{
 "documentInfo": {
  "documentType": "https://xbrl.org/2021/xbrl-json",
  "features": {
   "xbrl:canonicalValues": true
  },
  "namespaces": {
   "PPH": "http://pphe.com/2022-12-31",
   "ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
   "iso4217": "http://www.xbrl.org/2003/iso4217",
   "scheme": "http://standards.iso.org/iso/17442",
   "xbrl": "https://xbrl.org/2021",
   "xbrli": "http://www.xbrl.org/2003/instance"
  },
  "taxonomy": [
   "http://pphe.com/2022-12-31/2138003H1BZGR6KM5823-2022-12-31.xsd"
  ]
 },
 "facts": {
  "f109011": {
   "value": "12805000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IntangibleAssetsAndGoodwill",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109014": {
   "value": "14290000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IntangibleAssetsAndGoodwill",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109028": {
   "value": "1335184000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PropertyPlantAndEquipment",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109031": {
   "value": "1236000000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PropertyPlantAndEquipment",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109041": {
   "value": "225443000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:RightofuseAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109044": {
   "value": "215921000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:RightofuseAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109055": {
   "value": "4961000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109058": {
   "value": "4315000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109068": {
   "value": "47245000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherNoncurrentAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109071": {
   "value": "16386000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherNoncurrentAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109087": {
   "value": "9272000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:NoncurrentRestrictedCashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109090": {
   "value": "8121000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:NoncurrentRestrictedCashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109104": {
   "value": "12909000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DeferredTaxAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109107": {
   "value": "10221000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DeferredTaxAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109110": {
   "value": "1647819000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:NoncurrentAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109114": {
   "value": "1505254000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:NoncurrentAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109131": {
   "value": "9229000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109134": {
   "value": "5204000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CurrentRestrictedCashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109140": {
   "value": "3181000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Inventories",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109144": {
   "value": "1840000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Inventories",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109152": {
   "value": "18533000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CurrentTradeReceivables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109155": {
   "value": "6811000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CurrentTradeReceivables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109164": {
   "value": "17866000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:CurrentPrepaymentsAndOtherCurrentReceivables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109167": {
   "value": "19457000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:CurrentPrepaymentsAndOtherCurrentReceivables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109181": {
   "value": "163589000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109184": {
   "value": "136802000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109187": {
   "value": "212398000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CurrentAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109191": {
   "value": "170114000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CurrentAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109205": {
   "value": "1860217000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Assets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109209": {
   "value": "1675368000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Assets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109236": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IssuedCapital",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109240": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IssuedCapital",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109245": {
   "value": "133177000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:SharePremium",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109249": {
   "value": "131229000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:SharePremium",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109257": {
   "value": "5472000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:TreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109261": {
   "value": "3482000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:TreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109275": {
   "value": "20039000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109279": {
   "value": "3806000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109285": {
   "value": "10950000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ReserveOfCashFlowHedges",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109289": {
   "value": "-434000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ReserveOfCashFlowHedges",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109294": {
   "value": "156364000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:RetainedEarnings",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109298": {
   "value": "147350000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:RetainedEarnings",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109317": {
   "value": "315058000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EquityAttributableToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109320": {
   "value": "278469000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EquityAttributableToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109328": {
   "value": "188187000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:NoncontrollingInterests",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109332": {
   "value": "168742000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:NoncontrollingInterests",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109346": {
   "value": "503245000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109350": {
   "value": "447211000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109360": {
   "value": "817631000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:LongtermBorrowings",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109363": {
   "value": "729284000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:LongtermBorrowings",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109378": {
   "value": "5331000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:NonCurrentProvisionsForConcessionFeeOnLand",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109381": {
   "value": "5057000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:NonCurrentProvisionsForConcessionFeeOnLand",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109400": {
   "value": "121084000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:NonCurrentFinancialLiabilitiesInRespectOfIncomeUnitsSoldToPrivateInvestors",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109403": {
   "value": "124551000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:NonCurrentFinancialLiabilitiesInRespectOfIncomeUnitsSoldToPrivateInvestors",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109411": {
   "value": "265494000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109414": {
   "value": "253362000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109426": {
   "value": "5922000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DeferredTaxLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109429": {
   "value": "7236000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DeferredTaxLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109432": {
   "value": "1215462000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:NoncurrentLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109436": {
   "value": "1119490000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:NoncurrentLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109447": {
   "value": "13565000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109450": {
   "value": "16650000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109463": {
   "value": "80844000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AccrualsClassifiedAsCurrentAndOtherCurrentPayables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109466": {
   "value": "53177000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AccrualsClassifiedAsCurrentAndOtherCurrentPayables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109474": {
   "value": "47101000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ShorttermBorrowings",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109477": {
   "value": "38840000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ShorttermBorrowings",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109480": {
   "value": "141510000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CurrentLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109484": {
   "value": "108667000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CurrentLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109491": {
   "value": "1356972000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Liabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109495": {
   "value": "1228157000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Liabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109504": {
   "value": "1860217000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EquityAndLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109508": {
   "value": "1675368000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EquityAndLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109643": {
   "value": "330091000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Revenue",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109646": {
   "value": "141377000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Revenue",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109655": {
   "value": "233087000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OperatingExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109658": {
   "value": "113808000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OperatingExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109663": {
   "value": "97004000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:ProfitLossFromOperatingActivitiesBeforeInterestTaxDepreciationAmortisationAndRestructuringOrRentalExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109667": {
   "value": "27569000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:ProfitLossFromOperatingActivitiesBeforeInterestTaxDepreciationAmortisationAndRestructuringOrRentalExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109676": {
   "value": "2421000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:RentalExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109679": {
   "value": "2504000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:RentalExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109684": {
   "value": "94583000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109688": {
   "value": "25065000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109697": {
   "value": "40006000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DepreciationAndAmortisationExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109700": {
   "value": "43283000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DepreciationAndAmortisationExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109705": {
   "value": "54577000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossFromOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109709": {
   "value": "-18218000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossFromOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109716": {
   "value": "37257000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:FinanceCosts",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109719": {
   "value": "31369000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:FinanceCosts",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109726": {
   "value": "1516000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:FinanceIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109729": {
   "value": "333000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:FinanceIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109738": {
   "value": "6791000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherExpenseByNature",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109741": {
   "value": "9418000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherExpenseByNature",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109749": {
   "value": "9992000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109752": {
   "value": "3784000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109781": {
   "value": "10783000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:ExpenseForFinancialLiabilitiesInRespectOfIncomeUnitsSoldToPrivateInvestors",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109784": {
   "value": "1949000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:ExpenseForFinancialLiabilitiesInRespectOfIncomeUnitsSoldToPrivateInvestors",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109798": {
   "value": "202000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109801": {
   "value": "-718000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109813": {
   "value": "11456000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossBeforeTax",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109817": {
   "value": "-57555000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossBeforeTax",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109825": {
   "value": "-3356000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109828": {
   "value": "-5051000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109839": {
   "value": "14812000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109843": {
   "value": "-52504000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109865": {
   "value": "10159000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109868": {
   "value": "-52129000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109876": {
   "value": "4653000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109880": {
   "value": "-375000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109883": {
   "value": "14812000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109887": {
   "value": "-52504000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f109912": {
   "value": "0.24",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:BasicEarningsLossPerShare",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "f109913": {
   "value": "0.24",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DilutedEarningsLossPerShare",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "f109917": {
   "value": "-1.23",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:BasicEarningsLossPerShare",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "f109918": {
   "value": "-1.23",
   "decimals": 2,
   "dimensions": {
    "concept": "ifrs-full:DilutedEarningsLossPerShare",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP/xbrli:shares"
   }
  },
  "f110010": {
   "value": "14812000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110013": {
   "value": "-52504000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110061": {
   "value": "21133000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110064": {
   "value": "507000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110072": {
   "value": "22000000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110076": {
   "value": "-23083000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110082": {
   "value": "43133000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110086": {
   "value": "-22576000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110093": {
   "value": "57945000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110097": {
   "value": "-75080000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110113": {
   "value": "37732000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110116": {
   "value": "-68858000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110124": {
   "value": "20213000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110128": {
   "value": "-6222000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110131": {
   "value": "57945000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110135": {
   "value": "-75080000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110302": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110305": {
   "value": "131229000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110308": {
   "value": "-3482000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110311": {
   "value": "3806000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110314": {
   "value": "-434000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110317": {
   "value": "147350000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110320": {
   "value": "278469000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110323": {
   "value": "168742000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110326": {
   "value": "447211000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110334": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110337": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110340": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110343": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110346": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110349": {
   "value": "10159000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110352": {
   "value": "10159000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110355": {
   "value": "4653000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110358": {
   "value": "14812000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110369": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110372": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110375": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110378": {
   "value": "16191000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110381": {
   "value": "11382000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110384": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110387": {
   "value": "27573000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110390": {
   "value": "15560000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110393": {
   "value": "43133000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110402": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110405": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110408": {
   "value": "16191000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110411": {
   "value": "11382000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110414": {
   "value": "10159000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110417": {
   "value": "37732000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110420": {
   "value": "20213000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110423": {
   "value": "57945000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110436": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110439": {
   "value": "2056000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110442": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110445": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110448": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110451": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110454": {
   "value": "2056000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110457": {
   "value": "81000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110460": {
   "value": "2137000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110466": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfTreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110469": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfTreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110472": {
   "value": "2098000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfTreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110475": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfTreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110478": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfTreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110481": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfTreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110484": {
   "value": "2098000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfTreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110487": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfTreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110490": {
   "value": "2098000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfTreasuryShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110498": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110501": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110504": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110507": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110510": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110513": {
   "value": "1278000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110516": {
   "value": "1278000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110519": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110522": {
   "value": "1278000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110527": {
   "value": "-108000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110530": {
   "value": "108000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110533": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110536": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110539": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110542": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110545": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110548": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110562": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110565": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110568": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110571": {
   "value": "42000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110574": {
   "value": "2000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110577": {
   "value": "133000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110580": {
   "value": "177000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110583": {
   "value": "-849000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110586": {
   "value": "-672000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110598": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110601": {
   "value": "133177000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110604": {
   "value": "-5472000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110607": {
   "value": "20039000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110610": {
   "value": "10950000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110613": {
   "value": "156364000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110616": {
   "value": "315058000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110619": {
   "value": "188187000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110622": {
   "value": "503245000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110631": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110634": {
   "value": "131389000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110637": {
   "value": "-3482000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110640": {
   "value": "20804000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110643": {
   "value": "-703000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110646": {
   "value": "161587000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110649": {
   "value": "309595000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110652": {
   "value": "95358000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110655": {
   "value": "404953000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110662": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110665": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110668": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110671": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110674": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110677": {
   "value": "-52129000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110680": {
   "value": "-52129000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110683": {
   "value": "-375000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110686": {
   "value": "-52504000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110699": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110702": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110705": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110708": {
   "value": "-16998000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110711": {
   "value": "269000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110714": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110717": {
   "value": "-16729000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110720": {
   "value": "-5847000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110723": {
   "value": "-22576000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:OtherComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110732": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110735": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110738": {
   "value": "-16998000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110741": {
   "value": "269000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110744": {
   "value": "-52129000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110747": {
   "value": "-68858000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110750": {
   "value": "-6222000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110753": {
   "value": "-75080000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ComprehensiveIncome",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110765": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110768": {
   "value": "1182000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110771": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110774": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110777": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110780": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110783": {
   "value": "1182000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110786": {
   "value": "86000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110789": {
   "value": "1268000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110804": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110807": {
   "value": "-1342000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110810": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110813": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110816": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110819": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110822": {
   "value": "-1342000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110825": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110828": {
   "value": "-1342000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110841": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110844": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110847": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110850": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110853": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110856": {
   "value": "37892000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110859": {
   "value": "37892000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110862": {
   "value": "79520000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110865": {
   "value": "117412000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f110878": {
   "value": "131229000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110881": {
   "value": "-3482000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110884": {
   "value": "3806000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110887": {
   "value": "-434000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110890": {
   "value": "147350000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110893": {
   "value": "278469000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110896": {
   "value": "168742000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
    "unit": "iso4217:GBP"
   }
  },
  "f110899": {
   "value": "447211000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111034": {
   "value": "14812000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111037": {
   "value": "-52504000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProfitLoss",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111094": {
   "value": "48040000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForFinanceCostsAndAdjustmentsForExpenseForFinancialLiabilitiesInRespectOfIncomeUnitsSoldToPrivateInvestors",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111098": {
   "value": "33318000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForFinanceCostsAndAdjustmentsForExpenseForFinancialLiabilitiesInRespectOfIncomeUnitsSoldToPrivateInvestors",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111105": {
   "value": "1516000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForFinanceIncomeOther",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111108": {
   "value": "333000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForFinanceIncomeOther",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111116": {
   "value": "-3356000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111119": {
   "value": "-5051000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111141": {
   "value": "-1499000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForGainsLossesOnBuyBackOfIncomeUnitsSoldToPrivateInvestors",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111144": {
   "value": "-543000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForGainsLossesOnBuyBackOfIncomeUnitsSoldToPrivateInvestors",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111156": {
   "value": "3704000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForRemeasurementOfLeaseLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111159": {
   "value": "3565000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForRemeasurementOfLeaseLiabilities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111178": {
   "value": "300000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111181": {
   "value": "602000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForGainsLossesOnFairValueAdjustmentInvestmentProperty",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111199": {
   "value": "47000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111202": {
   "value": "-996000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111220": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111223": {
   "value": "4424000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111237": {
   "value": "202000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForUndistributedProfitsOfJointVenturesAccountedForUsingEquityMethod",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111240": {
   "value": "-718000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForUndistributedProfitsOfJointVenturesAccountedForUsingEquityMethod",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111248": {
   "value": "-119000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForShareAppreciationRightsRevaluation",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111251": {
   "value": "1750000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:AdjustmentsForShareAppreciationRightsRevaluation",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111270": {
   "value": "9692000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111273": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111282": {
   "value": "40006000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111285": {
   "value": "38859000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111298": {
   "value": "2137000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForSharebasedPayments",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111301": {
   "value": "1268000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForSharebasedPayments",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111304": {
   "value": "80486000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111308": {
   "value": "73963000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111321": {
   "value": "-1228000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111325": {
   "value": "337000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111343": {
   "value": "-16118000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111346": {
   "value": "-19167000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111360": {
   "value": "20772000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111363": {
   "value": "21679000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111366": {
   "value": "-3426000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111370": {
   "value": "-2849000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111389": {
   "value": "43520000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111393": {
   "value": "33729000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111400": {
   "value": "1728000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111404": {
   "value": "316000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111416": {
   "value": "311000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111420": {
   "value": "469000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111436": {
   "value": "87000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxesRefundClassifiedAsOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111440": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncomeTaxesRefundClassifiedAsOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111443": {
   "value": "-42016000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:CashReceivedPaidInOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111447": {
   "value": "-33882000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:CashReceivedPaidInOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111468": {
   "value": "56708000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111472": {
   "value": "-9574000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111531": {
   "value": "90870000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111534": {
   "value": "58582000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111551": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111554": {
   "value": "1406000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111562": {
   "value": "386000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111565": {
   "value": "176000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111581": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:CashFlowsUsedInObtainingControlOfLondraAndCargillInRomeItalyClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111584": {
   "value": "28298000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:CashFlowsUsedInObtainingControlOfLondraAndCargillInRomeItalyClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111593": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:CashFlowsUsedInObtainingControlOfArenaFranzFerdinandAustriaClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111596": {
   "value": "12783000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:CashFlowsUsedInObtainingControlOfArenaFranzFerdinandAustriaClassifiedAsInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111605": {
   "value": "403000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111608": {
   "value": "400000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111622": {
   "value": "-4695000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111625": {
   "value": "-6332000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111643": {
   "value": "-96354000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111647": {
   "value": "-105165000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111669": {
   "value": "106879000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111673": {
   "value": "53666000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111695": {
   "value": "4887000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:PaymentsForBuyBackOfIncomeUnitsPreviouslySoldToPrivateInvestorsClassifiedAsFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111698": {
