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.2338em;"><span class="stl_380 stl_381 stl_45" style="word-spacing:-0.0303em;">collateral for credit institutions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.1944em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">Land and buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4624em;top:22.1944em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7274em;top:22.1944em;"><span class="stl_298 stl_16 stl_771">243  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.16em;"><span class="stl_298 stl_16 stl_291" style="word-spacing:-0.0373em;">Plant and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5124em;top:23.16em;"><span class="stl_298 stl_16 stl_906">121  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7618em;top:23.16em;"><span class="stl_298 stl_16 stl_719">131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:24.1256em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">Fixtures, tools and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8037em;top:24.1256em;"><span class="stl_298 stl_16 stl_79">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0537em;top:24.1256em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:25.0913em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">Property, plant and equipment under construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4474em;top:25.0913em;"><span class="stl_298 stl_16 stl_226">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7512em;top:25.0913em;"><span class="stl_298 stl_16 stl_763">152  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:26.0631em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4274em;top:26.0631em;"><span class="stl_338 stl_21 stl_101">880  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6862em;top:26.0631em;"><span class="stl_338 stl_21 stl_152">565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:27.6019em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Liabilities related to pledged assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4843em;top:27.6019em;"><span class="stl_298 stl_16 stl_871">138  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7468em;top:27.6019em;"><span class="stl_298 stl_16 stl_168">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.352em;top:30.611em;"><span class="stl_157 stl_33 stl_654" style="word-spacing:-0.0501em;">Significant estimates and judgements</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:32.2398em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Disclosures for contingent assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.0317em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">and liabilities and when they must be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.8235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">recognised is derived from evalua-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.6154em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">tions of the expected outcome of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:35.4073em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">individual issues. These evaluations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:36.1992em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">are based on legal opinions of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:32.241em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">agreements contracted, which in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:33.0329em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">significant instances also include opin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:33.8248em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0312em;">ions obtained from external advisors,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:34.6167em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">including lawyers.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:8.9083em;z-index:439;"><span class="stl_801 stl_33 stl_860">7</span><span class="stl_801 stl_33 stl_34">.</span><span class="stl_801 stl_33 stl_324" style="word-spacing:0.4399em;">3 Contingent</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.521em;top:8.9083em;z-index:439;"><span class="stl_801 stl_33 stl_48" style="word-spacing:-0.0214em;">assets and liabilities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3469em;top:9.9083em;"><span class="stl_801 stl_33 stl_206" style="word-spacing:-0.0222em;">and pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:11.6961em;"><span class="stl_298 stl_16 stl_78" style="word-spacing:-0.0365em;">NKT Group is a party to various dis-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:12.488em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0313em;">putes and inquiries from authorities  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:13.2799em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0248em;">whose outcome is not expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.0718em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0304em;">materially affect profit for the year and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:14.8636em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">the financial position. In connection  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:15.6555em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0314em;">with the disposal of companies in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:16.4474em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">previous years, guarantees have been  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:17.2393em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">provided which are not expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.0311em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">materially affect the net result. Fur-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:18.823em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.0289em;">ther, NKT Group is a party to various  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:19.6149em;"><span class="stl_298 stl_16 stl_45" style="word-spacing:-0.0302em;">insurance claims as well as customer  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:20.4068em;"><span class="stl_298 stl_16 stl_83" style="word-spacing:-0.0258em;">claims whose outcome is still uncer-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.1986em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.032em;">tain and not recognised in the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:21.9905em;"><span class="stl_298 stl_16 stl_257" style="word-spacing:-0.0228em;">statement at the balance sheet day.