   "value": "1934000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:PaymentsForBuyBackOfIncomeUnitsPreviouslySoldToPrivateInvestorsClassifiedAsFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111708": {
   "value": "1278000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111723": {
   "value": "31087000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111726": {
   "value": "26653000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111735": {
   "value": "4890000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111738": {
   "value": "6825000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111749": {
   "value": "-672000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:ProceedsFromChangesInOwnershipInterestsInSubsidiariesAndPaymentsFromChangesInOwnershipInterestsInSubsidiaries",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111753": {
   "value": "124562000",
   "decimals": -3,
   "dimensions": {
    "concept": "PPH:ProceedsFromChangesInOwnershipInterestsInSubsidiariesAndPaymentsFromChangesInOwnershipInterestsInSubsidiaries",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111759": {
   "value": "2098000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111763": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111778": {
   "value": "0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111781": {
   "value": "-1342000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromExerciseOfOptions",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111788": {
   "value": "61967000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111792": {
   "value": "141474000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111808": {
   "value": "22321000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111811": {
   "value": "26735000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111817": {
   "value": "4466000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111821": {
   "value": "-4104000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111838": {
   "value": "136802000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111841": {
   "value": "114171000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111856": {
   "value": "163589000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "f111859": {
   "value": "136802000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "pp-value-1-1": {
   "value": "Note 1 Generala.  The consolidated financial statements of PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issuance in accordance with a resolution of the Directors on 1 March 2023.  The Company was incorporated in Guernsey on 14 June 2007 and is listed on the Premium Listing segment of the Official List of the\ue61fUK Listing Authority (the UKLA) and the shares are traded on the Main Market for listed securities of the London Stock Exchange. b.  Description of the Group business:  The Group is an international hospitality real estate group, which owns, co-owns and develops hotels, resorts and campsites, \u00ae\u00aeoperates the Park Plaza brand in EMEA and owns and operates the art\u2019otel brand.  The Group has interests in hotels in the United Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in Croatia.c.  Assessment of going concern and liquidity:  As part of their ongoing responsibilities, the Directors have recently undertaken a thorough review of the Group\u2019s cash flow forecast and potential liquidity risks. Detailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have been prepared for 2023 and 2024, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that the Group will comply with its\u2019 loan covenants and no further covenant waivers will be required (for more details see note 14c). Having reviewed those cash flow projections, the Directors have determined that\ue61fthe Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-2": {
   "value": "Note 1 Generala.  The consolidated financial statements of PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issuance in accordance with a resolution of the Directors on 1 March 2023.  The Company was incorporated in Guernsey on 14 June 2007 and is listed on the Premium Listing segment of the Official List of the\ue61fUK Listing Authority (the UKLA) and the shares are traded on the Main Market for listed securities of the London Stock Exchange. b.  Description of the Group business:  The Group is an international hospitality real estate group, which owns, co-owns and develops hotels, resorts and campsites, \u00ae\u00aeoperates the Park Plaza brand in EMEA and owns and operates the art\u2019otel brand.  The Group has interests in hotels in the United Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in Croatia.c.  Assessment of going concern and liquidity:  As part of their ongoing responsibilities, the Directors have recently undertaken a thorough review of the Group\u2019s cash flow forecast and potential liquidity risks. Detailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have been prepared for 2023 and 2024, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that the Group will comply with its\u2019 loan covenants and no further covenant waivers will be required (for more details see note 14c). Having reviewed those cash flow projections, the Directors have determined that\ue61fthe Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-3": {
   "value": "Note 1 Generala.  The consolidated financial statements of PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issuance in accordance with a resolution of the Directors on 1 March 2023.  The Company was incorporated in Guernsey on 14 June 2007 and is listed on the Premium Listing segment of the Official List of the\ue61fUK Listing Authority (the UKLA) and the shares are traded on the Main Market for listed securities of the London Stock Exchange. b.  Description of the Group business:  The Group is an international hospitality real estate group, which owns, co-owns and develops hotels, resorts and campsites, \u00ae\u00aeoperates the Park Plaza brand in EMEA and owns and operates the art\u2019otel brand.  The Group has interests in hotels in the United Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in Croatia.c.  Assessment of going concern and liquidity:  As part of their ongoing responsibilities, the Directors have recently undertaken a thorough review of the Group\u2019s cash flow forecast and potential liquidity risks. Detailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have been prepared for 2023 and 2024, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that the Group will comply with its\u2019 loan covenants and no further covenant waivers will be required (for more details see note 14c). Having reviewed those cash flow projections, the Directors have determined that\ue61fthe Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-4": {
   "value": "Note 1 Generala.  The consolidated financial statements of PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issuance in accordance with a resolution of the Directors on 1 March 2023.  The Company was incorporated in Guernsey on 14 June 2007 and is listed on the Premium Listing segment of the Official List of the\ue61fUK Listing Authority (the UKLA) and the shares are traded on the Main Market for listed securities of the London Stock Exchange. b.  Description of the Group business:  The Group is an international hospitality real estate group, which owns, co-owns and develops hotels, resorts and campsites, \u00ae\u00aeoperates the Park Plaza brand in EMEA and owns and operates the art\u2019otel brand.  The Group has interests in hotels in the United Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in Croatia.c.  Assessment of going concern and liquidity:  As part of their ongoing responsibilities, the Directors have recently undertaken a thorough review of the Group\u2019s cash flow forecast and potential liquidity risks. Detailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have been prepared for 2023 and 2024, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that the Group will comply with its\u2019 loan covenants and no further covenant waivers will be required (for more details see note 14c). Having reviewed those cash flow projections, the Directors have determined that\ue61fthe Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-5": {
   "value": "Note 1 Generala.  The consolidated financial statements of PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issuance in accordance with a resolution of the Directors on 1 March 2023.  The Company was incorporated in Guernsey on 14 June 2007 and is listed on the Premium Listing segment of the Official List of the\ue61fUK Listing Authority (the UKLA) and the shares are traded on the Main Market for listed securities of the London Stock Exchange. b.  Description of the Group business:  The Group is an international hospitality real estate group, which owns, co-owns and develops hotels, resorts and campsites, \u00ae\u00aeoperates the Park Plaza brand in EMEA and owns and operates the art\u2019otel brand.  The Group has interests in hotels in the United Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in Croatia.c.  Assessment of going concern and liquidity:  As part of their ongoing responsibilities, the Directors have recently undertaken a thorough review of the Group\u2019s cash flow forecast and potential liquidity risks. Detailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have been prepared for 2023 and 2024, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that the Group will comply with its\u2019 loan covenants and no further covenant waivers will be required (for more details see note 14c). Having reviewed those cash flow projections, the Directors have determined that\ue61fthe Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-6": {
   "value": "Note 1 Generala.  The consolidated financial statements of PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issuance in accordance with a resolution of the Directors on 1 March 2023.  The Company was incorporated in Guernsey on 14 June 2007 and is listed on the Premium Listing segment of the Official List of the\ue61fUK Listing Authority (the UKLA) and the shares are traded on the Main Market for listed securities of the London Stock Exchange. b.  Description of the Group business:  The Group is an international hospitality real estate group, which owns, co-owns and develops hotels, resorts and campsites, \u00ae\u00aeoperates the Park Plaza brand in EMEA and owns and operates the art\u2019otel brand.  The Group has interests in hotels in the United Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in Croatia.c.  Assessment of going concern and liquidity:  As part of their ongoing responsibilities, the Directors have recently undertaken a thorough review of the Group\u2019s cash flow forecast and potential liquidity risks. Detailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have been prepared for 2023 and 2024, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that the Group will comply with its\u2019 loan covenants and no further covenant waivers will be required (for more details see note 14c). Having reviewed those cash flow projections, the Directors have determined that\ue61fthe Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-7": {
   "value": "Note 1 Generala.  The consolidated financial statements of PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issuance in accordance with a resolution of the Directors on 1 March 2023.  The Company was incorporated in Guernsey on 14 June 2007 and is listed on the Premium Listing segment of the Official List of the\ue61fUK Listing Authority (the UKLA) and the shares are traded on the Main Market for listed securities of the London Stock Exchange. b.  Description of the Group business:  The Group is an international hospitality real estate group, which owns, co-owns and develops hotels, resorts and campsites, \u00ae\u00aeoperates the Park Plaza brand in EMEA and owns and operates the art\u2019otel brand.  The Group has interests in hotels in the United Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in Croatia.c.  Assessment of going concern and liquidity:  As part of their ongoing responsibilities, the Directors have recently undertaken a thorough review of the Group\u2019s cash flow forecast and potential liquidity risks. Detailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have been prepared for 2023 and 2024, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that the Group will comply with its\u2019 loan covenants and no further covenant waivers will be required (for more details see note 14c). Having reviewed those cash flow projections, the Directors have determined that\ue61fthe Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-8": {
   "value": "Note 1 Generala.  The consolidated financial statements of PPHE Hotel Group Limited (the \u2018Company\u2019) and its subsidiaries (together the \u2018Group\u2019) for the year ended 31 December 2022 were authorised for issuance in accordance with a resolution of the Directors on 1 March 2023.  The Company was incorporated in Guernsey on 14 June 2007 and is listed on the Premium Listing segment of the Official List of the\ue61fUK Listing Authority (the UKLA) and the shares are traded on the Main Market for listed securities of the London Stock Exchange. b.  Description of the Group business:  The Group is an international hospitality real estate group, which owns, co-owns and develops hotels, resorts and campsites, \u00ae\u00aeoperates the Park Plaza brand in EMEA and owns and operates the art\u2019otel brand.  The Group has interests in hotels in the United Kingdom, the Netherlands, Germany, Hungary, Serbia, Italy and Austria and hotels, self-catering apartment complexes and campsites in Croatia.c.  Assessment of going concern and liquidity:  As part of their ongoing responsibilities, the Directors have recently undertaken a thorough review of the Group\u2019s cash flow forecast and potential liquidity risks. Detailed budgets and cash flow projections, which take into account the current trading environment and the industry-wide cost pressures, have been prepared for 2023 and 2024, and show that the Group\u2019s hotel operations are expected to be cash generative during this period. Furthermore, under those cash flow projections it is expected that the Group will comply with its\u2019 loan covenants and no further covenant waivers will be required (for more details see note 14c). Having reviewed those cash flow projections, the Directors have determined that\ue61fthe Company is likely to continue in business for at least 12 months from the date of approval of the consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-1-9": {
   "value": "No<span class=\"_ _9\"></span>te 1 Ge<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>la<span class=\"ff9c\">. <span class=\"_ _7\"> </span>Th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts o<span class=\"_ _9\"></span>f PPHE Hot<span class=\"_ _9\"></span>el Gro<span class=\"_ _9\"></span>up L<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ted (t<span class=\"_ _9\"></span>he \u2018C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>es (to<span class=\"_ _9\"></span>get<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e \u2018Gro<span class=\"_ _9\"></span>up\u2019) for </span>th<span class=\"_ _9\"></span>e year e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022 we<span class=\"_ _9\"></span>re au<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e in ac<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>dan<span class=\"_ _9\"></span>ce wi<span class=\"_ _9\"></span>th a r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>olu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s on 1 Ma<span class=\"_ _9\"></span>rch 2<span class=\"_ _9\"></span>023. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any w<span class=\"_ _9\"></span>as in<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d in G<span class=\"_ _9\"></span>uer<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ey o<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>4 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>07 and i<span class=\"_ _9\"></span>s lis<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he Pre<span class=\"_ _9\"></span>miu<span class=\"_ _9\"></span>m Li<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ing s<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he O<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>icia<span class=\"_ _9\"></span>l Lis<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e\ue61fUK Li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g Aut<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y (th<span class=\"_ _9\"></span>e UKL<span class=\"_ _1\"></span>A<span class=\"_ _9\"></span>) and t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Main M<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket for l<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Stoc<span class=\"_ _9\"></span>k E<span class=\"_ _9\"></span>xch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e. b<span class=\"ff9c\">. <span class=\"_ _24\"> </span>D<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ipt<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s:</span> <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p is an i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal h<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>ali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y rea<span class=\"_ _9\"></span>l es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate gr<span class=\"_ _9\"></span>oup, w<span class=\"_ _9\"></span>hich o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>s, co<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>ns a<span class=\"_ _9\"></span>nd de<span class=\"_ _9\"></span>velo<span class=\"_ _9\"></span>ps h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s, res<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>s and c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>mps<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>s, \u00ae\u00aeop<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d in EME<span class=\"_ _9\"></span>A a<span class=\"_ _9\"></span>nd ow<span class=\"_ _9\"></span>ns a<span class=\"_ _9\"></span>nd o<span class=\"_ _9\"></span>per<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he ar<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>otel br<span class=\"_ _9\"></span>and. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in ho<span class=\"_ _9\"></span>tels i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>ted K<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m, th<span class=\"_ _9\"></span>e Net<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s, Ge<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>any<span class=\"_ _4\"></span>, Hun<span class=\"_ _9\"></span>gar<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>, Ser<span class=\"_ _9\"></span>bia, I<span class=\"_ _9\"></span>tal<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d Aus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ria a<span class=\"_ _9\"></span>nd h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s, self-c<span class=\"_ _9\"></span>atering apartment complexes and<span class=\"_ _4\"></span> campsites in Croati<span class=\"_ _4\"></span>a.c<span class=\"ff9c\">. <span class=\"_ _25\"> </span>A<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of g<span class=\"_ _9\"></span>oing c<span class=\"_ _9\"></span>onc<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>:</span> <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>ir on<span class=\"_ _9\"></span>goi<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>, the D<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs h<span class=\"_ _9\"></span>ave rec<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>n a tho<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ugh r<span class=\"_ _9\"></span>evie<span class=\"_ _9\"></span>w of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s cas<span class=\"_ _9\"></span>h f<span class=\"_ _9\"></span>low fo<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>st an<span class=\"_ _9\"></span>d pote<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>al liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ks<span class=\"_ _9\"></span>. De<span class=\"_ _9\"></span>tai<span class=\"_ _9\"></span>led b<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>get<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>ake int<span class=\"_ _9\"></span>o acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t the c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g envi<span class=\"_ _9\"></span>ron<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d the i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tr<span class=\"_ _1\"></span>y-<span class=\"_ _9\"></span>wid<span class=\"_ _9\"></span>e cos<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s, have b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n pre<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d for 20<span class=\"_ _9\"></span>23 and 2<span class=\"_ _9\"></span>024, and s<span class=\"_ _9\"></span>how t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons a<span class=\"_ _9\"></span>re ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to be c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ge<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tive d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>his p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d. Fur<span class=\"_ _1\"></span>th<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>re, und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>hos<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>w pro<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns it i<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p will com<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y wit<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s\u2019 l<span class=\"_ _9\"></span>oan c<span class=\"_ _9\"></span>oven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d no f<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r cove<span class=\"_ _9\"></span>nant w<span class=\"_ _9\"></span>aiv<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s will b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d (for m<span class=\"_ _9\"></span>ore d<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ails s<span class=\"_ _9\"></span>ee n<span class=\"_ _9\"></span>ote 1<span class=\"_ _4\"></span>4c). Hav<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>evie<span class=\"_ _9\"></span>wed th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low p<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>s, th<span class=\"_ _9\"></span>e Dire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs h<span class=\"_ _9\"></span>ave det<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hat\ue61ft<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any i<span class=\"_ _9\"></span>s likel<span class=\"_ _9\"></span>y to con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>ue in b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s for at l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>t 1<span class=\"_ _4\"></span>2 mon<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te of ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>oval of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>sa. <span class=\"_ _8\"> </span>Basis of preparation <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>date<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en p<span class=\"_ _9\"></span>rep<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>d on a h<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t bas<span class=\"_ _9\"></span>is, ex<span class=\"_ _9\"></span>cep<span class=\"_ _9\"></span>t for d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d inves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>ble s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e. The c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d in Pou<span class=\"_ _9\"></span>nd Ste<span class=\"_ _9\"></span>rli<span class=\"_ _9\"></span>ng an<span class=\"_ _9\"></span>d all v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>s are r<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d to t<span class=\"_ _9\"></span>he ne<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>st t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>and (\u00a3\u2019<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0) e<span class=\"_ _9\"></span>xcep<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>ere ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ise i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ated<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Statement<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> compl<span class=\"_ _4\"></span>iance<span class=\"_ _4\"></span>: <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>date<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en p<span class=\"_ _9\"></span>rep<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>d in a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>rda<span class=\"_ _9\"></span>nce w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h Inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial Re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing Sta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s (IFR<span class=\"_ _9\"></span>S) w<span class=\"_ _9\"></span>hich c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s and i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ret<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he In<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal Ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing St<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dar<span class=\"_ _9\"></span>ds B<span class=\"_ _9\"></span>oar<span class=\"_ _9\"></span>d (IA<span class=\"_ _9\"></span>SB) and\ue61fIn<span class=\"_ _4\"></span>ternational Fin<span class=\"_ _4\"></span>ancial<span class=\"_ _4\"></span> Repor<span class=\"_ _9\"></span>ting Standards Int<span class=\"_ _4\"></span>erpretations Commit<span class=\"_ _9\"></span>tee (I<span class=\"_ _4\"></span>FRIC) and<span class=\"_ _4\"></span> adopted by<span class=\"_ _4\"></span> the Eur<span class=\"_ _4\"></span>opean Union<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>olic<span class=\"_ _9\"></span>ies u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e year<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 2021\ue61fare s<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>ut b<span class=\"_ _9\"></span>elow. Th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es have b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ied to t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ted, ex<span class=\"_ _9\"></span>cep<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>ere othe<span class=\"_ _4\"></span>r<span class=\"_ _9\"></span>wise<span class=\"_ _4\"></span>\ue61fi<span class=\"_ _4\"></span>ndicat<span class=\"_ _4\"></span>ed.b.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Basi<span class=\"_ _9\"></span>s of<span class=\"_ _4\"></span> consolidation <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>date<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any an<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er\ue61f202<span class=\"_ _9\"></span>2. Con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l is ac<span class=\"_ _9\"></span>hiev<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p is ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, or ha<span class=\"_ _9\"></span>s ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>o var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le re<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nvol<span class=\"_ _9\"></span>veme<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th\ue61ft<span class=\"_ _9\"></span>he\ue61finve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tee a<span class=\"_ _9\"></span>nd ha<span class=\"_ _9\"></span>s the a<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y to af<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>t tho<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>etu<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh it<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r over t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>e.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>e rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g year a<span class=\"_ _9\"></span>s the p<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any<span class=\"_ _4\"></span>, us<span class=\"_ _9\"></span>ing co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>t acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es. A<span class=\"_ _9\"></span>ll in<span class=\"_ _9\"></span>ter-<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny bala<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns, in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me an<span class=\"_ _9\"></span>d ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>ts a<span class=\"_ _9\"></span>nd l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m int<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns are e<span class=\"_ _9\"></span>limi<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d in f<span class=\"_ _9\"></span>ull. S<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ate of a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uisi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, bei<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te on\ue61fw<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ob<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ins c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol, an<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>ue to b<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d unt<span class=\"_ _9\"></span>il th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e on w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h suc<span class=\"_ _9\"></span>h co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ol cea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>N<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>llin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n of pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss a<span class=\"_ _9\"></span>nd n<span class=\"_ _9\"></span>et as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s not he<span class=\"_ _9\"></span>ld by t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p and a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ely\ue61fi<span class=\"_ _9\"></span>n\ue61fth<span class=\"_ _9\"></span>e inco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>hin e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on, se<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tely f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m parent\ue61fshareholder<span class=\"_ _9\"></span>s\u2019 equity. <span class=\"_ _1c\"> </span>A c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge i<span class=\"_ _9\"></span>n the o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>ip int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f a su<span class=\"_ _9\"></span>bsi<span class=\"_ _9\"></span>dia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut a lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s of co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ol, is acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>s an eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p lo<span class=\"_ _9\"></span>ses c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>l over a s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y, it der<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s (<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g goo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill<span class=\"_ _9\"></span>), liabil<span class=\"_ _9\"></span>itie<span class=\"_ _9\"></span>s, no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol<span class=\"_ _9\"></span>ling i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>one<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y w<span class=\"_ _9\"></span>hile a<span class=\"_ _9\"></span>ny res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t gain o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>ny inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue. c. <span class=\"_\"> </span>Significant accoun<span class=\"_ _4\"></span>ting judgments,<span class=\"_ _4\"></span> estimates and<span class=\"_ _4\"></span> assumptions <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s cons<span class=\"_ _9\"></span>olid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>res m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent to m<span class=\"_ _9\"></span>ake ju<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>mpt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of reve<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>es, ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>es, a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e dis<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re of c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>ent liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s, at th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>ng dat<span class=\"_ _9\"></span>e. Howe<span class=\"_ _9\"></span>ver<span class=\"_ _4\"></span>, unce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y ab<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>mpt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s and e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ates c<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>t in ou<span class=\"_ _9\"></span>tco<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>e a\ue61fmate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>al ad<span class=\"_ _9\"></span>jus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t or lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y af<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed in f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>ds<span class=\"_ _9\"></span>. Judgments <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s of a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lyi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es, ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt ha<span class=\"_ _9\"></span>s mad<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng ju<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, whi<span class=\"_ _9\"></span>ch hav<span class=\"_ _9\"></span>e the m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>lida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns <span class=\"_ _1c\"> </span>At t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n da<span class=\"_ _9\"></span>te of co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>nie<span class=\"_ _9\"></span>s and g<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ups o<span class=\"_ _9\"></span>f as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny dete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>het<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ute<span class=\"_ _9\"></span>s an acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion of a b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s in a bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>inat<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tion p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>uant t<span class=\"_ _9\"></span>o IFRS 3. If t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n do<span class=\"_ _9\"></span>es n<span class=\"_ _9\"></span>ot con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>e a bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s as d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ned i<span class=\"_ _9\"></span>n IFRS 3, t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f pur<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>ase i<span class=\"_ _9\"></span>s allo<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e ide<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny on t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>sis of t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>ir rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ues a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e date o<span class=\"_ _9\"></span>f pur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>nd in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng any mi<span class=\"_ _9\"></span>nor<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ac<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g to it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of\ue61fnet i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>fia<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on da<span class=\"_ _9\"></span>te. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n det<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ing w<span class=\"_ _9\"></span>het<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r a bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s was a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any eva<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>het<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>egr<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>et of ac<span class=\"_ _1\"></span>tiv<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e, at a mini<span class=\"_ _9\"></span>mu<span class=\"_ _9\"></span>m, an inp<span class=\"_ _9\"></span>ut a<span class=\"_ _9\"></span>nd a s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tive p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat to<span class=\"_ _9\"></span>get<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>rib<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to c<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>te ou<span class=\"_ _9\"></span>tp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng cr<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ia wh<span class=\"_ _9\"></span>ich i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>te ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f a bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d: th<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>iet<span class=\"_ _1\"></span>y of as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d; the e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>t to whi<span class=\"_ _9\"></span>ch anc<span class=\"_ _9\"></span>illa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s to o<span class=\"_ _9\"></span>per<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e the p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed; an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>exi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tima<span class=\"_ _9\"></span>tes a<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>ns <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he key as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ump<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns ma<span class=\"_ _9\"></span>de i<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>onc<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>g unc<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>ntie<span class=\"_ _9\"></span>s at t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e cr<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mpu<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is a r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k of c<span class=\"_ _9\"></span>aus<span class=\"_ _9\"></span>ing a ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tme<span class=\"_ _9\"></span>nt to t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s of a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ex<span class=\"_ _9\"></span>t fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial ye<span class=\"_ _9\"></span>ar are d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>ow. The Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p bas<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>mpt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s and e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s on pa<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>met<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s avai<span class=\"_ _9\"></span>lab<span class=\"_ _9\"></span>le wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>olid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s are p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>ed. H<span class=\"_ _9\"></span>oweve<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ame<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>s may c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge d<span class=\"_ _9\"></span>ue to ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s or ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r cir<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es be<span class=\"_ _9\"></span>yon<span class=\"_ _9\"></span>d the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up. Su<span class=\"_ _9\"></span>ch c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>fle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>ccu<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>.  <span class=\"_ _1c\"> </span>Impairment<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> non-financi<span class=\"_ _4\"></span>al assets <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>gen<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>it exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds i<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t, wh<span class=\"_ _9\"></span>ich i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e high<span class=\"_ _9\"></span>er of\ue61fit<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of dis<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s val<span class=\"_ _9\"></span>ue in u<span class=\"_ _9\"></span>se. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>f dis<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>lcu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on is b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n avai<span class=\"_ _9\"></span>lab<span class=\"_ _9\"></span>le dat<span class=\"_ _9\"></span>a fr<span class=\"_ _9\"></span>om bi<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing s<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns, c<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed at a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m\u2019<span class=\"_ _4\"></span>s le<span class=\"_ _9\"></span>ngt<span class=\"_ _9\"></span>h, for s<span class=\"_ _9\"></span>imil<span class=\"_ _9\"></span>ar as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s or o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le mar<span class=\"_ _9\"></span>ket p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>al cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of dis<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>osi<span class=\"_ _9\"></span>ng of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. T<span class=\"_ _9\"></span>he va<span class=\"_ _9\"></span>lue i<span class=\"_ _9\"></span>n us<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>lcu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n a DCF m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el. T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>ws ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ved f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the b<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>t for t<span class=\"_ _9\"></span>he nex<span class=\"_ _9\"></span>t f<span class=\"_ _9\"></span>ive ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s and d<span class=\"_ _9\"></span>o not i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng ac<span class=\"_ _1\"></span>tiv<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up i<span class=\"_ _9\"></span>s not yet c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to o<span class=\"_ _9\"></span>r sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at will e<span class=\"_ _9\"></span>nha<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he CGU b<span class=\"_ _9\"></span>ein<span class=\"_ _9\"></span>g tes<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>cove<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt is s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tive t<span class=\"_ _9\"></span>o the d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nt r<span class=\"_ _9\"></span>ate us<span class=\"_ _9\"></span>ed fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e DCF m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el as w<span class=\"_ _9\"></span>ell as t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>-in<span class=\"_ _9\"></span>flo<span class=\"_ _9\"></span>ws a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he gr<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>h ra<span class=\"_ _9\"></span>te us<span class=\"_ _9\"></span>ed fo<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>pol<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e key\ue61fas<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>mpt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s use<span class=\"_ _9\"></span>d to d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ine t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>cove<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>ent CGU<span class=\"_ _9\"></span>s, are d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d and f<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>th<span class=\"_ _9\"></span>er ex<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>d in Note<span class=\"_ _9\"></span>s\ue61f4 an<span class=\"_ _9\"></span>d 5.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d for u<span class=\"_ _9\"></span>nus<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>emp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>es to t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t is pr<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>fit w<span class=\"_ _9\"></span>ill b<span class=\"_ _9\"></span>e avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e aga<span class=\"_ _9\"></span>ins<span class=\"_ _9\"></span>t w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>e uti<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>ed. T<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of d<span class=\"_ _9\"></span>efer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e likel<span class=\"_ _9\"></span>y timi<span class=\"_ _9\"></span>ng an<span class=\"_ _9\"></span>d leve<span class=\"_ _9\"></span>l of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xab<span class=\"_ _9\"></span>le p<span class=\"_ _9\"></span>rofi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s tog<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax p<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ning s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nal inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n is pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n Not<span class=\"_ _9\"></span>e 26. <span class=\"_ _1c\"> </span>Fair<span class=\"_ _4\"></span> value<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement<span class=\"_ _4\"></span> of fin<span class=\"_ _4\"></span>ancial<span class=\"_ _4\"></span> instr<span class=\"_ _4\"></span>uments <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ues o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>rde<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>not b<span class=\"_ _9\"></span>e meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on q<span class=\"_ _9\"></span>uote<span class=\"_ _9\"></span>d pr<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s in ac<span class=\"_ _1\"></span>tive m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>heir f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e is me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d usi<span class=\"_ _9\"></span>ng va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>hniq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low (D<span class=\"_ _9\"></span>CF<span class=\"_ _9\"></span>) mo<span class=\"_ _9\"></span>del. T<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>npu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls are t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ken fr<span class=\"_ _9\"></span>om o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le ma<span class=\"_ _9\"></span>rket<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re po<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>le, bu<span class=\"_ _9\"></span>t whe<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>his is n<span class=\"_ _9\"></span>ot fea<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>le, a de<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>e of ju<span class=\"_ _9\"></span>dgm<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red i<span class=\"_ _9\"></span>n es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>hing f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es. J<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns of in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>ch as l<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>, cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk a<span class=\"_ _9\"></span>nd vola<span class=\"_ _9\"></span>tili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>. Cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>o the<span class=\"_ _9\"></span>se f<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tor<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>uld af<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>t the r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Se<span class=\"_ _9\"></span>e Note 3<span class=\"_ _9\"></span>0 for fur<span class=\"_ _9\"></span>ther disclosures.d. <span class=\"_ _1e\"> </span>Bus<span class=\"_ _9\"></span>iness combinations<span class=\"_ _4\"></span> and goodwill <span class=\"_ _1c\"> </span>B<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>omb<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>or us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f an ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n is mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red a<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate of th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed, m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n date f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d the a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of a<span class=\"_ _9\"></span>ny non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>olli<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>ree. For e<span class=\"_ _9\"></span>ach b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>bin<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up el<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>het<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r to mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>e non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>rolli<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>ree e<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>er at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e or at t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>llin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019s pro<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>te sh<span class=\"_ _9\"></span>are of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>e\u2019s iden<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le ne<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed ar<span class=\"_ _9\"></span>e expensed<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> incl<span class=\"_ _4\"></span>uded<span class=\"_ _4\"></span> in a<span class=\"_ _4\"></span>dmin<span class=\"_ _4\"></span>istrativ<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> expenses. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p det<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat it h<span class=\"_ _9\"></span>as ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red a b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s whe<span class=\"_ _9\"></span>n t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>et of a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de a<span class=\"_ _9\"></span>n inp<span class=\"_ _9\"></span>ut a<span class=\"_ _9\"></span>nd a su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ive pr<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t tog<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her s<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ute to t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y to c<span class=\"_ _9\"></span>reate o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d pro<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ed su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ive if i<span class=\"_ _9\"></span>t is c<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tic<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y to co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>duc<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d the i<span class=\"_ _9\"></span>np<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e an o<span class=\"_ _9\"></span>rga<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>ce wi<span class=\"_ _9\"></span>th th<span class=\"_ _9\"></span>e nec<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>ki<span class=\"_ _9\"></span>lls, k<span class=\"_ _9\"></span>now<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e or ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e to p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>at pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s or it s<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ute<span class=\"_ _9\"></span>s to th<span class=\"_ _9\"></span>e abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>uci<span class=\"_ _9\"></span>ng ou<span class=\"_ _9\"></span>tp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd is c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d uni<span class=\"_ _9\"></span>que o<span class=\"_ _9\"></span>r sc<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ce or c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nnot b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t, e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t or d<span class=\"_ _9\"></span>elay i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to\ue61fco<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>duc<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>res a b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s, it as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ate cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tual t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms, e<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nom<span class=\"_ _9\"></span>ic cir<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns as a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on d<span class=\"_ _9\"></span>ate. Thi<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on of e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives i<span class=\"_ _9\"></span>n ho<span class=\"_ _9\"></span>st c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>ree. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f the b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bin<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on is a<span class=\"_ _9\"></span>chi<span class=\"_ _9\"></span>eved i<span class=\"_ _9\"></span>n st<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n da<span class=\"_ _9\"></span>te fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>irer<span class=\"_ _9\"></span>\u2019s pr<span class=\"_ _9\"></span>evio<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ly he<span class=\"_ _9\"></span>ld eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ee is r<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>t the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on da<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>ny co<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n to be tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>er wi<span class=\"_ _9\"></span>ll be r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>t the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on da<span class=\"_ _9\"></span>te. Co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>s not re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>nd it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>lem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>or wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. Con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>gen<span class=\"_ _9\"></span>t con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed as a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t or lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>at is a f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>pe of IFR<span class=\"_ _9\"></span>S 9 Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial In<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>rda<span class=\"_ _9\"></span>nce w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h IFRS 9<span class=\"_ _4\"></span>. Ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>ent c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>s not wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e sc<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>e of IFRS 9 i<span class=\"_ _9\"></span>s meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e at eac<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate wi<span class=\"_ _9\"></span>th c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill is i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>ally m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t bei<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he exc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate o<span class=\"_ _9\"></span>f the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d for n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>llin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e net i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>fia<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d and l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ed. I<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e net a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>s in exc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>er it h<span class=\"_ _9\"></span>as co<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly id<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d all of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed an<span class=\"_ _9\"></span>d all of t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d rev<span class=\"_ _9\"></span>iew<span class=\"_ _9\"></span>s the p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ced<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es us<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d at th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ate. If t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sm<span class=\"_ _9\"></span>ent s<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ll res<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n an ex<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f net as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d over t<span class=\"_ _9\"></span>he ag<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>der<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red, t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e gain i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ter i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, goo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t les<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>ny acc<span class=\"_ _9\"></span>umu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s. Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent tes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing, g<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill ac<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n a bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>s, fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ate, all<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d to eac<span class=\"_ _9\"></span>h of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _9\"></span>ash<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t are ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>t fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion, ir<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>tive o<span class=\"_ _9\"></span>f whe<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er ot<span class=\"_ _9\"></span>her a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>r liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>e are as<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. W<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e go<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>will f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ms p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f a ca<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing u<span class=\"_ _9\"></span>nit a<span class=\"_ _9\"></span>nd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t unit i<span class=\"_ _9\"></span>s dis<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose<span class=\"_ _9\"></span>d of, the g<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ed of i<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n det<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al of t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion. G<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ed of i<span class=\"_ _9\"></span>n thi<span class=\"_ _9\"></span>s cir<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rela<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on d<span class=\"_ _9\"></span>isp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>f and t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing u<span class=\"_ _9\"></span>nit r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d.e.<span class=\"_ _4\"></span> <span class=\"_ _8\"> </span>Business combinations<span class=\"_ _4\"></span> inv<span class=\"_ _4\"></span>olving entities<span class=\"_ _4\"></span> under c<span class=\"_ _4\"></span>ommon control <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for b<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>omb<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hat in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>omm<span class=\"_ _9\"></span>on c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on m<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>od p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d that the transac<span class=\"_ _9\"></span>tion has subst<span class=\"_ _9\"></span>ance.f. <span class=\"_ _b\"> </span>I<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>tes a<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d joi<span class=\"_ _9\"></span>nt ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oci<span class=\"_ _9\"></span>ate is a<span class=\"_ _9\"></span>n ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ov<span class=\"_ _9\"></span>er wh<span class=\"_ _9\"></span>ich t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nt inf<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e. Signi<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nt inf<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e is th<span class=\"_ _9\"></span>e po<span class=\"_ _9\"></span>wer to p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tic<span class=\"_ _9\"></span>ipa<span class=\"_ _9\"></span>te in t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>nd o<span class=\"_ _9\"></span>per<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ee, bu<span class=\"_ _9\"></span>t is not c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ol over t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>olic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>A j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure i<span class=\"_ _9\"></span>s a t<span class=\"_ _9\"></span>yp<span class=\"_ _9\"></span>e of joi<span class=\"_ _9\"></span>nt ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y the p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t have joi<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ol of t<span class=\"_ _9\"></span>he ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>gem<span class=\"_ _9\"></span>ent h<span class=\"_ _9\"></span>ave ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>et as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e join<span class=\"_ _9\"></span>t vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e. Join<span class=\"_ _9\"></span>t con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l is th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>ly ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d sh<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ing of c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f an ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>, whi<span class=\"_ _9\"></span>ch ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s on<span class=\"_ _9\"></span>ly w<span class=\"_ _9\"></span>hen de<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s ab<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>ele<span class=\"_ _9\"></span>vant a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>e una<span class=\"_ _9\"></span>nimo<span class=\"_ _9\"></span>us c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e par<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s sh<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>rol.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d join<span class=\"_ _9\"></span>t vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ted fo<span class=\"_ _9\"></span>r us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y me<span class=\"_ _9\"></span>tho<span class=\"_ _9\"></span>d. Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y m<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>hod, th<span class=\"_ _9\"></span>e\ue61finves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>e or jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>re is c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ied i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al po<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n at co<span class=\"_ _9\"></span>st p<span class=\"_ _9\"></span>lus p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in\ue61ft<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s sha<span class=\"_ _9\"></span>re of n<span class=\"_ _9\"></span>et as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>te or jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>re.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent r<span class=\"_ _9\"></span>efl<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>f op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons o<span class=\"_ _9\"></span>f as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d joi<span class=\"_ _9\"></span>nt ven<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s shar<span class=\"_ _9\"></span>e of cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>ve inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e of as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tes o<span class=\"_ _9\"></span>r join<span class=\"_ _9\"></span>t vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>hen<span class=\"_ _9\"></span>siv<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>ere has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed di<span class=\"_ _9\"></span>rec<span class=\"_ _1\"></span>tly i<span class=\"_ _9\"></span>n the e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt ven<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e of any c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s thi<span class=\"_ _9\"></span>s, wh<span class=\"_ _9\"></span>en a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e, in th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s in eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. Unre<span class=\"_ _9\"></span>alis<span class=\"_ _9\"></span>ed g<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s res<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g fro<span class=\"_ _9\"></span>m tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ons be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>te or j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure ar<span class=\"_ _9\"></span>e eli<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>ted t<span class=\"_ _9\"></span>o the e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tent o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>n the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt ven<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he ag<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ega<span class=\"_ _9\"></span>te of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s sha<span class=\"_ _9\"></span>re of p<span class=\"_ _9\"></span>rofi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s of an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r a joi<span class=\"_ _9\"></span>nt vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e is sh<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>n on t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ace of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>e EBIT a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>rofi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>nd no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol<span class=\"_ _9\"></span>ling i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt ven<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate a<span class=\"_ _9\"></span>nd jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>res a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>e rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d as t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. Wh<span class=\"_ _9\"></span>ere n<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re ma<span class=\"_ _9\"></span>de to b<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>olic<span class=\"_ _9\"></span>ies i<span class=\"_ _9\"></span>n line w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ter a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y me<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>od, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>er it i<span class=\"_ _9\"></span>s ne<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>e an im<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ent l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s on i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>te or jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>re. At eac<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nes w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive ev<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oci<span class=\"_ _9\"></span>ate or j<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>t vent<span class=\"_ _9\"></span>ure i<span class=\"_ _9\"></span>s imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>ed. I<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>re is s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h evi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nce, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of im<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t as t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>cove<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e and i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng va<span class=\"_ _9\"></span>lue, an<span class=\"_ _9\"></span>d the<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he los<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>s \u2018Sh<span class=\"_ _9\"></span>are i<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>ult o<span class=\"_ _9\"></span>f as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>e and j<span class=\"_ _9\"></span>oint v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s\u2019 in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>U<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n los<span class=\"_ _9\"></span>s of s<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>flu<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e over t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r join<span class=\"_ _9\"></span>t con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l over t<span class=\"_ _9\"></span>he jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>re, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>ses a<span class=\"_ _9\"></span>ny ret<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ned i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t at it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e. Any di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>f sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>nfl<span class=\"_ _9\"></span>uen<span class=\"_ _9\"></span>ce or j<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>t cont<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>l and t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e ret<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>roc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m dis<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>l is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e income statement.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dg. <span class=\"_ _6\"> </span>Foreign<span class=\"_ _4\"></span> currenc<span class=\"_ _9\"></span>y translation <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any is Pou<span class=\"_ _9\"></span>nd Ste<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>ing. T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>date<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d in Poun<span class=\"_ _9\"></span>d\ue61fSter<span class=\"_ _9\"></span>lin<span class=\"_ _9\"></span>g.  <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p dete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>es it<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>wn f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>ms in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of ea<span class=\"_ _9\"></span>ch e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y are\ue61fm<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>hat f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y. <span class=\"_ _1c\"> </span>T<span class=\"_ _4\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s in fo<span class=\"_ _9\"></span>reig<span class=\"_ _9\"></span>n cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>cie<span class=\"_ _9\"></span>s are i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>ally r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed at t<span class=\"_ _9\"></span>he exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>es pr<span class=\"_ _9\"></span>evai<span class=\"_ _9\"></span>ling o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Mo<span class=\"_ _9\"></span>net<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es de<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>ted i<span class=\"_ _9\"></span>n for<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n cur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to fu<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>y at th<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tes p<span class=\"_ _9\"></span>rev<span class=\"_ _9\"></span>ailin<span class=\"_ _9\"></span>g on\ue61ft<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate. Pro<span class=\"_ _9\"></span>fit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s are i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed in t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hos<span class=\"_ _9\"></span>e f<span class=\"_ _9\"></span>unc<span class=\"_ _1\"></span>tion<span class=\"_ _9\"></span>al cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>y is not Pou<span class=\"_ _9\"></span>nd Ste<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>ing ar<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sla<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t exch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tes p<span class=\"_ _9\"></span>rev<span class=\"_ _9\"></span>ailin<span class=\"_ _9\"></span>g on t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate. In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e and e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>s are t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he aver<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>. Equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ite<span class=\"_ _9\"></span>ms ar<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sla<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t the h<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. E<span class=\"_ _9\"></span>xc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>ng on t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on ar<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n oth<span class=\"_ _9\"></span>er co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>reh<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>sive inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e and c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d as a s<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y (f<span class=\"_ _9\"></span>ore<span class=\"_ _9\"></span>ign c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nsl<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>ser<span class=\"_ _1\"></span>ve). Suc<span class=\"_ _9\"></span>h tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>s dis<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ed of. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill an<span class=\"_ _9\"></span>d fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue ad<span class=\"_ _9\"></span>jus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>ng o<span class=\"_ _9\"></span>n the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>itio<span class=\"_ _9\"></span>n of a fo<span class=\"_ _9\"></span>reig<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>re tr<span class=\"_ _9\"></span>eate<span class=\"_ _9\"></span>d as a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e for<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on an<span class=\"_ _9\"></span>d tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sla<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t the c<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te. <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>xc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>t of loa<span class=\"_ _9\"></span>ns de<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>ted i<span class=\"_ _9\"></span>n for<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>y w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h we<span class=\"_ _9\"></span>re gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted by t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany t<span class=\"_ _9\"></span>o it<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>es are r<span class=\"_ _9\"></span>efl<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>orei<span class=\"_ _9\"></span>gn c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sla<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve in e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, as th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e, in sub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nce, a pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s net inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>rei<span class=\"_ _9\"></span>gn op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing e<span class=\"_ _9\"></span>xch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tes i<span class=\"_ _9\"></span>n rela<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n to Poun<span class=\"_ _9\"></span>d Ster<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>ng wer<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>evail<span class=\"_ _9\"></span>ing at r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting d<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>In Po<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>d In Pou<span class=\"_ _9\"></span>nd SterlingSter<span class=\"_ _9\"></span>lin<span class=\"_ _9\"></span>gEuro<span class=\"_ _1d1\"> </span><span class=\"ff9b\">0.885<span class=\"_ _ce\"> </span></span>0.838Hungarian Forint<span class=\"_ _1c2\"> </span><span class=\"ff9b ls2 ws5\">0.002<span class=\"_ _ce\"> </span><span class=\"ff9c\">0.002</span></span>Croatian K<span class=\"_ _4\"></span>una<span class=\"_ _1d2\"> </span><span class=\"ff9b ls2 ws5\">0.117<span class=\"_ _ce\"> </span><span class=\"ff9c\">0.112</span></span>US Dollar<span class=\"_ _1d3\"> </span><span class=\"ff9b ls2 ws5\">0.830<span class=\"_ _ce\"> </span><span class=\"ff9c\">0.740</span></span> <span class=\"_ _1c\"> </span>Per<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ge in<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e (dec<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se) in e<span class=\"_ _9\"></span>xcha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>e rat<span class=\"_ _9\"></span>es at ye<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>nd co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>d to t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>evio<span class=\"_ _9\"></span>us ye<span class=\"_ _9\"></span>ar:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>%%Euro<span class=\"_ _1d4\"> </span><span class=\"ff9b\">5.6<span class=\"_ _11e\"> </span></span>(6.6)Hungarian Forint<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">(3.5)<span class=\"_ _9c\"> </span><span class=\"ff9c\">(6.7)</span></span>Croatian K<span class=\"_ _4\"></span>una<span class=\"_ _1d6\"> </span><span class=\"ff9b ls2 ws5\">2.5<span class=\"_ _11e\"> </span><span class=\"ff9c\">(6.3)</span></span>US Dollar<span class=\"_ _1d7\"> </span><span class=\"ff9b ls2 ws5\">12.2<span class=\"_ _8f\"> </span><span class=\"ff9c\">1.2</span></span>No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dh. <span class=\"_ _8\"> </span>Int<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d se<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tel<span class=\"_ _9\"></span>y are me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t. T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t of in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ngib<span class=\"_ _9\"></span>le a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d in a bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>on is t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>ir f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue at t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ate of a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n. Fol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>ing in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ngi<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ed at c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t le<span class=\"_ _9\"></span>ss a<span class=\"_ _9\"></span>ny acc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on a<span class=\"_ _9\"></span>nd any a<span class=\"_ _9\"></span>ccu<span class=\"_ _9\"></span>mul<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g the s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>aigh<span class=\"_ _9\"></span>t-lin<span class=\"_ _9\"></span>e met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d over t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or im<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t whe<span class=\"_ _9\"></span>neve<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s an in<span class=\"_ _9\"></span>dic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>angi<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>ed. T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d and t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion m<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>hod a<span class=\"_ _9\"></span>re rev<span class=\"_ _9\"></span>iew<span class=\"_ _9\"></span>ed at lea<span class=\"_ _9\"></span>st a<span class=\"_ _9\"></span>t eac<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d. Ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>sef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe or t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>rn o<span class=\"_ _9\"></span>f con<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>mpt<span class=\"_ _9\"></span>ion of f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic be<span class=\"_ _9\"></span>nef<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for by c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>ngin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>isa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od or m<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d, as ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iat<span class=\"_ _9\"></span>e, and ar<span class=\"_ _9\"></span>e tre<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e fo<span class=\"_ _9\"></span>r int<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>ris<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion of a<span class=\"_ _9\"></span>n int<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>gib<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>et dis<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d the c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d. i.<span class=\"_ _4\"></span> <span class=\"_ _f\"> </span>Property,<span class=\"_ _4\"></span> plant<span class=\"_ _4\"></span> and equipment <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, plan<span class=\"_ _9\"></span>t and e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t are me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>mul<span class=\"_ _9\"></span>ated d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n and i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. De<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>rai<span class=\"_ _9\"></span>ght-<span class=\"_ _9\"></span>lin<span class=\"_ _9\"></span>e met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d, over t<span class=\"_ _9\"></span>he sh<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ter of t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>sef<span class=\"_ _9\"></span>ul l<span class=\"_ _9\"></span>ife of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s or t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:Ye<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>sHotel bui<span class=\"_ _4\"></span>ldings<span class=\"_ _1bc\"> </span><span class=\"ls2 ws5\">50 to 95</span>Furniture and equipment<span class=\"_ _1d8\"> </span><span class=\"ls2 ws5\">2 to 25</span> <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, p<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent as t<span class=\"_ _9\"></span>hey a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed. C<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed th<span class=\"_ _9\"></span>at sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly in<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t con<span class=\"_ _9\"></span>cer<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ed ar<span class=\"_ _9\"></span>e ad<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019s cost a<span class=\"_ _9\"></span>s an i<span class=\"_ _9\"></span>mpr<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>nd de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>rove<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>n it<span class=\"_ _9\"></span>em of p<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, pla<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, an<span class=\"_ _9\"></span>d any si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t par<span class=\"_ _1\"></span>t ini<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed, i<span class=\"_ _9\"></span>s der<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d up<span class=\"_ _9\"></span>on d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>al o<span class=\"_ _9\"></span>r wh<span class=\"_ _9\"></span>en no fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re ec<span class=\"_ _9\"></span>ono<span class=\"_ _9\"></span>mic b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s us<span class=\"_ _9\"></span>e or di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al. A<span class=\"_ _9\"></span>ny gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng on d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (cal<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e bet<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e net di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al p<span class=\"_ _9\"></span>roc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et) i<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wh<span class=\"_ _9\"></span>en the asset is derecognised. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s\u2019 re<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l valu<span class=\"_ _9\"></span>es, u<span class=\"_ _9\"></span>sef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s of de<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n ar<span class=\"_ _9\"></span>e revi<span class=\"_ _9\"></span>ewe<span class=\"_ _9\"></span>d at eac<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l year e<span class=\"_ _9\"></span>nd, an<span class=\"_ _9\"></span>d adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d prospec<span class=\"_ _9\"></span>tively<span class=\"_ _3\"></span>, if appropriate.j. <span class=\"_ _f\"> </span>Im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt o<span class=\"_ _9\"></span>f no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts <span class=\"_ _1c\"> </span>At e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g date, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up r<span class=\"_ _9\"></span>evie<span class=\"_ _9\"></span>ws t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of i<span class=\"_ _9\"></span>ts n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ne wh<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is any ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>hos<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>ed. If a<span class=\"_ _9\"></span>ny su<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n exi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>, the r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t is es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed. Wh<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>t\ue61fis no<span class=\"_ _9\"></span>t pos<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e to es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>e the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of an in<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ual a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of\ue61fth<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ash<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g unit t<span class=\"_ _9\"></span>o whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Re<span class=\"_ _9\"></span>cove<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e high<span class=\"_ _9\"></span>er of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>\u2019s fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>nd it<span class=\"_ _9\"></span>s v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e in us<span class=\"_ _9\"></span>e. In as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng va<span class=\"_ _9\"></span>lue in u<span class=\"_ _9\"></span>se, th<span class=\"_ _9\"></span>e\ue61fes<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>d fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>ws a<span class=\"_ _9\"></span>re dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>lue u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a pre<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>x di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ime v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f mon<span class=\"_ _9\"></span>ey an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e ris<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>c to th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et (or c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>it) i<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t is con<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>der<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d and t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et (c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng uni<span class=\"_ _9\"></span>t) i<span class=\"_ _9\"></span>s red<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ed to i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt. Imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as an e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>dia<span class=\"_ _9\"></span>tely.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re an i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ss s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly reve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s, th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set (c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>gen<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>) is inc<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d to t<span class=\"_ _9\"></span>he rev<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate o<span class=\"_ _9\"></span>f it<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cover<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt, b<span class=\"_ _9\"></span>ut n<span class=\"_ _9\"></span>ot in exc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>hat wo<span class=\"_ _9\"></span>uld h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en d<span class=\"_ _9\"></span>eter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d had n<span class=\"_ _9\"></span>o imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt los<span class=\"_ _9\"></span>s b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>usl<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (ca<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing u<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>). A rever<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>al of an i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ss i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as income\ue61fimmediat<span class=\"_ _4\"></span>ely<span class=\"_ _4\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dk. <span class=\"_ _8\"> </span>Financial instruments <span class=\"_ _1c\"> </span>i) <span class=\"_ _3a\"> </span>Financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t or f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>\u2019s cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow ch<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el fo<span class=\"_ _9\"></span>r man<span class=\"_ _9\"></span>agi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>t it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue p<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>, in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ase o<span class=\"_ _9\"></span>f a\ue61ffi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et no<span class=\"_ _9\"></span>t at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>or a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et t<span class=\"_ _9\"></span>o be cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t, i<span class=\"_ _9\"></span>t nee<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s to give r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e to c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re \u2018sol<span class=\"_ _9\"></span>ely pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t\u2019 (S<span class=\"_ _9\"></span>PPI) on t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing. T<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d to as t<span class=\"_ _9\"></span>he SPPI te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d is\ue61fp<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d at an i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t level. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l for ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s refe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to how i<span class=\"_ _9\"></span>t man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n or<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>o ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>lt f<span class=\"_ _9\"></span>rom c<span class=\"_ _9\"></span>olle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>elli<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial assets,<span class=\"_ _4\"></span> or bo<span class=\"_ _4\"></span>th. <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>r sal<span class=\"_ _9\"></span>es of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>live<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>in a ti<span class=\"_ _9\"></span>mef<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ame e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>she<span class=\"_ _9\"></span>d by re<span class=\"_ _9\"></span>gu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on or c<span class=\"_ _9\"></span>onve<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ce (re<span class=\"_ _9\"></span>gula<span class=\"_ _9\"></span>r way t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s) are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de d<span class=\"_ _9\"></span>ate, i.e. the da<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e or s<span class=\"_ _9\"></span>ell t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>f sub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ies: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (deb<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s); and</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.</span></span> <span class=\"_ _1c\"> </span>Financial<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> at amortis<span class=\"_ _4\"></span>ed c<span class=\"_ _4\"></span>ost (<span class=\"_ _3\"></span>debt instruments<span class=\"_ _4\"></span>) <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t if bo<span class=\"_ _9\"></span>th of t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>et: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set i<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n a bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of h<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s; an<span class=\"_ _9\"></span>d <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l ter<span class=\"_ _9\"></span>ms o<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et giv<span class=\"_ _9\"></span>e ris<span class=\"_ _9\"></span>e on s<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed da<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at are SPPI o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al </span></span>amount\ue61foutst<span class=\"_ _9\"></span>anding. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te (EIR<span class=\"_ _9\"></span>) met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Gain<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ied o<span class=\"_ _9\"></span>r im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>ed. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng, fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s, or f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue. Fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re cla<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>y are a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se of s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>r rep<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g in t<span class=\"_ _9\"></span>he nea<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m. D<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>es, ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hey ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on if d<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g so eliminates<span class=\"_ _4\"></span>, or si<span class=\"_ _4\"></span>gnificantly reduces, an accounting<span class=\"_ _4\"></span> mismatch. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h net c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in\ue61ff<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Div<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s on li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight o<span class=\"_ _9\"></span>f pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>ish<span class=\"_ _9\"></span>ed. Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (or<span class=\"_ _4\"></span>, whe<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble, a pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of a f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f a Gro<span class=\"_ _9\"></span>up of s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s) is p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed (<span class=\"_ _9\"></span>i.e. remove<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n) whe<span class=\"_ _9\"></span>n: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t have ex<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>red; or</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or h<span class=\"_ _9\"></span>as as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>d an o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ows i<span class=\"_ _9\"></span>n ful<span class=\"_ _9\"></span>l wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>elay to a t<span class=\"_ _9\"></span>hir<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r a \u2018pas<span class=\"_ _9\"></span>s-<span class=\"_ _9\"></span>thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h\u2019 arr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt; an<span class=\"_ _9\"></span>d eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r (a) the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, or (<span class=\"_ _9\"></span>b) th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y all t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>isk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, bu<span class=\"_ _9\"></span>t has t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a pa<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h ar<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, i<span class=\"_ _9\"></span>t eval<span class=\"_ _9\"></span>uate<span class=\"_ _9\"></span>s if, and t<span class=\"_ _9\"></span>o wha<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt, it h<span class=\"_ _9\"></span>as ret<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d the r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s and r<span class=\"_ _9\"></span>ewa<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s of ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n it has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et, no<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>ng invo<span class=\"_ _9\"></span>lve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. In t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>se, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up als<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on a b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup has\ue61fr<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>nvolve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>akes t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of a gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>e over t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>wer of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>gina<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d the m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>um am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>o rep<span class=\"_ _9\"></span>ay. <span class=\"_ _1c\"> </span>Impairment<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es an a<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s (ECL<span class=\"_ _9\"></span>) for a<span class=\"_ _9\"></span>ll de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s no<span class=\"_ _9\"></span>t hel<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. ECL<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t and al<span class=\"_ _9\"></span>l the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive, dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d at a<span class=\"_ _9\"></span>n app<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal EIR<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s will i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>e of col<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l hel<span class=\"_ _9\"></span>d or ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit e<span class=\"_ _9\"></span>nha<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>ECL<span class=\"_ _1\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>wo s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>es. F<span class=\"_ _9\"></span>or cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res f<span class=\"_ _9\"></span>or w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the<span class=\"_ _9\"></span>re ha<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k sin<span class=\"_ _9\"></span>ce ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, ECL<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t res<span class=\"_ _9\"></span>ult f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>fau<span class=\"_ _9\"></span>lt eve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e pos<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ex<span class=\"_ _9\"></span>t 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs (a 1<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h ECL<span class=\"_ _9\"></span>). For th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k si<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, a los<span class=\"_ _9\"></span>s\ue61fal<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re, irr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of th<span class=\"_ _9\"></span>e ti<span class=\"_ _9\"></span>ming of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t (a life<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>e ECL). <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s a si<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>ch in c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ECL<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The<span class=\"_ _9\"></span>ref<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ck c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges in\ue61fc<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k, b<span class=\"_ _9\"></span>ut in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ead r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n lif<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>me ECL<span class=\"_ _9\"></span>s at e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g date.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set t<span class=\"_ _9\"></span>o be i<span class=\"_ _9\"></span>n def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>l or ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nal in<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is u<span class=\"_ _9\"></span>nlikel<span class=\"_ _9\"></span>y to\ue61fre<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>ull. A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is w<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of recovering the contrac<span class=\"_ _9\"></span>tual cas<span class=\"_ _9\"></span>h flows. <span class=\"_ _1c\"> </span>ii) <span class=\"_ _25\"> </span>Financial liabilities <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, as m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es) or a<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n an ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e, as\ue61fap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ate. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ll fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue an<span class=\"_ _9\"></span>d, in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, ne<span class=\"_ _9\"></span>t of dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly att<span class=\"_ _9\"></span>ribut<span class=\"_ _9\"></span>able transac<span class=\"_ _9\"></span>tion cos<span class=\"_ _9\"></span>ts. <span class=\"_ _1c\"> </span>The Group<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s finan<span class=\"_ _4\"></span>cial l<span class=\"_ _4\"></span>iabilities<span class=\"_ _4\"></span> include trade and o<span class=\"_ _4\"></span>ther payables<span class=\"_ _4\"></span>, loans<span class=\"_ _4\"></span> and borrowings including<span class=\"_ _4\"></span> bank ov<span class=\"_ _4\"></span>erdraf<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s,<span class=\"_ _4\"></span> and derivative financial instrument<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>ir cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on, as d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w: <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Financial li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> at fair<span class=\"_ _4\"></span> value through<span class=\"_ _4\"></span> profit or<span class=\"_ _4\"></span> loss include financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> held for<span class=\"_ _4\"></span> trading and financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> designated up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>ey are i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he pu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>e of re<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n the n<span class=\"_ _9\"></span>ear te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m. Thi<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ateg<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y als<span class=\"_ _9\"></span>o inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s as d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d by IFRS 9<span class=\"_ _4\"></span>. Sep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng unl<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>ey are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies h<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>itia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e init<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>ate of rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, an<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y if t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ia in IF<span class=\"_ _9\"></span>RS 9 are s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as not d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d any fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Loans and borr<span class=\"_ _4\"></span>owings <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>leva<span class=\"_ _9\"></span>nt to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r init<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>bea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>st u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e EIR met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d. Gai<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as w<span class=\"_ _9\"></span>ell as t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e EIR amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t is c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g into a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>ny dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt or p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>miu<span class=\"_ _9\"></span>m on ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n and f<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s or co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re an i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al par<span class=\"_ _1\"></span>t of t<span class=\"_ _9\"></span>he EIR<span class=\"_ _9\"></span>. The EI<span class=\"_ _9\"></span>R amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ally a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lies t<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>gs.