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:22.7824em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">Finally, NKT Group is from time to time  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:23.5743em;"><span class="stl_298 stl_16 stl_401" style="word-spacing:-0.0328em;">party to inquires from public authori-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:24.3661em;"><span class="stl_298 stl_16 stl_50" style="word-spacing:-0.0261em;">ties and others related to competition  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.158em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0285em;">laws and regulations. It is the opinion  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:25.9499em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">of Management that, apart from items  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:26.7418em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">recognised in the financial statements,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:27.5336em;"><span class="stl_298 stl_16 stl_342" style="word-spacing:-0.0295em;">it is associated with a high degree of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:28.3255em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">uncertainty to assess how the out-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.1174em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">come of any of these inspections may  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:29.9093em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">affect NKT Group's business, financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:30.7011em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0291em;">conditions and results of operations.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:31.493em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">NKT Group does not expect these to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:32.2849em;"><span class="stl_298 stl_16 stl_300" style="word-spacing:-0.0301em;">have a material impact on the financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:33.0768em;"><span class="stl_298 stl_16 stl_205">statements.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:34.6599em;"><span class="stl_298 stl_16 stl_225" style="word-spacing:-0.033em;">NKT Group is jointly liable for Danish  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:35.4518em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">corporate taxes on dividend, interest  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:36.2436em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0244em;">and royalties together with Photonics  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.0355em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">up until the sale in May 2024. In a  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:37.8274em;"><span class="stl_298 stl_16 stl_211" style="word-spacing:-0.0241em;">few cases the NKT Group’s foreign  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4567em;top:38.6193em;"><span class="stl_298 stl_16 stl_59" style="word-spacing:-0.0348em;">companies are subject to special tax  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:11.7024em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0345em;">schemes to which certain conditions  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:12.4943em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0278em;">are attached. As of 31 December  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:13.2861em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0257em;">2024 these conditions were complied  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:14.078em;"><span class="stl_298 stl_16 stl_52">with.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:15.6674em;"><span class="stl_338 stl_21 stl_374">Guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:16.453em;"><span class="stl_298 stl_16 stl_278" style="word-spacing:-0.0174em;">At 31 December 2024 the value of  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:17.2449em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">guarantees issued by financial institu-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:18.0368em;"><span class="stl_298 stl_16 stl_34" style="word-spacing:-0.0319em;">tions on behalf of Group companies  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:18.8286em;"><span class="stl_298 stl_16 stl_461" style="word-spacing:0.0037em;">was EUR 2,570m (EUR 1,901m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:19.6205em;"><span class="stl_298 stl_16 stl_183" style="word-spacing:-0.0207em;">2023). At the balance sheet date none  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:20.4124em;"><span class="stl_298 stl_16 stl_204" style="word-spacing:-0.0286em;">of the issued guarantees are expected  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:21.2043em;"><span class="stl_298 stl_16 stl_206" style="word-spacing:-0.0222em;">to materialise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:22.7874em;"><span class="stl_298 stl_16 stl_186" style="word-spacing:-0.025em;">As part of the Group’s commercial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:23.5793em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0299em;">activities, parent company guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:24.3711em;"><span class="stl_298 stl_16 stl_46" style="word-spacing:-0.0249em;">are provided towards customers and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.163em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0313em;">suppliers. These guarantees cover the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:25.9549em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0317em;">risk relating to performance inherent in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:26.7468em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">projects and contracts. On 31 Decem-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:27.5386em;"><span class="stl_298 stl_16 stl_47" style="word-spacing:-0.0221em;">ber 2024 the value of parent company  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:28.3305em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">guarantees issued to customers and  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:29.1224em;"><span class="stl_298 stl_16 stl_52" style="word-spacing:-0.021em;">suppliers was EUR 5,542m (EUR  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:29.9143em;"><span class="stl_298 stl_16 stl_213" style="word-spacing:-0.0148em;">4,705m in 2023). On the balance sheet  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:30.7061em;"><span class="stl_298 stl_16 stl_199" style="word-spacing:-0.0277em;">date none of the issued guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:31.498em;"><span class="stl_298 stl_16 stl_141" style="word-spacing:-0.0243em;">are expected to materialise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:33.0811em;"><span class="stl_298 stl_16 stl_200" style="word-spacing:-0.0256em;">Further, parent company guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:33.873em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0281em;">have been provided towards financial  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:34.6649em;"><span class="stl_298 stl_16 stl_187" style="word-spacing:-0.0255em;">institutions in relation to guarantee  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:35.4568em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">facilities, credit facilities and mortgage  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:36.2486em;"><span class="stl_298 stl_16 stl_23" style="word-spacing:-0.0208em;">loans. On 31 December 2024 the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:37.0405em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">value of parent company guarantees  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:37.8324em;"><span class="stl_298 stl_16 stl_94" style="word-spacing:-0.0289em;">issued to financial institutions was  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5042em;top:38.6243em;"><span class="stl_298 stl_16 stl_505" style="word-spacing:0.0131em;">EUR 2,742m (EUR 2,052m in 2023).  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:11.5986em;"><span class="stl_298 stl_16 stl_191" style="word-spacing:-0.0285em;">On the balance sheet date none of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:12.3905em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">issued guarantees are expected to  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:13.1824em;"><span class="stl_298 stl_16 stl_207">materialise.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:14.7718em;"><span class="stl_338 stl_21 stl_267">Pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:15.5574em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">Non-current assets with carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:16.3493em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">amount of EUR 880m (EUR 565m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:11.5892em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">2023) have been pledged as security  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:12.381em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">for mortgage loans of total EUR 138m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:13.1729em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">(EUR 140m in 2023). The development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:13.9648em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">of pledged assets relate mostly to tan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:14.7567em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">gible assets on sites of construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:15.5485em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">and the progression hereof.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.6513em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:18.6513em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:18.6513em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.5256em;"><span class="stl_380 stl_381 stl_59" style="word-spacing:-0.0348em;">Carrying amount of assets pledged as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.2338em;"><span class="stl_380 stl_381 stl_45" style="word-spacing:-0.0303em;">collateral for credit institutions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.1944em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">Land and buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4624em;top:22.1944em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7274em;top:22.1944em;"><span class="stl_298 stl_16 stl_771">243  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.16em;"><span class="stl_298 stl_16 stl_291" style="word-spacing:-0.0373em;">Plant and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5124em;top:23.16em;"><span class="stl_298 stl_16 stl_906">121  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7618em;top:23.16em;"><span class="stl_298 stl_16 stl_719">131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:24.1256em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">Fixtures, tools and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8037em;top:24.1256em;"><span class="stl_298 stl_16 stl_79">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0537em;top:24.1256em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:25.0913em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">Property, plant and equipment under construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4474em;top:25.0913em;"><span class="stl_298 stl_16 stl_226">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7512em;top:25.0913em;"><span class="stl_298 stl_16 stl_763">152  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:26.0631em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4274em;top:26.0631em;"><span class="stl_338 stl_21 stl_101">880  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6862em;top:26.0631em;"><span class="stl_338 stl_21 stl_152">565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:27.6019em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Liabilities related to pledged assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4843em;top:27.6019em;"><span class="stl_298 stl_16 stl_871">138  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7468em;top:27.6019em;"><span class="stl_298 stl_16 stl_168">140  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.352em;top:30.611em;"><span class="stl_157 stl_33 stl_654" style="word-spacing:-0.0501em;">Significant estimates and judgements</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:32.2398em;"><span class="stl_298 stl_16 stl_55" style="word-spacing:-0.0305em;">Disclosures for contingent assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.0317em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0318em;">and liabilities and when they must be  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:33.8235em;"><span class="stl_298 stl_16 stl_272" style="word-spacing:-0.0311em;">recognised is