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ts s<span class=\"_ _9\"></span>old to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>te inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 201<span class=\"_ _4\"></span>0, the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>mins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>as co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>ayin<span class=\"_ _9\"></span>g cus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. Ou<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>,01<span class=\"_ _3\"></span>9 r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s, 535 ro<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>s (\u2018I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s\u2019<span class=\"_ _9\"></span>) wer<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er a 99<span class=\"_ _9\"></span>9-ye<span class=\"_ _9\"></span>ar le<span class=\"_ _9\"></span>ase. T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nted f<span class=\"_ _9\"></span>or as a<span class=\"_ _9\"></span>n inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>che<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s, in r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>pfr<span class=\"_ _9\"></span>ont c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>aid fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s, rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of ne<span class=\"_ _9\"></span>t inco<span class=\"_ _9\"></span>me f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>c reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to a s<span class=\"_ _9\"></span>tre<span class=\"_ _9\"></span>am of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows). Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d upf<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>nt ar<span class=\"_ _9\"></span>e acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ted fo<span class=\"_ _9\"></span>r as a f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e bei<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e over th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase (<span class=\"_ _9\"></span>i.e. 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s). Chan<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _4\"></span>. Sinc<span class=\"_ _9\"></span>e Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 201<span class=\"_ _4\"></span>4, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s bo<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>t bac<span class=\"_ _9\"></span>k 52 Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Upo<span class=\"_ _9\"></span>n bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ck of a\ue61funi<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to t<span class=\"_ _9\"></span>hat u<span class=\"_ _9\"></span>nit i<span class=\"_ _9\"></span>s der<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d any di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e and t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n prof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>ntir<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l is ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s acc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>epr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ace<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully re<span class=\"_ _9\"></span>imb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f 4% of reven<span class=\"_ _9\"></span>ues i<span class=\"_ _9\"></span>s pai<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>n ann<span class=\"_ _9\"></span>ual b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s (\u2018FF&amp;E re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d is ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d for i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he FF&amp;E re<span class=\"_ _9\"></span>ser<span class=\"_ _1\"></span>ve is a t<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ng dif<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s a re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le or li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r in ea<span class=\"_ _9\"></span>ch r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e year.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ob<span class=\"_ _9\"></span>ligat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>d or c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pire<span class=\"_ _9\"></span>s. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y is r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>ed by a<span class=\"_ _9\"></span>not<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>me le<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er on s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>lly di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t ter<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>, or th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>e su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed, s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h an exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge or m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n is t<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>ed as t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on of a new l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y. The d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>iii) <span class=\"_ _1\"></span>Of<span class=\"_ _9\"></span>fset<span class=\"_ _9\"></span>ting<span class=\"_ _4\"></span> of financial<span class=\"_ _4\"></span> instruments <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he net a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>s rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion if\ue61ft<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is a cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>tly e<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rcea<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght t<span class=\"_ _9\"></span>o of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on to s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le on a n<span class=\"_ _9\"></span>et b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s, to realise<span class=\"_ _4\"></span> the asset<span class=\"_ _9\"></span>s and<span class=\"_ _4\"></span> set<span class=\"_ _9\"></span>tle the<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities simultaneously<span class=\"_ _3\"></span>.l. In<span class=\"_ _4\"></span>ventories <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>nvent<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ies i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude c<span class=\"_ _9\"></span>hi<span class=\"_ _9\"></span>na, foo<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d beve<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he low<span class=\"_ _9\"></span>er of c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d net re<span class=\"_ _9\"></span>alis<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le va<span class=\"_ _9\"></span>lue. C<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>des p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se cos<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n a fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-i<span class=\"_ _9\"></span>n, fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>out b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is.  <span class=\"_ _1c\"> </span>N<span class=\"_ _9\"></span>et rea<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le val<span class=\"_ _9\"></span>ue is t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ated s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ce in t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nar<span class=\"_ _1\"></span>y cour<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>e of bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s the e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s n<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y to ma<span class=\"_ _9\"></span>ke th<span class=\"_ _9\"></span>e\ue61fsal<span class=\"_ _9\"></span>e.m. <span class=\"_ _4\"></span>Ca<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh a<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>k an<span class=\"_ _9\"></span>d in ha<span class=\"_ _9\"></span>nd an<span class=\"_ _9\"></span>d sh<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s wit<span class=\"_ _9\"></span>h an o<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>gina<span class=\"_ _9\"></span>l mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>nth<span class=\"_ _9\"></span>s or\ue61fle<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s.n. <span class=\"_ _24\"> </span>Derivative financial inst<span class=\"_ _9\"></span>ruments and hedge accounting <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ted b<span class=\"_ _9\"></span>y IFRS 9<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has e<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>ted to c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>e to ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unti<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of IA<span class=\"_ _9\"></span>S 39 ins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of I<span class=\"_ _9\"></span>FRS 9<span class=\"_ _3\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>s inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e flu<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>uati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Su<span class=\"_ _9\"></span>ch d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ini<span class=\"_ _9\"></span>tiall<span class=\"_ _9\"></span>y rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e on t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ate on w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h a de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t is ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o and a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>ntly r<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e. Der<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rie<span class=\"_ _9\"></span>d as a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e is p<span class=\"_ _9\"></span>osi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e and a<span class=\"_ _9\"></span>s liabil<span class=\"_ _4\"></span>ities when the<span class=\"_ _4\"></span> fair value<span class=\"_ _4\"></span> is negativ<span class=\"_ _4\"></span>e. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ny ga<span class=\"_ _9\"></span>ins o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e on d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at do n<span class=\"_ _9\"></span>ot qu<span class=\"_ _9\"></span>alif<span class=\"_ _1\"></span>y for he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g are t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>n dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly to t<span class=\"_ _9\"></span>he income statement. <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g, he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed as c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low h<span class=\"_ _9\"></span>edg<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to va<span class=\"_ _9\"></span>ria<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in\ue61fc<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h\ue61ffl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>s eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r at<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le to a p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ular r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oci<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>h a re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y or a hig<span class=\"_ _9\"></span>hly p<span class=\"_ _9\"></span>rob<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le forecast\ue61ftransac<span class=\"_ _9\"></span>tion. <span class=\"_ _1c\"> </span>At t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on of a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hi<span class=\"_ _9\"></span>p, the Gro<span class=\"_ _9\"></span>up fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mall<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d doc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip t<span class=\"_ _9\"></span>o whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup wis<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>s to ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y hed<span class=\"_ _9\"></span>ge a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>gy f<span class=\"_ _9\"></span>or un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge. Th<span class=\"_ _9\"></span>e do<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed it<span class=\"_ _9\"></span>em o<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n, the na<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk b<span class=\"_ _9\"></span>ein<span class=\"_ _9\"></span>g he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d how t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up w<span class=\"_ _9\"></span>ill as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s the e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ven<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s of ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s fair v<span class=\"_ _9\"></span>alue i<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re to c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>em\u2019s fair v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e or c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>ws at<span class=\"_ _1\"></span>tr<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>d r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. Su<span class=\"_ _9\"></span>ch h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ges a<span class=\"_ _9\"></span>re ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e high<span class=\"_ _9\"></span>ly ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>n ach<span class=\"_ _9\"></span>ievi<span class=\"_ _9\"></span>ng of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue or c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>re as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on a<span class=\"_ _9\"></span>n ong<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g bas<span class=\"_ _9\"></span>is to d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>hey a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>ally h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en hi<span class=\"_ _9\"></span>ghl<span class=\"_ _9\"></span>y ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey we<span class=\"_ _9\"></span>re d<span class=\"_ _9\"></span>esi<span class=\"_ _9\"></span>gnat<span class=\"_ _9\"></span>ed.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt in a c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ehe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me, whil<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. Am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>aken to o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r co<span class=\"_ _9\"></span>mpr<span class=\"_ _9\"></span>ehe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me are t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on af<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>ts p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>uch a<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e or fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se is r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>do. <span class=\"_ _24\"> </span>Reve<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>e fr<span class=\"_ _9\"></span>om c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Re<span class=\"_ _9\"></span>venu<span class=\"_ _9\"></span>e fr<span class=\"_ _9\"></span>om co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>s is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d wh<span class=\"_ _9\"></span>en c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol of t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>r se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>re tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d to t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er at an\ue61fam<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>der<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>o whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ts t<span class=\"_ _9\"></span>o be e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>tle<span class=\"_ _9\"></span>d in exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e go<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s or s<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s gen<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>all<span class=\"_ _9\"></span>y con<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at it is t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal i<span class=\"_ _9\"></span>n it<span class=\"_ _9\"></span>s rev<span class=\"_ _9\"></span>enu<span class=\"_ _9\"></span>e ar<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s b<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>aus<span class=\"_ _9\"></span>e it t<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>lly co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>rols t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>ds or\ue61fs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>hem t<span class=\"_ _9\"></span>o the c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d, co<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>nd l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d ho<span class=\"_ _9\"></span>tel<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Re<span class=\"_ _9\"></span>venu<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ly de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ved f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s, inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>al of r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s, fo<span class=\"_ _9\"></span>od a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e sal<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d ot<span class=\"_ _9\"></span>her s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vic<span class=\"_ _9\"></span>es fr<span class=\"_ _9\"></span>om ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d, co<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d and l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ed h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s bra<span class=\"_ _9\"></span>nd na<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>s. Reve<span class=\"_ _9\"></span>nue i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n roo<span class=\"_ _9\"></span>ms ar<span class=\"_ _9\"></span>e oc<span class=\"_ _9\"></span>cup<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d, foo<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d beve<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>old a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>s are p<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ed. <span class=\"_ _1c\"> </span>Management f<span class=\"_ _4\"></span>ees <span class=\"_ _1c\"> </span>M<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s are ea<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m hote<span class=\"_ _9\"></span>ls ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p, unde<span class=\"_ _9\"></span>r lon<span class=\"_ _9\"></span>g-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>el ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>. Man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt fee<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de a b<span class=\"_ _9\"></span>ase f<span class=\"_ _9\"></span>ee, whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s gen<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>all<span class=\"_ _9\"></span>y a per<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>age of h<span class=\"_ _9\"></span>otel r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue, and a<span class=\"_ _9\"></span>n inc<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ive fe<span class=\"_ _9\"></span>e, whic<span class=\"_ _9\"></span>h is b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e\ue61fhote<span class=\"_ _9\"></span>l\u2019s prof<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Revenu<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d whe<span class=\"_ _9\"></span>n ear<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>nd rea<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r reali<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. <span class=\"_ _1c\"> </span>Fr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e fee<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Fr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>chi<span class=\"_ _9\"></span>se f<span class=\"_ _9\"></span>ees a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved i<span class=\"_ _9\"></span>n con<span class=\"_ _9\"></span>nec<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n wit<span class=\"_ _9\"></span>h a lic<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>es, un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he ho<span class=\"_ _9\"></span>tel ow<span class=\"_ _9\"></span>ner. The Gr<span class=\"_ _9\"></span>oup c<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>chi<span class=\"_ _9\"></span>se fe<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>s a pe<span class=\"_ _9\"></span>rce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>age of h<span class=\"_ _9\"></span>otel r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue. Reve<span class=\"_ _9\"></span>nue i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n ear<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d reali<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d or real<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. <span class=\"_ _1c\"> </span>Marketing f<span class=\"_ _4\"></span>ees <span class=\"_ _1c\"> </span>M<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keti<span class=\"_ _9\"></span>ng fee<span class=\"_ _9\"></span>s are r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d in co<span class=\"_ _9\"></span>nn<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ing s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vic<span class=\"_ _9\"></span>es of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up, un<span class=\"_ _9\"></span>der l<span class=\"_ _9\"></span>ong<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>ts wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>el ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>. The Gr<span class=\"_ _9\"></span>oup c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>s mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ing fe<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>s a pe<span class=\"_ _9\"></span>rce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>age of h<span class=\"_ _9\"></span>otel r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue. Reve<span class=\"_ _9\"></span>nue i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>hen e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d real<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d or r<span class=\"_ _9\"></span>eali<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ble u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t. <span class=\"_ _1c\"> </span>Customer l<span class=\"_ _4\"></span>oy<span class=\"_ _4\"></span>alty pr<span class=\"_ _4\"></span>ogrammeTM <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p par<span class=\"_ _1\"></span>tic<span class=\"_ _9\"></span>ipa<span class=\"_ _9\"></span>tes i<span class=\"_ _9\"></span>n the R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n Rewa<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r loy<span class=\"_ _9\"></span>alt<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>amm<span class=\"_ _9\"></span>e to pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th i<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ves to b<span class=\"_ _9\"></span>uy r<span class=\"_ _9\"></span>oom nig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er l<span class=\"_ _9\"></span>oyal<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y pro<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>me is o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>nd op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he Ra<span class=\"_ _9\"></span>dis<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>otel G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p and t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>refo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he en<span class=\"_ _9\"></span>tit<span class=\"_ _1\"></span>y ret<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>s no ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he awa<span class=\"_ _9\"></span>rd c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n to pay t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rog<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>amm<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ato<span class=\"_ _9\"></span>r for t<span class=\"_ _9\"></span>he gr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nted a<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>d cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s are e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>tle<span class=\"_ _9\"></span>d to u<span class=\"_ _9\"></span>tili<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he aw<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s as s<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>n as th<span class=\"_ _9\"></span>ey are g<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p pur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e awa<span class=\"_ _9\"></span>rd cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om Ra<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>otel G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p an<span class=\"_ _9\"></span>d is<span class=\"_ _9\"></span>sue<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e to it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er to e<span class=\"_ _9\"></span>nha<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ath<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han to e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>n a mar<span class=\"_ _9\"></span>gin f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e sal<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e awa<span class=\"_ _9\"></span>rd cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at it is a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng as pr<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>al in t<span class=\"_ _9\"></span>his t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd, in s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nce, is ea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ning r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue f<span class=\"_ _9\"></span>rom s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>ply<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se aw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ds to i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se g<span class=\"_ _9\"></span>ros<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng in t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rog<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>amm<span class=\"_ _9\"></span>e. <span class=\"_ _1c\"> </span>Contrac<span class=\"_ _9\"></span>t b<span class=\"_ _4\"></span>alances <span class=\"_ _1c\"> </span>T<span class=\"_ _4\"></span>rade<span class=\"_ _4\"></span> receivables <span class=\"_ _1c\"> </span>A r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s righ<span class=\"_ _9\"></span>t to an a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>at is u<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal (<span class=\"_ _9\"></span>i.e. only t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ge of t<span class=\"_ _9\"></span>ime i<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n is d<span class=\"_ _9\"></span>ue).  <span class=\"_ _1c\"> </span>Con<span class=\"_ _9\"></span>trac<span class=\"_ _9\"></span>t liabilities <span class=\"_ _1c\"> </span>A c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>r goo<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s or se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s to a cu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n (or an amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s du<span class=\"_ _9\"></span>e) fro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e cus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>. If a cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r pay<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s goo<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>r se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s to th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, a cont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y (adv<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved<span class=\"_ _9\"></span>) is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is m<span class=\"_ _9\"></span>ade o<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is d<span class=\"_ _9\"></span>ue (whi<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>ever i<span class=\"_ _9\"></span>s ear<span class=\"_ _9\"></span>lier<span class=\"_ _9\"></span>). Cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dp. <span class=\"_ _6\"> </span>A<span class=\"_ _9\"></span>lt<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve Per<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e Me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es EB<span class=\"_ _9\"></span>I<span class=\"_ _9\"></span>T<span class=\"_ _9\"></span>DAR <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>gs b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>, dep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, amor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>sat<span class=\"_ _9\"></span>ion, i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt los<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>al ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es, s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e of as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>te an<span class=\"_ _9\"></span>d exce<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l ite<span class=\"_ _9\"></span>ms p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d exp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se (<span class=\"_ _9\"></span>EBITDAR<span class=\"_ _9\"></span>) co<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>nd to r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue le<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t of re<span class=\"_ _9\"></span>venu<span class=\"_ _9\"></span>es (op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>es). EBIT<span class=\"_ _9\"></span>DAR, to<span class=\"_ _9\"></span>get<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r wit<span class=\"_ _9\"></span>h EBIT<span class=\"_ _9\"></span>DA, is u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as a key p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tor.  EB<span class=\"_ _9\"></span>I<span class=\"_ _9\"></span>T<span class=\"_ _9\"></span>DA <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>gs b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>, dep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n and a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>sat<span class=\"_ _9\"></span>ion, i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt los<span class=\"_ _9\"></span>s, e<span class=\"_ _9\"></span>xcep<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal i<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>s pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d as ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me a<span class=\"_ _9\"></span>nd ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e (EBIT<span class=\"_ _9\"></span>DA) co<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>nd to g<span class=\"_ _9\"></span>ros<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d hot<span class=\"_ _9\"></span>els<span class=\"_ _9\"></span>. EBI<span class=\"_ _9\"></span>T  <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>gs b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, ta<span class=\"_ _9\"></span>x an<span class=\"_ _9\"></span>d exc<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al ite<span class=\"_ _9\"></span>ms p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse (<span class=\"_ _9\"></span>EBIT<span class=\"_ _9\"></span>) c<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ond t<span class=\"_ _9\"></span>o gro<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng pro<span class=\"_ _9\"></span>fit a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r the o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s of h<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ding b<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>h lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d and o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. q. Leases <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for a co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t as a le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms c<span class=\"_ _9\"></span>onvey t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to co<span class=\"_ _9\"></span>ntro<span class=\"_ _9\"></span>l th<span class=\"_ _9\"></span>e us<span class=\"_ _9\"></span>e of an id<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t for a\ue61fpe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od of t<span class=\"_ _9\"></span>ime i<span class=\"_ _9\"></span>n exc<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>e for c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on.  <span class=\"_ _1c\"> </span>The Group<span class=\"_ _4\"></span> as<span class=\"_ _4\"></span> lessee <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p app<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s a sin<span class=\"_ _9\"></span>gle r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>roac<span class=\"_ _9\"></span>h fo<span class=\"_ _9\"></span>r all le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>s, exc<span class=\"_ _9\"></span>ept f<span class=\"_ _9\"></span>or s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s of low<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s to make l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s and r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s rep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht to us<span class=\"_ _9\"></span>e\ue61fth<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Right-of<span class=\"_ _4\"></span>-use assets <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es r<span class=\"_ _9\"></span>ight-<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>-u<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e (i.e. the d<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>he un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>yin<span class=\"_ _9\"></span>g as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t is ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le for\ue61fu<span class=\"_ _9\"></span>se). Rig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s any a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>umu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s, and a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>or any re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent of l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e cos<span class=\"_ _9\"></span>t of r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of le<span class=\"_ _9\"></span>ase l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, ini<span class=\"_ _9\"></span>tial d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red, a<span class=\"_ _9\"></span>nd le<span class=\"_ _9\"></span>ase p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s mad<span class=\"_ _9\"></span>e at or b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt da<span class=\"_ _9\"></span>te le<span class=\"_ _9\"></span>ss a<span class=\"_ _9\"></span>ny leas<span class=\"_ _9\"></span>e in<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved. R<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t-of<span class=\"_ _9\"></span>-u<span class=\"_ _9\"></span>se as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>d on a s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ight-<span class=\"_ _9\"></span>lin<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>is ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e sho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r of t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>efu<span class=\"_ _9\"></span>l live<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, as\ue61ffo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s:Ye<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sL<span class=\"_ _9\"></span>and <span class=\"_ _1d9\"> </span><span class=\"ff9b\">50 to 200</span>Hotel bui<span class=\"_ _4\"></span>ldings<span class=\"_ _1da\"> </span><span class=\"ff9b ls2 ws5\">5 to 95</span>O<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rag<span class=\"_ _9\"></span>e <span class=\"_ _1db\"> </span><span class=\"ff9b\">1 to 12</span>Furniture and equipment<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">2 to 25</span> <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f own<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e end o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m o<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e cos<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>fle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se of a p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, dep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ful l<span class=\"_ _9\"></span>ife of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>. The r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are al<span class=\"_ _9\"></span>so s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. Refe<span class=\"_ _9\"></span>r to t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n sec<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n (<span class=\"_ _9\"></span>j), Im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent of n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>ease liabilities <span class=\"_ _1c\"> </span>At t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>omm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>s lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f leas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to be m<span class=\"_ _9\"></span>ade o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m. Th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>xed p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s) le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s any lea<span class=\"_ _9\"></span>se inc<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e, var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le le<span class=\"_ _9\"></span>ase p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>d on a<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ex or a r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e, and am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to be p<span class=\"_ _9\"></span>aid u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er re<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>ual val<span class=\"_ _9\"></span>ue gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s al<span class=\"_ _9\"></span>so in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>he exe<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>ise p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ce of a p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>nab<span class=\"_ _9\"></span>ly ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain t<span class=\"_ _9\"></span>o be exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of p<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>lti<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se, if t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m re<span class=\"_ _9\"></span>fle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nate. Varia<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at do n<span class=\"_ _9\"></span>ot de<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nd o<span class=\"_ _9\"></span>n an in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>x or a r<span class=\"_ _9\"></span>ate ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as r<span class=\"_ _9\"></span>ent e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he eve<span class=\"_ _9\"></span>nt or co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>rig<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>rs t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of lea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p us<span class=\"_ _9\"></span>es it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>al b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e at th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se co<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate be<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>s not re<span class=\"_ _9\"></span>adil<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nab<span class=\"_ _9\"></span>le. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e, the am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of le<span class=\"_ _9\"></span>ase liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s is in<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d to re<span class=\"_ _9\"></span>fle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t and r<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uce<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ma<span class=\"_ _9\"></span>de. In a<span class=\"_ _9\"></span>ddi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es is r<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d if t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, a chan<span class=\"_ _9\"></span>ge i<span class=\"_ _9\"></span>n the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m, a c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (e.<span class=\"_ _4\"></span>g. ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es to f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n an i<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>x or r<span class=\"_ _9\"></span>ate u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d to de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ne su<span class=\"_ _9\"></span>ch l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s) or a c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sm<span class=\"_ _9\"></span>ent of a<span class=\"_ _9\"></span>n opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to pu<span class=\"_ _9\"></span>rch<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e the u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>lyi<span class=\"_ _9\"></span>ng as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n Ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es (s<span class=\"_ _9\"></span>ee Not<span class=\"_ _9\"></span>e 1<span class=\"_ _3\"></span>7<span class=\"_ _9\"></span>). <span class=\"_ _1c\"> </span>Var<span class=\"_ _4\"></span>iable<span class=\"_ _4\"></span> lease<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>yments<span class=\"_ _4\"></span> that<span class=\"_ _4\"></span> depend<span class=\"_ _4\"></span> on an<span class=\"_ _4\"></span> inde<span class=\"_ _4\"></span>x: <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s the i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ex r<span class=\"_ _9\"></span>ate pr<span class=\"_ _9\"></span>eva<span class=\"_ _9\"></span>iling o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e to c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>e the f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se\ue61fp<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny is th<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ee, th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re le<span class=\"_ _9\"></span>ase p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ind<span class=\"_ _9\"></span>ex are d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d (wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut a c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge in t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt ra<span class=\"_ _9\"></span>te ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y) an<span class=\"_ _9\"></span>d rec<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d as an a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y and t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t-o<span class=\"_ _9\"></span>f-<span class=\"_ _9\"></span>use a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>, onl<span class=\"_ _9\"></span>y whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s a cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>e in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ash f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ws re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>x (tha<span class=\"_ _9\"></span>t is, w<span class=\"_ _9\"></span>hen th<span class=\"_ _9\"></span>e adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>o the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>akes e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t).  <span class=\"_ _1c\"> </span>Var<span class=\"_ _4\"></span>iable<span class=\"_ _4\"></span> lease<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>yments: <span class=\"_ _1c\"> </span>Var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le le<span class=\"_ _9\"></span>ase p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t do not d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>d on a<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ex o<span class=\"_ _9\"></span>r inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate b<span class=\"_ _9\"></span>ut a<span class=\"_ _9\"></span>re ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on p<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce o<span class=\"_ _9\"></span>r us<span class=\"_ _9\"></span>age a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s an ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e as i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny is t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ee, an<span class=\"_ _9\"></span>d are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me as ea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ned w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny is t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>or. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>on an<span class=\"_ _9\"></span>d ter<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns: <span class=\"_ _1c\"> </span>A n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s bot<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s cove<span class=\"_ _9\"></span>red b<span class=\"_ _9\"></span>y an op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n to ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e whe<span class=\"_ _9\"></span>n it i<span class=\"_ _9\"></span>s reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>y cer<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>ain t<span class=\"_ _9\"></span>hat th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n will b<span class=\"_ _9\"></span>e exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d and t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds co<span class=\"_ _9\"></span>vere<span class=\"_ _9\"></span>d by a le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>en it i<span class=\"_ _9\"></span>s rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>nab<span class=\"_ _9\"></span>ly ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>ll not b<span class=\"_ _9\"></span>e exer<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e event o<span class=\"_ _9\"></span>f any ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d exer<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n or in t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>xerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e revi<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>se te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m usi<span class=\"_ _9\"></span>ng a rev<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt ra<span class=\"_ _9\"></span>te as of\ue61fth<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>e in ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e tot<span class=\"_ _9\"></span>al ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he ri<span class=\"_ _9\"></span>ght-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>se as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et un<span class=\"_ _9\"></span>til it i<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>duc<span class=\"_ _9\"></span>ed to z<span class=\"_ _9\"></span>ero, an<span class=\"_ _9\"></span>d any f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r red<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Lease modifications: <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f a leas<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not re<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>ce t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>cop<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>nd d<span class=\"_ _9\"></span>oes n<span class=\"_ _9\"></span>ot re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>t in a s<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate le<span class=\"_ _9\"></span>ase, t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a revi<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d di<span class=\"_ _9\"></span>sco<span class=\"_ _9\"></span>unt r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e as of t<span class=\"_ _9\"></span>he mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>ds t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge in th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y as a<span class=\"_ _9\"></span>n adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>o the r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f a leas<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion r<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uce<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e sco<span class=\"_ _9\"></span>pe o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>s a gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ial or f<span class=\"_ _9\"></span>ull r<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>se as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y. The Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ac<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g to th<span class=\"_ _9\"></span>e rev<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms, a<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>evi<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt r<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on da<span class=\"_ _9\"></span>te an<span class=\"_ _9\"></span>d rec<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ds t<span class=\"_ _9\"></span>he ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y as a<span class=\"_ _9\"></span>n ad<span class=\"_ _9\"></span>jus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>ght-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>S<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>rm le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s of l<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>-va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p app<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e sho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m lea<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n exem<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on to i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sh<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ure a<span class=\"_ _9\"></span>nd e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent (<span class=\"_ _9\"></span>i.e. tho<span class=\"_ _9\"></span>se le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es th<span class=\"_ _9\"></span>at have a le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m of 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _9\"></span>nth<span class=\"_ _9\"></span>s or le<span class=\"_ _9\"></span>ss f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e and d<span class=\"_ _9\"></span>o not c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n a pur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on). It als<span class=\"_ _9\"></span>o ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se of l<span class=\"_ _9\"></span>ow-<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ue as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion e<span class=\"_ _9\"></span>xem<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>n to le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es of of<span class=\"_ _1\"></span>fice e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t tha<span class=\"_ _9\"></span>t are c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d to be l<span class=\"_ _9\"></span>ow va<span class=\"_ _9\"></span>lue. Le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s on s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s of lo<span class=\"_ _9\"></span>w-v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e on a s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>rai<span class=\"_ _9\"></span>ght-<span class=\"_ _9\"></span>line b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is over t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dr<span class=\"_ _4\"></span>. <span class=\"_ _b\"> </span>E<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>loye<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Share-based pa<span class=\"_ _4\"></span>yments <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he B<span class=\"_ _9\"></span>oar<span class=\"_ _9\"></span>d has ad<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ted a s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>re op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n pla<span class=\"_ _9\"></span>n, und<span class=\"_ _9\"></span>er w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h emp<span class=\"_ _9\"></span>loye<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd Di<span class=\"_ _9\"></span>rec<span class=\"_ _1\"></span>tor<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive re<span class=\"_ _9\"></span>mun<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n the for<span class=\"_ _9\"></span>m\ue61fof\ue61fs<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns, w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eby e<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>oyee<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s as co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n for e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s (equity-set<span class=\"_ _9\"></span>tled trans<span class=\"_ _9\"></span>actions).<span class=\"_ _4\"></span>  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y-<span class=\"_ _9\"></span>set<span class=\"_ _1\"></span>tle<span class=\"_ _9\"></span>d tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th e<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>loyee<span class=\"_ _9\"></span>s is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d by ref<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue at t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te on w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>ey are gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e is de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ned b<span class=\"_ _9\"></span>y usi<span class=\"_ _9\"></span>ng an a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g mo<span class=\"_ _9\"></span>del, f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r det<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ls of w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h are gi<span class=\"_ _9\"></span>ven i<span class=\"_ _9\"></span>n Note 12. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y-<span class=\"_ _9\"></span>set<span class=\"_ _1\"></span>tle<span class=\"_ _9\"></span>d tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, tog<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h a cor<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g inc<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y, over th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>formance and/<span class=\"_ _4\"></span>or ser<span class=\"_ _9\"></span>vice c<span class=\"_ _4\"></span>onditions are<span class=\"_ _4\"></span> fulfilled. The<span class=\"_ _4\"></span> cumulative<span class=\"_ _4\"></span> expense recognised for equity-set<span class=\"_ _9\"></span>tled transac<span class=\"_ _9\"></span>tions at each<span class=\"_ _4\"></span> re<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>ng dat<span class=\"_ _9\"></span>e unt<span class=\"_ _9\"></span>il th<span class=\"_ _9\"></span>e ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng da<span class=\"_ _9\"></span>te ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt to wh<span class=\"_ _9\"></span>ich t<span class=\"_ _9\"></span>he ve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d ha<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s bes<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>te of th<span class=\"_ _9\"></span>e num<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at wil<span class=\"_ _9\"></span>l ulti<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>ely ve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e or c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it fo<span class=\"_ _9\"></span>r a pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od re<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in c<span class=\"_ _9\"></span>umu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ve ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed at t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>inni<span class=\"_ _9\"></span>ng an<span class=\"_ _9\"></span>d en<span class=\"_ _9\"></span>d of th<span class=\"_ _9\"></span>at pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od. <span class=\"_ _1c\"> </span>N<span class=\"_ _9\"></span>o ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse i<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or aw<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t do n<span class=\"_ _9\"></span>ot ult<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ely ve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, exc<span class=\"_ _9\"></span>ept f<span class=\"_ _9\"></span>or eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>set<span class=\"_ _1\"></span>tle<span class=\"_ _9\"></span>d tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng is c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al up<span class=\"_ _9\"></span>on a ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t or no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on, wh<span class=\"_ _9\"></span>ich a<span class=\"_ _9\"></span>re tr<span class=\"_ _9\"></span>eate<span class=\"_ _9\"></span>d as ve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g, ir<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of w<span class=\"_ _9\"></span>het<span class=\"_ _9\"></span>her o<span class=\"_ _9\"></span>r not t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ket or no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng condition is<span class=\"_ _4\"></span> satisfied, provided that<span class=\"_ _4\"></span> all<span class=\"_ _4\"></span> other per<span class=\"_ _9\"></span>formance and/<span class=\"_ _3\"></span>or ser<span class=\"_ _9\"></span>vice conditions are<span class=\"_ _4\"></span> satisfied. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of an e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion aw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d are m<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e mini<span class=\"_ _9\"></span>mu<span class=\"_ _9\"></span>m exp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d is t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e as if t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s had no<span class=\"_ _9\"></span>t be<span class=\"_ _9\"></span>en mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, if t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>inal t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he aw<span class=\"_ _9\"></span>ard a<span class=\"_ _9\"></span>re me<span class=\"_ _9\"></span>t. A<span class=\"_ _9\"></span>n ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nal ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>ny mod<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>at inc<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e tot<span class=\"_ _9\"></span>al f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion, o<span class=\"_ _9\"></span>r is ot<span class=\"_ _9\"></span>her<span class=\"_ _1\"></span>wis<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>nef<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ial to t<span class=\"_ _9\"></span>he em<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>oyee, as me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at\ue61ft<span class=\"_ _9\"></span>he dat<span class=\"_ _9\"></span>e of mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re an e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>-s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>led a<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>d is c<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ed, it i<span class=\"_ _9\"></span>s tre<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as if i<span class=\"_ _9\"></span>t ves<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te of c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n, and a<span class=\"_ _9\"></span>ny ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e not yet rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e awa<span class=\"_ _9\"></span>rd is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d im<span class=\"_ _9\"></span>med<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>ly. This in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s any aw<span class=\"_ _9\"></span>ard w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ol of eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r the e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y or t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>oyee a<span class=\"_ _9\"></span>re not m<span class=\"_ _9\"></span>et. H<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>ver<span class=\"_ _4\"></span>, if a new a<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>d is s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>itu<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>ed aw<span class=\"_ _9\"></span>ard, a<span class=\"_ _9\"></span>nd d<span class=\"_ _9\"></span>esi<span class=\"_ _9\"></span>gna<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>s a\u2248<span class=\"_ _9\"></span>rep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt aw<span class=\"_ _9\"></span>ard o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e date t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t it is g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d, the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>lled a<span class=\"_ _9\"></span>nd n<span class=\"_ _9\"></span>ew aw<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s are t<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>s if th<span class=\"_ _9\"></span>ey we<span class=\"_ _9\"></span>re a mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal aw<span class=\"_ _9\"></span>ard, a<span class=\"_ _9\"></span>s des<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>us p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>agr<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>h.  Pen<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>on <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has a d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>ion p<span class=\"_ _9\"></span>lan w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he em<span class=\"_ _9\"></span>ploy<span class=\"_ _9\"></span>er is li<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e onl<span class=\"_ _9\"></span>y for t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>oyer<span class=\"_ _9\"></span>\u2019s par<span class=\"_ _1\"></span>t of th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>on tow<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s an i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>s pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ion p<span class=\"_ _9\"></span>lan. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p will ha<span class=\"_ _9\"></span>ve no le<span class=\"_ _9\"></span>gal o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to p<span class=\"_ _9\"></span>ay fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. The c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns in t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>lan ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s an ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d no ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nal pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n is re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.s. P<span class=\"_ _4\"></span>rovisio<span class=\"_ _4\"></span>ns <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has a p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>ligat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n (le<span class=\"_ _9\"></span>gal o<span class=\"_ _9\"></span>r con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive) as a r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult of a p<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t eve<span class=\"_ _9\"></span>nt, it i<span class=\"_ _9\"></span>s pro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble th<span class=\"_ _9\"></span>at an o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>low of r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>our<span class=\"_ _9\"></span>ces e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng ec<span class=\"_ _9\"></span>ono<span class=\"_ _9\"></span>mic b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s will b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tle t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd a re<span class=\"_ _9\"></span>liab<span class=\"_ _9\"></span>le e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>te c<span class=\"_ _9\"></span>an be mad<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n. Wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ts s<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e or all o<span class=\"_ _9\"></span>f a prov<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ion to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>imb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, for e<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er a<span class=\"_ _9\"></span>n ins<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t, th<span class=\"_ _9\"></span>e reim<span class=\"_ _9\"></span>bu<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s a se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>, bu<span class=\"_ _9\"></span>t onl<span class=\"_ _9\"></span>y whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rei<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is vi<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>uall<span class=\"_ _9\"></span>y cer<span class=\"_ _1\"></span>ta<span class=\"_ _9\"></span>in. Th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>o a pro<span class=\"_ _9\"></span>vis<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent, n<span class=\"_ _9\"></span>et of a<span class=\"_ _9\"></span>ny reim<span class=\"_ _9\"></span>bu<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f the e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he ti<span class=\"_ _9\"></span>me va<span class=\"_ _9\"></span>lue of m<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ey is mat<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ial, pr<span class=\"_ _9\"></span>ovis<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d usi<span class=\"_ _9\"></span>ng a c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t pre<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>hat re<span class=\"_ _9\"></span>fl<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iat<span class=\"_ _9\"></span>e, the r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ks s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>fic to t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Whe<span class=\"_ _9\"></span>n dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>s us<span class=\"_ _9\"></span>ed, t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>ase i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e prov<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ue to t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ge of t<span class=\"_ _9\"></span>ime is\ue61fre<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d as a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>ce co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dt. <span class=\"_ _25\"> </span>Borrowing costs for qualify<span class=\"_ _9\"></span>ing assets <span class=\"_ _1c\"> </span>B<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly at<span class=\"_ _1\"></span>tr<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on, co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n or p<span class=\"_ _9\"></span>rod<span class=\"_ _9\"></span>uc<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et th<span class=\"_ _9\"></span>at ne<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>s a sub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>al pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od of t<span class=\"_ _9\"></span>ime t<span class=\"_ _9\"></span>o get r<span class=\"_ _9\"></span>ead<span class=\"_ _9\"></span>y for i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s inte<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>r sal<span class=\"_ _9\"></span>e are c<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ali<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t. A<span class=\"_ _9\"></span>ll oth<span class=\"_ _9\"></span>er b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ed in t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in w<span class=\"_ _9\"></span>hich t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _4\"></span>. Bor<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t of in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>n en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s in co<span class=\"_ _9\"></span>nne<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing of f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ds<span class=\"_ _9\"></span>. All o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt in t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in w<span class=\"_ _9\"></span>hich t<span class=\"_ _9\"></span>hey are\ue61fincurred.u. T<span class=\"_ _3\"></span>axation <span class=\"_ _1c\"> </span>Current<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span> tax <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t and p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>or p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>overe<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om or p<span class=\"_ _9\"></span>aid t<span class=\"_ _9\"></span>o the t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n aut<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x la<span class=\"_ _9\"></span>ws us<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d to com<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>te t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t are t<span class=\"_ _9\"></span>hos<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e ena<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d or su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ivel<span class=\"_ _9\"></span>y ena<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d at th<span class=\"_ _9\"></span>e rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g dat<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d gen<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome. <span class=\"_ _1c\"> </span>Deferred income<span class=\"_ _4\"></span> tax <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>ax i<span class=\"_ _9\"></span>s pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y met<span class=\"_ _9\"></span>hod o<span class=\"_ _9\"></span>n te<span class=\"_ _9\"></span>mpo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s at t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng da<span class=\"_ _9\"></span>te be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ax b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es of as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>heir c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>es. D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d for al<span class=\"_ _9\"></span>l ta<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e temporar<span class=\"_ _9\"></span>y dif<span class=\"_ _9\"></span>ferences, e<span class=\"_ _4\"></span>xcept: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e def<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f goo<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>will o<span class=\"_ _9\"></span>r fr<span class=\"_ _9\"></span>om an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y in a tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>at is n<span class=\"_ _9\"></span>ot </span></span>a\ue61fbu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd, at t<span class=\"_ _9\"></span>he ti<span class=\"_ _9\"></span>me of t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion, af<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r the a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it no<span class=\"_ _9\"></span>r t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss; a<span class=\"_ _9\"></span>nd <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xab<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>ated w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s, as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tes a<span class=\"_ _9\"></span>nd joi<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>lle<span class=\"_ _9\"></span>d ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies, </span></span>wh<span class=\"_ _9\"></span>ere t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>imin<span class=\"_ _9\"></span>g of th<span class=\"_ _9\"></span>e reve<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>al of t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>lle<span class=\"_ _9\"></span>d and i<span class=\"_ _9\"></span>t is p<span class=\"_ _9\"></span>rob<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s will n<span class=\"_ _9\"></span>ot reve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>se