derived from evalua-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:34.6154em;"><span class="stl_298 stl_16 stl_188" style="word-spacing:-0.0243em;">tions of the expected outcome of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:35.4073em;"><span class="stl_298 stl_16 stl_88" style="word-spacing:-0.0319em;">individual issues. These evaluations  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5515em;top:36.1992em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.031em;">are based on legal opinions of the  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:32.241em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">agreements contracted, which in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:33.0329em;"><span class="stl_298 stl_16 stl_96" style="word-spacing:-0.0338em;">significant instances also include opin-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:33.8248em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0312em;">ions obtained from external advisors,  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:34.6167em;"><span class="stl_298 stl_16 stl_109" style="word-spacing:-0.0325em;">including lawyers.  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:14.7718em;"><span class="stl_338 stl_21 stl_267">Pledges  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:15.5574em;"><span class="stl_298 stl_16 stl_564" style="word-spacing:-0.0343em;">Non-current assets with carrying  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5517em;top:16.3493em;"><span class="stl_298 stl_16 stl_253" style="word-spacing:-0.028em;">amount of EUR 880m (EUR 565m in  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:11.5892em;"><span class="stl_298 stl_16 stl_73" style="word-spacing:-0.0298em;">2023) have been pledged as security  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:12.381em;"><span class="stl_298 stl_16 stl_48" style="word-spacing:-0.0214em;">for mortgage loans of total EUR 138m  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:13.1729em;"><span class="stl_298 stl_16 stl_68" style="word-spacing:-0.0167em;">(EUR 140m in 2023). The development  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:13.9648em;"><span class="stl_298 stl_16 stl_210" style="word-spacing:-0.0268em;">of pledged assets relate mostly to tan-  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:14.7567em;"><span class="stl_298 stl_16 stl_36" style="word-spacing:-0.0292em;">gible assets on sites of construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.599em;top:15.5485em;"><span class="stl_298 stl_16 stl_230" style="word-spacing:-0.0272em;">and the progression hereof.  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:18.6513em;"><span class="stl_338 stl_21 stl_154">EURm  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.0906em;top:18.6513em;"><span class="stl_338 stl_21 stl_65">2024  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.3343em;top:18.6513em;"><span class="stl_338 stl_21 stl_38">2023  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:20.5256em;"><span class="stl_380 stl_381 stl_59" style="word-spacing:-0.0348em;">Carrying amount of assets pledged as  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:21.2338em;"><span class="stl_380 stl_381 stl_45" style="word-spacing:-0.0303em;">collateral for credit institutions:  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:22.1944em;"><span class="stl_298 stl_16 stl_249" style="word-spacing:-0.0351em;">Land and buildings  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4624em;top:22.1944em;"><span class="stl_298 stl_16 stl_502">254  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7274em;top:22.1944em;"><span class="stl_298 stl_16 stl_771">243  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5512em;top:23.16em;"><span class="stl_298 stl_16 stl_291" style="word-spacing:-0.0373em;">Plant and machinery  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.5124em;top:23.16em;"><span class="stl_298 stl_16 stl_906">121  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7618em;top:23.16em;"><span class="stl_298 stl_16 stl_719">131  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5518em;top:24.1256em;"><span class="stl_298 stl_16 stl_155" style="word-spacing:-0.0315em;">Fixtures, tools and equipment  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8037em;top:24.1256em;"><span class="stl_298 stl_16 stl_79">50  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:72.0537em;top:24.1256em;"><span class="stl_298 stl_16 stl_58">39  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:25.0913em;"><span class="stl_298 stl_16 stl_201" style="word-spacing:-0.0309em;">Property, plant and equipment under construction  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4474em;top:25.0913em;"><span class="stl_298 stl_16 stl_226">455  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7512em;top:25.0913em;"><span class="stl_298 stl_16 stl_763">152  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:26.0631em;"><span class="stl_338 stl_21 stl_485">Total  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4274em;top:26.0631em;"><span class="stl_338 stl_21 stl_101">880  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.6862em;top:26.0631em;"><span class="stl_338 stl_21 stl_152">565  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5524em;top:27.6019em;"><span class="stl_298 stl_16 stl_39" style="word-spacing:-0.0296em;">Liabilities related to pledged assets  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4843em;top:27.6019em;"><span class="stl_298 stl_16 stl_871">138  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:71.7468em;top:27.6019em;"><span class="stl_298 stl_16 stl_168">140  </span></div> <div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:23.0226em;z-index:303;"><span class="stl_801 stl_33 stl_860">7</span><span class="stl_801 stl_33 stl_590">.</span><span class="stl_801 stl_33 stl_67" style="word-spacing:0.4356em;">2 Events</span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:7.482em;top:23.0226em;z-index:303;"><span class="stl_801 stl_33 stl_182" style="word-spacing:-0.0235em;">after the balance sheet date  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:24.8104em;"><span class="stl_298 stl_16 stl_254" style="word-spacing:-0.0283em;">Management is not aware of any subsequent matters that could be of material  </span></div><div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:2.3622em;top:25.6023em;"><span class="stl_298 stl_16 stl_164" style="word-spacing:-0.029em;">importance to NKT Group’s financial position.  </span></div> NKT A/S Vibeholms Allé 20  DK-2605 Brøndby   Denmark Denmark