in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ore<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>eab<span class=\"_ _9\"></span>le f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>m re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ng to i<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed di<span class=\"_ _9\"></span>rec<span class=\"_ _1\"></span>tly i<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>r oth<span class=\"_ _9\"></span>er co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>reh<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>sive inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y or ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>ve inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e and n<span class=\"_ _9\"></span>ot in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d for al<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>duc<span class=\"_ _1\"></span>tib<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s, th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ard of u<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d any u<span class=\"_ _9\"></span>nus<span class=\"_ _9\"></span>ed ta<span class=\"_ _9\"></span>x lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s. De<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tent t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t is p<span class=\"_ _9\"></span>rob<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le th<span class=\"_ _9\"></span>at t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t will b<span class=\"_ _9\"></span>e avai<span class=\"_ _9\"></span>lab<span class=\"_ _9\"></span>le ag<span class=\"_ _9\"></span>ains<span class=\"_ _9\"></span>t w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tib<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>y for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d of un<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>ax l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>e uti<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>ed, exc<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>set r<span class=\"_ _9\"></span>ela<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g to th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>duc<span class=\"_ _1\"></span>tib<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m t<span class=\"_ _9\"></span>he ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>set </span></span>or lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in a t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>s not a b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>bin<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d, at th<span class=\"_ _9\"></span>e tim<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, af<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ne<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng pro<span class=\"_ _9\"></span>fit n<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xab<span class=\"_ _9\"></span>le p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s; and <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of d<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>ed wi<span class=\"_ _9\"></span>th i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>es, a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d join<span class=\"_ _9\"></span>tly c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>roll<span class=\"_ _9\"></span>ed </span></span>ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies, d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>at it is p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s wil<span class=\"_ _9\"></span>l rever<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he for<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>eea<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e and t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>ble p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it wi<span class=\"_ _9\"></span>ll be av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>e util<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>s rev<span class=\"_ _9\"></span>iewe<span class=\"_ _9\"></span>d at ea<span class=\"_ _9\"></span>ch r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>at it is n<span class=\"_ _9\"></span>o lo<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>r pro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t suf<span class=\"_ _1\"></span>fic<span class=\"_ _9\"></span>ien<span class=\"_ _9\"></span>t ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>fit w<span class=\"_ _9\"></span>ill b<span class=\"_ _9\"></span>e avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e to all<span class=\"_ _9\"></span>ow all or p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>t of th<span class=\"_ _9\"></span>e def<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d inc<span class=\"_ _9\"></span>ome t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t to be u<span class=\"_ _9\"></span>til<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d. Unr<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>-a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed at e<span class=\"_ _9\"></span>ach r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting d<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t has be<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t will al<span class=\"_ _9\"></span>low t<span class=\"_ _9\"></span>he de<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et t<span class=\"_ _9\"></span>o be re<span class=\"_ _9\"></span>cove<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t the t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ates t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y in t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>alis<span class=\"_ _9\"></span>ed or\ue61ft<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>led, b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s (and t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x laws) t<span class=\"_ _9\"></span>hat h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en e<span class=\"_ _9\"></span>nac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r sub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>vely e<span class=\"_ _9\"></span>nac<span class=\"_ _1\"></span>ted a<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting d<span class=\"_ _9\"></span>ate. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et, i<span class=\"_ _9\"></span>f a leg<span class=\"_ _9\"></span>ally e<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rce<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to s<span class=\"_ _9\"></span>et of<span class=\"_ _9\"></span>f c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xes re<span class=\"_ _9\"></span>late t<span class=\"_ _9\"></span>o the s<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ame t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n aut<span class=\"_ _9\"></span>hor<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dv<span class=\"_ _4\"></span>. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>reasury shares <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>res h<span class=\"_ _9\"></span>eld by t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t and p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nted a<span class=\"_ _9\"></span>s a de<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n f<span class=\"_ _9\"></span>rom e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y. Any pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e, sale, is<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ue or\ue61fc<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>y sha<span class=\"_ _9\"></span>res i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tly i<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>.w<span class=\"_ _4\"></span>. Ea<span class=\"_ _9\"></span>rnings (loss<span class=\"_ _4\"></span>) per<span class=\"_ _4\"></span> share <span class=\"_ _1c\"> </span>B<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>c ear<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>gs (<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>s) p<span class=\"_ _9\"></span>er sh<span class=\"_ _9\"></span>are a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>lcu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d by di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>et pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t (lo<span class=\"_ _9\"></span>ss) f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he year a<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le to s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>eho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he par<span class=\"_ _9\"></span>ent c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany b<span class=\"_ _9\"></span>y the w<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>hte<span class=\"_ _9\"></span>d aver<span class=\"_ _9\"></span>age n<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er o<span class=\"_ _9\"></span>f ord<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>hare<span class=\"_ _9\"></span>s ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he year. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ilu<span class=\"_ _9\"></span>ted ea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ning<span class=\"_ _9\"></span>s (l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s) pe<span class=\"_ _9\"></span>r sha<span class=\"_ _9\"></span>re am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d by div<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he ne<span class=\"_ _9\"></span>t prof<span class=\"_ _9\"></span>it (<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>s) fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e year by t<span class=\"_ _9\"></span>he we<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>ted ave<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>age n<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er of or<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar plu<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e weig<span class=\"_ _9\"></span>hte<span class=\"_ _9\"></span>d aver<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e num<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of or<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat wo<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>d be is<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he conv<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n of all t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ilut<span class=\"_ _9\"></span>ive p<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>l ord<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>hare<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o ord<span class=\"_ _9\"></span>inar<span class=\"_ _1\"></span>y sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s.x. <span class=\"_ _8\"> </span>Go<span class=\"_ _4\"></span>vernment<span class=\"_ _4\"></span> grants <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>nm<span class=\"_ _9\"></span>ent g<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>ll be r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>ll at<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>hed c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s will b<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lied w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h. W<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s to an ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>em, it is r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d as i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me o<span class=\"_ _9\"></span>n a sy<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ema<span class=\"_ _9\"></span>tic b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s over t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e rela<span class=\"_ _9\"></span>ted c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>t is int<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d to com<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ate. T<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he gov<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>nme<span class=\"_ _9\"></span>nt g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is ne<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d of<span class=\"_ _9\"></span>f ag<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>st t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt.y<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span> <span class=\"_ _7\"> </span>Changes in ac<span class=\"_ _4\"></span>counting<span class=\"_ _4\"></span> policies<span class=\"_ _4\"></span> and disclosures <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p app<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tim<span class=\"_ _9\"></span>e cer<span class=\"_ _1\"></span>ta<span class=\"_ _9\"></span>in s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>hich a<span class=\"_ _9\"></span>re ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive f<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>nual p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds b<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>inni<span class=\"_ _9\"></span>ng on o<span class=\"_ _9\"></span>r af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er 1 Jan<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2022. S<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>al ot<span class=\"_ _9\"></span>her a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ret<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s ap<span class=\"_ _9\"></span>ply f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>ime i<span class=\"_ _9\"></span>n 2022, bu<span class=\"_ _9\"></span>t do n<span class=\"_ _9\"></span>ot have a<span class=\"_ _9\"></span>n imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s not ea<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y ado<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>d any ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>rd, in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on or a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>ndm<span class=\"_ _9\"></span>ent th<span class=\"_ _9\"></span>at has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>ut is n<span class=\"_ _9\"></span>ot yet e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve. <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ero<span class=\"_ _9\"></span>us C<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>tra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s \u2013 Co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>f Ful<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>lli<span class=\"_ _9\"></span>ng a C<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>tra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t \u2013 A<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to IA<span class=\"_ _9\"></span>S 37 <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>n on<span class=\"_ _9\"></span>ero<span class=\"_ _9\"></span>us c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t is a c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he un<span class=\"_ _9\"></span>avoid<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s of m<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g the o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t (i.e., the co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up c<span class=\"_ _9\"></span>ann<span class=\"_ _9\"></span>ot avoi<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e it ha<span class=\"_ _9\"></span>s the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>) exce<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>omi<span class=\"_ _9\"></span>c be<span class=\"_ _9\"></span>nef<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r it. Th<span class=\"_ _9\"></span>e ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hat, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g wh<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>er a co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t is o<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>ous o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>mak<span class=\"_ _9\"></span>ing, a<span class=\"_ _9\"></span>n ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y n<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds to i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat rel<span class=\"_ _9\"></span>ate di<span class=\"_ _9\"></span>rec<span class=\"_ _1\"></span>tly to a c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t to p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>de g<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>r se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ces i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng b<span class=\"_ _9\"></span>oth i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (e.<span class=\"_ _4\"></span>g., the co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t la<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ur a<span class=\"_ _9\"></span>nd mate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>als) an<span class=\"_ _9\"></span>d an al<span class=\"_ _9\"></span>loc<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s di<span class=\"_ _9\"></span>rec<span class=\"_ _1\"></span>tly r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>ed to c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es (e.g.<span class=\"_ _4\"></span>, dep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt us<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o ful<span class=\"_ _9\"></span>fil t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>nage<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n). Gene<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l and a<span class=\"_ _9\"></span>dmi<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tive c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s do n<span class=\"_ _9\"></span>ot rel<span class=\"_ _9\"></span>ate di<span class=\"_ _9\"></span>rec<span class=\"_ _1\"></span>tly to a c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e excl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>nles<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hey a<span class=\"_ _9\"></span>re ex<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>cit<span class=\"_ _9\"></span>ly c<span class=\"_ _9\"></span>harg<span class=\"_ _9\"></span>eab<span class=\"_ _9\"></span>le to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>ndm<span class=\"_ _9\"></span>ent h<span class=\"_ _9\"></span>ad no i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. <span class=\"_ _1c\"> </span>R<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e to the C<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>l Fram<span class=\"_ _9\"></span>ew<span class=\"_ _9\"></span>ork \u2013 A<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to IFR<span class=\"_ _9\"></span>S 3 <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>epl<span class=\"_ _9\"></span>ace a r<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce to a p<span class=\"_ _9\"></span>revi<span class=\"_ _9\"></span>ous v<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he IA<span class=\"_ _9\"></span>SB\u2019s Con<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>ptu<span class=\"_ _9\"></span>al Fr<span class=\"_ _9\"></span>ame<span class=\"_ _9\"></span>wor<span class=\"_ _9\"></span>k wi<span class=\"_ _9\"></span>th a r<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce to t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t ver<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>on is<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d in Mar<span class=\"_ _9\"></span>ch 2<span class=\"_ _9\"></span>01<span class=\"_ _3\"></span>8 w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>t sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g it<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ad<span class=\"_ _9\"></span>d an exc<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on pr<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>le of IFR<span class=\"_ _9\"></span>S 3 Bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s Com<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>ons t<span class=\"_ _9\"></span>o avoid t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue of p<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>l \u2018<span class=\"_ _4\"></span>day 2\u2019 g<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>or lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>nt liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t wou<span class=\"_ _9\"></span>ld be w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>cop<span class=\"_ _9\"></span>e of I<span class=\"_ _9\"></span>AS 37 Prov<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>, Co<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>nt Li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d Co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>nt A<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>r IFRI<span class=\"_ _9\"></span>C 21 Levie<span class=\"_ _9\"></span>s, if inc<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d se<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tely. The e<span class=\"_ _9\"></span>xce<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>res e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s to ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>e cr<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>ria i<span class=\"_ _9\"></span>n IA<span class=\"_ _9\"></span>S 37 or IFRI<span class=\"_ _9\"></span>C 21<span class=\"_ _3\"></span>, re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>tive<span class=\"_ _9\"></span>ly<span class=\"_ _4\"></span>, ins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>ual Fra<span class=\"_ _9\"></span>mew<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>k, t<span class=\"_ _9\"></span>o dete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>e whe<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er a pr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n dat<span class=\"_ _9\"></span>e. The a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>ndm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o add a n<span class=\"_ _9\"></span>ew p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>agr<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>h to IFRS 3 to c<span class=\"_ _9\"></span>lar<span class=\"_ _9\"></span>if<span class=\"_ _1\"></span>y tha<span class=\"_ _9\"></span>t cont<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>o not q<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on da<span class=\"_ _9\"></span>te.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ns, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s the a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s pro<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>tive<span class=\"_ _9\"></span>ly<span class=\"_ _4\"></span>, i.e.<span class=\"_ _4\"></span>, to bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bin<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons oc<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r the b<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>inn<span class=\"_ _9\"></span>ing of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>nnua<span class=\"_ _9\"></span>l rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h it f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s (th<span class=\"_ _9\"></span>e date o<span class=\"_ _9\"></span>f ini<span class=\"_ _9\"></span>tial a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on). Th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s had n<span class=\"_ _9\"></span>o imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>lida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>f the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p as t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e wer<span class=\"_ _9\"></span>e no bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>inat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s during<span class=\"_ _4\"></span> the<span class=\"_ _4\"></span> period<span class=\"_ _4\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>Property<span class=\"_ _4\"></span>, P<span class=\"_ _4\"></span>lant<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> Equipment<span class=\"_ _4\"></span>:<span class=\"_ _4\"></span> Pro<span class=\"_ _4\"></span>ceeds<span class=\"_ _4\"></span> befor<span class=\"_ _4\"></span>e I<span class=\"_ _4\"></span>ntended<span class=\"_ _4\"></span> Us<span class=\"_ _4\"></span>e \u2013<span class=\"_ _4\"></span> Amendments<span class=\"_ _4\"></span> to<span class=\"_ _4\"></span> IAS<span class=\"_ _4\"></span> 1<span class=\"_ _3\"></span>6  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>hibi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>rom d<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>duc<span class=\"_ _1\"></span>ting f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e cos<span class=\"_ _9\"></span>t of a<span class=\"_ _9\"></span>n ite<span class=\"_ _9\"></span>m of pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, plant a<span class=\"_ _9\"></span>nd e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>, any pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he sa<span class=\"_ _9\"></span>le of it<span class=\"_ _9\"></span>ems p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>ced w<span class=\"_ _9\"></span>hil<span class=\"_ _9\"></span>e br<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et to t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on an<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ne<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y f<span class=\"_ _9\"></span>or it t<span class=\"_ _9\"></span>o be c<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le of op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>ner i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>d by ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Ins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad, an e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds f<span class=\"_ _9\"></span>rom s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h ite<span class=\"_ _9\"></span>ms, an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>duc<span class=\"_ _9\"></span>ing th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e ite<span class=\"_ _9\"></span>ms, in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ns, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s the a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ret<span class=\"_ _9\"></span>ros<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vel<span class=\"_ _9\"></span>y onl<span class=\"_ _9\"></span>y to ite<span class=\"_ _9\"></span>ms of p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, pla<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t mad<span class=\"_ _9\"></span>e avai<span class=\"_ _9\"></span>lab<span class=\"_ _9\"></span>le fo<span class=\"_ _9\"></span>r use o<span class=\"_ _9\"></span>n or af<span class=\"_ _1\"></span>ter t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>egi<span class=\"_ _9\"></span>nni<span class=\"_ _9\"></span>ng of t<span class=\"_ _9\"></span>he ear<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d pr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n the e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lies t<span class=\"_ _9\"></span>he ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt (th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of\ue61fini<span class=\"_ _9\"></span>tial a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion). The<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s had no i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up as t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no s<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>s of su<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>s pro<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>uce<span class=\"_ _9\"></span>d by pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>, plant a<span class=\"_ _9\"></span>nd e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>ade a<span class=\"_ _9\"></span>vaila<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e for u<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>n or af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he beginn<span class=\"_ _4\"></span>in<span class=\"_ _4\"></span>g o<span class=\"_ _4\"></span>f the<span class=\"_ _4\"></span> ea<span class=\"_ _4\"></span>rlie<span class=\"_ _4\"></span>st period<span class=\"_ _4\"></span> pre<span class=\"_ _4\"></span>sented<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>FRS 9 F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l In<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ts \u2013 F<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s in th<span class=\"_ _9\"></span>e \u201910 per c<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019 tes<span class=\"_ _9\"></span>t fo<span class=\"_ _9\"></span>r de<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of f<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial l<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent c<span class=\"_ _9\"></span>lar<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>he fe<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>n ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hen a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ing w<span class=\"_ _9\"></span>het<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r the t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms of a n<span class=\"_ _9\"></span>ew or m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y are\ue61fs<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>lly di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t fro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e or<span class=\"_ _9\"></span>igin<span class=\"_ _9\"></span>al fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y. The<span class=\"_ _9\"></span>se fe<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e onl<span class=\"_ _9\"></span>y tho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aid o<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r and t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>er<span class=\"_ _4\"></span>, inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>ding f<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s pai<span class=\"_ _9\"></span>d or re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved by e<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er or l<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>der o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e oth<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>\u2019s be<span class=\"_ _9\"></span>half. Th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s no si<span class=\"_ _9\"></span>mila<span class=\"_ _9\"></span>r ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ed fo<span class=\"_ _9\"></span>r IA<span class=\"_ _9\"></span>S 39 Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial In<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s: Re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n and M<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ns, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s the a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t to fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d or exc<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n or a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ter t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>inni<span class=\"_ _9\"></span>ng of t<span class=\"_ _9\"></span>he an<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>l rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t app<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t (th<span class=\"_ _9\"></span>e date o<span class=\"_ _9\"></span>f ini<span class=\"_ _9\"></span>tial a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on). The<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>ndm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s h<span class=\"_ _9\"></span>ad no i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>idat<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p as th<span class=\"_ _9\"></span>ere w<span class=\"_ _9\"></span>ere n<span class=\"_ _9\"></span>o mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons o<span class=\"_ _9\"></span>f the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s fina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od.z. <span class=\"_\"> </span>Standards issued<span class=\"_ _4\"></span> but no<span class=\"_ _4\"></span>t y<span class=\"_ _4\"></span>et applied <span class=\"_ _1c\"> </span>St<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dar<span class=\"_ _9\"></span>ds i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d bu<span class=\"_ _9\"></span>t not ye<span class=\"_ _9\"></span>t ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive, or su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to a<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on by t<span class=\"_ _9\"></span>he Eur<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ean U<span class=\"_ _9\"></span>nion, u<span class=\"_ _9\"></span>p to th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>lida<span class=\"_ _9\"></span>ted fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s are li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w. This li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g of s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ed ar<span class=\"_ _9\"></span>e tho<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>nab<span class=\"_ _9\"></span>ly ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to hav<span class=\"_ _9\"></span>e an im<span class=\"_ _9\"></span>pac<span class=\"_ _1\"></span>t on d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es, f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>r pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>ce w<span class=\"_ _9\"></span>hen a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>d at a fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re da<span class=\"_ _9\"></span>te. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up int<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds to a<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>pt th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en th<span class=\"_ _9\"></span>ey be<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>rds h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e IA<span class=\"_ _9\"></span>SB an<span class=\"_ _9\"></span>d are n<span class=\"_ _9\"></span>ot yet ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive o<span class=\"_ _9\"></span>r are s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o ado<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>ion by t<span class=\"_ _9\"></span>he Eu<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>n Unio<span class=\"_ _9\"></span>n: <span class=\"_ _1c\"> </span>Amendments to<span class=\"_ _4\"></span> IAS<span class=\"_ _4\"></span> 1<span class=\"_ _3\"></span>: Classifi<span class=\"_ _4\"></span>cation<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> Liab<span class=\"_ _4\"></span>ilit<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span> as C<span class=\"_ _4\"></span>urrent<span class=\"_ _4\"></span> or<span class=\"_ _4\"></span> Non-current <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n Jan<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2020, th<span class=\"_ _9\"></span>e IA<span class=\"_ _9\"></span>SB is<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ued a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts t<span class=\"_ _9\"></span>o par<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>aph<span class=\"_ _9\"></span>s 69 to 7<span class=\"_ _3\"></span>6 of I<span class=\"_ _9\"></span>AS 1 t<span class=\"_ _9\"></span>o sp<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s as\ue61fc<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t or no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt. I<span class=\"_ _9\"></span>n Oc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the I<span class=\"_ _9\"></span>ASB i<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sue<span class=\"_ _9\"></span>d a su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>nt am<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>lar<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">w<span class=\"_ _9\"></span>hat is m<span class=\"_ _9\"></span>ean<span class=\"_ _9\"></span>t by a ri<span class=\"_ _9\"></span>ght to d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>er se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt;</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>hat a r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to de<span class=\"_ _9\"></span>fer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t at th<span class=\"_ _9\"></span>e en<span class=\"_ _9\"></span>d of th<span class=\"_ _9\"></span>e rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od;</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s una<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e likeli<span class=\"_ _9\"></span>hoo<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at an e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wil<span class=\"_ _9\"></span>l exerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>efer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t; an<span class=\"_ _9\"></span>d</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>hat o<span class=\"_ _9\"></span>nly if a<span class=\"_ _9\"></span>n em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve in a co<span class=\"_ _9\"></span>nver<span class=\"_ _1\"></span>tib<span class=\"_ _9\"></span>le lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sel<span class=\"_ _9\"></span>f an e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt wo<span class=\"_ _9\"></span>uld t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms of a li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y no<span class=\"_ _9\"></span>t imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t </span></span>it<span class=\"_ _9\"></span>s classif<span class=\"_ _9\"></span>ication. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive fo<span class=\"_ _9\"></span>r an<span class=\"_ _9\"></span>nual r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds b<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>inni<span class=\"_ _9\"></span>ng on o<span class=\"_ _9\"></span>r af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er 1 Ja<span class=\"_ _9\"></span>nuar<span class=\"_ _1\"></span>y 2024 and m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t b<span class=\"_ _9\"></span>e app<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>d ret<span class=\"_ _9\"></span>ros<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ivel<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wil<span class=\"_ _9\"></span>l have on c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt pr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tic<span class=\"_ _9\"></span>e and w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g loa<span class=\"_ _9\"></span>n\ue61fagr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s may re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>neg<span class=\"_ _9\"></span>oti<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of Ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g Es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tes \u2013 A<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to IA<span class=\"_ _9\"></span>S 8 <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n Feb<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he I<span class=\"_ _9\"></span>ASB i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to IA<span class=\"_ _9\"></span>S 8, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h it i<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>uce<span class=\"_ _9\"></span>s a def<span class=\"_ _9\"></span>ini<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of \u2018<span class=\"_ _4\"></span>acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s\u2019<span class=\"_ _3\"></span>. Th<span class=\"_ _9\"></span>e ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s cla<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>e dis<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tima<span class=\"_ _9\"></span>tes a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e cor<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of e<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ror<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o, they c<span class=\"_ _9\"></span>lar<span class=\"_ _9\"></span>if<span class=\"_ _1\"></span>y how en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ies u<span class=\"_ _9\"></span>se m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>ts t<span class=\"_ _9\"></span>o deve<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>p acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g es<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s are e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve for a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>ng pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>ning o<span class=\"_ _9\"></span>n or af<span class=\"_ _1\"></span>ter 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>23 and a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ly to c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s in acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t occ<span class=\"_ _9\"></span>ur o<span class=\"_ _9\"></span>n or af<span class=\"_ _1\"></span>ter t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>hat p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d. Ea<span class=\"_ _9\"></span>rli<span class=\"_ _9\"></span>er ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d as l<span class=\"_ _9\"></span>ong a<span class=\"_ _9\"></span>s thi<span class=\"_ _9\"></span>s fa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t is d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re not e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed to h<span class=\"_ _9\"></span>ave a mate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>al im<span class=\"_ _9\"></span>pac<span class=\"_ _1\"></span>t on th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up.  <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re o<span class=\"_ _9\"></span>f Acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng Po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s \u2013 A<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ts to I<span class=\"_ _9\"></span>AS 1 a<span class=\"_ _9\"></span>nd I<span class=\"_ _9\"></span>FRS P<span class=\"_ _9\"></span>rac<span class=\"_ _1\"></span>tic<span class=\"_ _9\"></span>e Sta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>nt 2 <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n Feb<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he I<span class=\"_ _9\"></span>ASB i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to IA<span class=\"_ _9\"></span>S 1 an<span class=\"_ _9\"></span>d IFRS P<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tic<span class=\"_ _9\"></span>e Sta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent 2 M<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>ing Ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>iali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y Ju<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h it pro<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>es g<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e and e<span class=\"_ _9\"></span>xam<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>es to he<span class=\"_ _9\"></span>lp e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s app<span class=\"_ _9\"></span>ly m<span class=\"_ _9\"></span>ater<span class=\"_ _9\"></span>ial<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ju<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s ai<span class=\"_ _9\"></span>m to he<span class=\"_ _9\"></span>lp en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ies p<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>ide a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>y dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re mo<span class=\"_ _9\"></span>re us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul by r<span class=\"_ _9\"></span>epl<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>o dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>ir \u2018signi<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019 acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>ith a r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt to d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>heir \u2018mat<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ial\u2019 ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>olic<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ing g<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e on ho<span class=\"_ _9\"></span>w ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>ppl<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>pt of ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>iali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in ma<span class=\"_ _9\"></span>ki<span class=\"_ _9\"></span>ng de<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ns ab<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s to I<span class=\"_ _9\"></span>AS 1 a<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>ning o<span class=\"_ _9\"></span>n or af<span class=\"_ _1\"></span>ter 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>23, wit<span class=\"_ _9\"></span>h ear<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>r ap<span class=\"_ _9\"></span>plic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d. Sin<span class=\"_ _9\"></span>ce th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to Pr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tice St<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt 2 pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ator<span class=\"_ _1\"></span>y gui<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>nce o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e app<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>init<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of mate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>al to acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, an ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive da<span class=\"_ _9\"></span>te fo<span class=\"_ _9\"></span>r the<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>ndm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not n<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sar<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p is cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent<span class=\"_ _9\"></span>ly a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ine t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>ey will h<span class=\"_ _9\"></span>ave on t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g policy\ue61fdisclosures. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>red T<span class=\"_ _4\"></span>ax r<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d to A<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd L<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fro<span class=\"_ _9\"></span>m a Si<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>le Trans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n \u2013 Am<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to IA<span class=\"_ _9\"></span>S 12 <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n May 2021<span class=\"_ _4\"></span>, the B<span class=\"_ _9\"></span>oar<span class=\"_ _9\"></span>d is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ed am<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s to I<span class=\"_ _9\"></span>AS 12<span class=\"_ _4\"></span>, whi<span class=\"_ _9\"></span>ch na<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row t<span class=\"_ _9\"></span>he sc<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on exc<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>ion u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>AS 1<span class=\"_ _4\"></span>2, so\ue61ft<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t no lo<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>r ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>es to t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t give r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e to e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l ta<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e and d<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t occ<span class=\"_ _9\"></span>ur o<span class=\"_ _9\"></span>n or af<span class=\"_ _1\"></span>ter t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>egi<span class=\"_ _9\"></span>nnin<span class=\"_ _9\"></span>g of th<span class=\"_ _9\"></span>e ear<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>rat<span class=\"_ _9\"></span>ive p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d. In a<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on, at t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>egi<span class=\"_ _9\"></span>nnin<span class=\"_ _9\"></span>g of th<span class=\"_ _9\"></span>e ear<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t com<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ive p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d, a def<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et (<span class=\"_ _9\"></span>prov<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hat s<span class=\"_ _9\"></span>uf<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>ent ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>fit i<span class=\"_ _9\"></span>s avai<span class=\"_ _9\"></span>lab<span class=\"_ _9\"></span>le) and a d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y sh<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d als<span class=\"_ _9\"></span>o be r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>ll de<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s and d<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>omm<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ning o<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s to I<span class=\"_ _9\"></span>AS 12 are ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>l per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds b<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>inn<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>n or af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>3.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re not e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed to h<span class=\"_ _9\"></span>ave a mate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>al im<span class=\"_ _9\"></span>pac<span class=\"_ _1\"></span>t on th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up. No<span class=\"_ _9\"></span>te 3 B<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nIn 202<span class=\"_ _9\"></span>2 th<span class=\"_ _9\"></span>ere w<span class=\"_ _9\"></span>ere n<span class=\"_ _9\"></span>o bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Be<span class=\"_ _9\"></span>low is a d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t too<span class=\"_ _9\"></span>k pla<span class=\"_ _9\"></span>ce in 2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>. a. <span class=\"_ _7\"> </span><span class=\"ff9b\">Ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>a &amp; C<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>gi<span class=\"_ _9\"></span>ll H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in Ro<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>e, It<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>y</span> <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 10 Novem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021 PPHE Hote<span class=\"_ _9\"></span>l Gro<span class=\"_ _9\"></span>up, thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>ly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bsi<span class=\"_ _9\"></span>dia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ra C<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>gill Pa<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t S.r<span class=\"_ _4\"></span>.l, acqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d 100<span class=\"_ _9\"></span>% of th<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s of So<span class=\"_ _9\"></span>ciet<span class=\"_ _9\"></span>\u00e0 I<span class=\"_ _9\"></span>mmo<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>are A<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dro D<span class=\"_ _9\"></span>e Gas<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>is S.r<span class=\"_ _4\"></span>.l. wh<span class=\"_ _9\"></span>ich o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>s and o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>e Lo<span class=\"_ _9\"></span>ndr<span class=\"_ _9\"></span>a &amp; C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ill Ho<span class=\"_ _9\"></span>tel in R<span class=\"_ _9\"></span>ome, It<span class=\"_ _9\"></span>aly (<span class=\"_ _9\"></span>the \u2018hote<span class=\"_ _9\"></span>l\u2019<span class=\"_ _9\"></span>). The ho<span class=\"_ _9\"></span>tel of<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>s 99 r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d sui<span class=\"_ _9\"></span>tes, a r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>aur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t, ba<span class=\"_ _9\"></span>r<span class=\"_ _3\"></span>, m<span class=\"_ _9\"></span>eet<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e par<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd w<span class=\"_ _9\"></span>ill co<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>ue to o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te whi<span class=\"_ _9\"></span>le th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up f<span class=\"_ _9\"></span>inal<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>s to rep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y as a<span class=\"_ _9\"></span>n upp<span class=\"_ _9\"></span>er u<span class=\"_ _9\"></span>ps<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>le li<span class=\"_ _9\"></span>fes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>le hot<span class=\"_ _9\"></span>el. Th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l is ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>aun<span class=\"_ _9\"></span>che<span class=\"_ _9\"></span>d in Q1 2024. The p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e of \u20ac33.<span class=\"_ _4\"></span>1 millio<span class=\"_ _9\"></span>n (\u00a328.3 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n) was f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d fro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s exce<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h p<span class=\"_ _9\"></span>osi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n. T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nsa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of \u00a30.5 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n wer<span class=\"_ _9\"></span>e exp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d are i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>date<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>.Note<span class=\"_ _4\"></span> 3 Business<span class=\"_ _4\"></span> combination c<span class=\"_ _4\"></span>ontinued <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of id<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l at th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>ere a<span class=\"_ _9\"></span>s foll<span class=\"_ _9\"></span>ows:Fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e \u00a3\u2019<span class=\"_ _4\"></span>000Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, plant a<span class=\"_ _9\"></span>nd e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent<span class=\"_ _1dc\"> </span><span class=\"ff9b\">33,052</span>T<span class=\"_ _3\"></span>rad<span class=\"_ _9\"></span>e and<span class=\"_ _4\"></span> other receivables<span class=\"_ _1dd\"> </span><span class=\"ff9b ls2 ws5\">43</span>Indem<span class=\"_ _9\"></span>nificatio<span class=\"_ _9\"></span>n assetT<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de an<span class=\"_ _9\"></span>d ot<span class=\"_ _9\"></span>her p<span class=\"_ _9\"></span>ayab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s<span class=\"_ _1d8\"> </span><span class=\"ff9b\">(3,784)</span>Ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>n <span class=\"_ _1de\"> </span><span class=\"ff9b\">(483)</span>Deferred tax liabilities<span class=\"_ _4\"></span>, net<span class=\"_ _1d2\"> </span><span class=\"ff9b ls2 ws5\">(530)</span>Net asset<span class=\"_ _9\"></span>s<span class=\"_ _1df\"> </span><span class=\"ff9b ls2 ws5\">28,298</span>Ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low o<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion:Ca<span class=\"_ _9\"></span>sh a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y<span class=\"_ _1e0\"> </span><span class=\"ff9b\">8</span>Ca<span class=\"_ _9\"></span>sh p<span class=\"_ _9\"></span>aid<span class=\"_ _1df\"> </span><span class=\"ff9b\">(28,306)</span>Net c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>low<span class=\"_ _1af\"> </span><span class=\"ff9b\">(28,298)</span> <span class=\"_ _1c\"> </span>Fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te of ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion, S<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iet<span class=\"_ _9\"></span>\u00e0 Imm<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>iliar<span class=\"_ _9\"></span>e Al<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ro De G<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>per<span class=\"_ _9\"></span>is S<span class=\"_ _9\"></span>.r<span class=\"_ _4\"></span>.l. cont<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>bu<span class=\"_ _9\"></span>ted \u00a3<span class=\"_ _9\"></span>0.2 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n of reve<span class=\"_ _9\"></span>nue a<span class=\"_ _9\"></span>nd a lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s of \u00a3(0.<span class=\"_ _9\"></span>2) milli<span class=\"_ _9\"></span>on to l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r end<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _4\"></span>. If th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>bin<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n ha<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>ken pl<span class=\"_ _9\"></span>ace at t<span class=\"_ _9\"></span>he be<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>ning o<span class=\"_ _9\"></span>f 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ues a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>rofi<span class=\"_ _9\"></span>t be<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>n 2021 wou<span class=\"_ _9\"></span>ld have b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n im<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>ria<span class=\"_ _9\"></span>l.b. <span class=\"_ _6\"> </span>A<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he F<span class=\"_ _9\"></span>R<span class=\"_ _9\"></span>ANZ f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nd M<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t Ho<span class=\"_ _9\"></span>tel i<span class=\"_ _9\"></span>n Na<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d, Au<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ia <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 3 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mbe<span class=\"_ _9\"></span>r 2021<span class=\"_ _4\"></span>, Are<span class=\"_ _9\"></span>na Ho<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>alit<span class=\"_ _1\"></span>y Grou<span class=\"_ _9\"></span>p d.d., thro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>es Su<span class=\"_ _9\"></span>gar<span class=\"_ _9\"></span>hi<span class=\"_ _9\"></span>ll Inves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s B.<span class=\"_ _3\"></span>V. and AR<span class=\"_ _9\"></span>ENA FR<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>NZ fe<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Gmb<span class=\"_ _9\"></span>H, ac<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he FR<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>NZ fe<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ain R<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t N<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d, a 4<span class=\"_ _9\"></span>-s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar ho<span class=\"_ _9\"></span>tel in N<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d, Aus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ria. T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ric<span class=\"_ _9\"></span>e of \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>5.3 milli<span class=\"_ _9\"></span>on (\u00a31<span class=\"_ _3\"></span>2.8 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n) was p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y fu<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>d f<span class=\"_ _9\"></span>rom A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na\u2019s exces<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h and p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tiall<span class=\"_ _9\"></span>y by ba<span class=\"_ _9\"></span>nk d<span class=\"_ _9\"></span>ebt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0.5 mil<span class=\"_ _9\"></span>lion (\u00a38.<span class=\"_ _9\"></span>8 millio<span class=\"_ _9\"></span>n) wi<span class=\"_ _9\"></span>th Er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>te Gr<span class=\"_ _9\"></span>oup B<span class=\"_ _9\"></span>ank AG. T<span class=\"_ _4\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of \u00a30.5 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wer<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d are i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed in o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed income statement. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of id<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l at th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>ere a<span class=\"_ _9\"></span>s foll<span class=\"_ _9\"></span>ows:Fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e \u00a3\u2019<span class=\"_ _4\"></span>000Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, plant a<span class=\"_ _9\"></span>nd e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent<span class=\"_ _1dc\"> </span><span class=\"ff9b\">13,155</span>Inventorie<span class=\"_ _9\"></span>s<span class=\"_ _1e1\"> </span><span class=\"ff9b ls2 ws5\">31</span>T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de an<span class=\"_ _9\"></span>d ot<span class=\"_ _9\"></span>her p<span class=\"_ _9\"></span>ayab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s<span class=\"_ _1e2\"> </span><span class=\"ff9b\">(403)</span>Net asset<span class=\"_ _9\"></span>s<span class=\"_ _1df\"> </span><span class=\"ff9b ls2 ws5\">12,783</span>Ca<span class=\"_ _9\"></span>sh p<span class=\"_ _9\"></span>aid<span class=\"_ _1df\"> </span><span class=\"ff9b\">(12,783)</span> <span class=\"_ _1c\"> </span>Fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te of ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion, FR<span class=\"_ _1\"></span>ANZ fe<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ain R<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t N<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d \u00a30.3 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n of reve<span class=\"_ _9\"></span>nue a<span class=\"_ _9\"></span>nd a lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s of \u00a3(0.<span class=\"_ _3\"></span>1) milli<span class=\"_ _9\"></span>on to l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>fore t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x for t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>. If t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>omb<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n had t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>n pla<span class=\"_ _9\"></span>ce at t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>egi<span class=\"_ _9\"></span>nnin<span class=\"_ _9\"></span>g of th<span class=\"_ _9\"></span>e 2021<span class=\"_ _4\"></span>, the ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d prof<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax o<span class=\"_ _9\"></span>f the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p in 20<span class=\"_ _9\"></span>21 woul<span class=\"_ _9\"></span>d have be<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>mma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial.No<span class=\"_ _9\"></span>te 4 I<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>gi<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts\u00ae\u00aePar<span class=\"_ _9\"></span>k PlazaPar<span class=\"_ _9\"></span>k PlazaHot<span class=\"_ _9\"></span>els &amp; Hot<span class=\"_ _9\"></span>els &amp; \u00aeRes<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>s Res<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u2019ot<span class=\"_ _9\"></span>e<span class=\"_ _1\"></span>lO<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er managemen<span class=\"_ _4\"></span>tfranc<span class=\"_ _9\"></span>hisefranc<span class=\"_ _9\"></span>hise intangible 12 right<span class=\"_ _9\"></span>s (a) right<span class=\"_ _9\"></span>s (a)ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s (<span class=\"_ _9\"></span>b) as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (c) To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _73\"> </span><span class=\"ff9b\">20,063<span class=\"_ _9a\"> </span>20,510<span class=\"_ _83\"> </span>3,643<span class=\"_ _9c\"> </span>3,291<span class=\"_ _9a\"> </span>47,507</span>Additions<span class=\"_ _1e3\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _91\"> </span>386<span class=\"_ _1ae\"> </span>386</span>Dispos<span class=\"_ _9\"></span>als <span class=\"_ _1e4\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _123\"> </span>(15)<span class=\"_ _91\"> </span>(15)</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1e5\"> </span><span class=\"ff9b ls2 ws5\"> 1,132 <span class=\"_ _9a\"> </span> 1,157 <span class=\"_ _4e\"> </span> 206 <span class=\"_ _4e\"> </span> 197 <span class=\"_ _9a\"> </span> 2,692 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _1e6\"> </span><span class=\"ff9b\"> 21,195 <span class=\"_ _16f\"> </span> 21,667 <span class=\"_ _9a\"> </span> 3,849 <span class=\"_ _9a\"> </span> 3,859 <span class=\"_ _16f\"> </span> 50,570 </span>Accumulated<span class=\"_ _4\"></span> amortis<span class=\"_ _9\"></span>ation:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _73\"> </span><span class=\"ff9b\">14,507<span class=\"_ _9a\"> </span>14,909<span class=\"_ _83\"> </span>1,925<span class=\"_ _9c\"> </span>1,876<span class=\"_ _9a\"> </span>33,217</span>Dispos<span class=\"_ _9\"></span>als<span class=\"_ _1e7\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _123\"> </span>(15)<span class=\"_ _91\"> </span>(15)</span>Amor<span class=\"_ _9\"></span>tisation<span class=\"_ _1e8\"> </span><span class=\"ff9b ls2 ws5\"> 1,029 <span class=\"_ _9a\"> </span> 1,037 <span class=\"_ _4e\"> </span> 185 <span class=\"_ _4e\"> </span> 340 <span class=\"_ _9a\"> </span> 2,591 </span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1e9\"> </span><span class=\"ff9b ls2 ws5\"> 857 <span class=\"_ _4e\"> </span> 881 <span class=\"_ _46\"> </span> 116 <span class=\"_ _4e\"> </span> 118 <span class=\"_ _9a\"> </span> 1,972 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _1e6\"> </span><span class=\"ff9b\"> 16,393 <span class=\"_ _16f\"> </span> 16,827 <span class=\"_ _9a\"> </span> 2,226 <span class=\"_ _9a\"> </span> 2,319 <span class=\"_ _16f\"> </span> 37,765 </span>Ne<span class=\"_ _9\"></span>t bo<span class=\"_ _9\"></span>ok va<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>ue a<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022<span class=\"_ _1ea\"> </span> 4,802 <span class=\"_ _9a\"> </span> 4,840 <span class=\"_ _9a\"> </span> 1,623 <span class=\"_ _9a\"> </span> 1,540 <span class=\"_ _16f\"> </span> 12,805 Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _1eb\"> </span>21,475<span class=\"_ _e7\"> </span>21,954<span class=\"_ _174\"> </span>3,899<span class=\"_ _19d\"> </span>3,347<span class=\"_ _e7\"> </span>50,675Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ec\"> </span><span class=\"ls2 ws5\">(1,412)<span class=\"_ _e7\"> </span>(1,444)<span class=\"_ _174\"> </span>(256)<span class=\"_ _e8\"> </span>(222)<span class=\"_ _a1\"> </span>(3,334)</span>Additions<span class=\"_ _1e3\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>176<span class=\"_ _a4\"> </span>176</span>Dispos<span class=\"_ _9\"></span>als <span class=\"_ _1e4\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _1ac\"> </span>(10)<span class=\"_ _a4\"> </span>(10)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _9b\"> </span>20,063<span class=\"_ _e7\"> </span>20,510<span class=\"_ _174\"> </span>3,643<span class=\"_ _19d\"> </span>3,291<span class=\"_ _e7\"> </span>47,507Accumulated<span class=\"_ _4\"></span> amortis<span class=\"_ _9\"></span>ation:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _1eb\"> </span>14,446<span class=\"_ _e7\"> </span>14,868<span class=\"_ _174\"> </span>1,866<span class=\"_ _19d\"> </span>1,741<span class=\"_ _e7\"> </span>32,921Dispos<span class=\"_ _9\"></span>als<span class=\"_ _1e7\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _1ac\"> </span>(10)<span class=\"_ _a4\"> </span>(10)</span>Amor<span class=\"_ _9\"></span>tisation<span class=\"_ _1ed\"> </span><span class=\"ls2 ws5\">1,035<span class=\"_ _174\"> </span>1,042<span class=\"_ _a4\"> </span>186<span class=\"_ _a4\"> </span>268<span class=\"_ _174\"> </span>2,531</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ee\"> </span><span class=\"ls2 ws5\">(974)<span class=\"_ _e7\"> </span>(1,001)<span class=\"_ _e8\"> </span>(127)<span class=\"_ _e8\"> </span>(123)<span class=\"_ _a1\"> </span>(2,225)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _9b\"> </span>14,507<span class=\"_ _e7\"> </span>14,909<span class=\"_ _174\"> </span>1,925<span class=\"_ _19d\"> </span>1,876<span class=\"_ _e7\"> </span>33,217Net b<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>k val<span class=\"_ _9\"></span>ue as a<span class=\"_ _9\"></span>t 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _1ee\"> </span>5,556<span class=\"_ _174\"> </span>5,601<span class=\"_ _174\"> </span>1,718<span class=\"_ _19d\"> </span>1,415<span class=\"_ _e7\"> </span>14,290Note 4<span class=\"_ _4\"></span> Intangible assets continued\u00aea. <span class=\"_\"> </span>Acq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Ho<span class=\"_ _9\"></span>tel<span class=\"_ _9\"></span>s &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ma<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>gh<span class=\"_ _9\"></span>ts a<span class=\"_ _9\"></span>nd l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s\u00ae(1<span class=\"_ _3\"></span>) <span class=\"_ _1e\"> </span>M<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>gem<span class=\"_ _9\"></span>ent r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s \u2013 r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s h<span class=\"_ _9\"></span>eld b<span class=\"_ _9\"></span>y the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Eu<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>e, the M<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>dle Eas<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd Af<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a. The m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t the<span class=\"_ _9\"></span>ir f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>s at th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>ing am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ed ov<span class=\"_ _9\"></span>er a 20<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>year p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e exi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>ir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e. The r<span class=\"_ _9\"></span>ema<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od i<span class=\"_ _9\"></span>s 4.5 year<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.\u00ae(2) <span class=\"_ _9\"></span>Fr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>chi<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d \u2018Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s\u2019 ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>lida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t the<span class=\"_ _9\"></span>ir fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue as a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e date o<span class=\"_ _9\"></span>f acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on an<span class=\"_ _9\"></span>d are b<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed ove<span class=\"_ _9\"></span>r a 20<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>year p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n ma<span class=\"_ _9\"></span>nage<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s est<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>heir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e. The r<span class=\"_ _9\"></span>emai<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>isa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od is 4.<span class=\"_ _9\"></span>5 year<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.\u00aeb. <span class=\"_ _6\"> </span>A<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel rights\u00ae <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 20<span class=\"_ _9\"></span>07<span class=\"_ _a\"></span>, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p acq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d f<span class=\"_ _9\"></span>rom CC<span class=\"_ _9\"></span>S C<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l Co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>pt Se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s Gmb<span class=\"_ _9\"></span>h (th<span class=\"_ _9\"></span>e \u2018ven<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>\u2019) t<span class=\"_ _9\"></span>he wo<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to u<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he ar<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>otel br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>e for a<span class=\"_ _9\"></span>n unli<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod o<span class=\"_ _9\"></span>f tim<span class=\"_ _9\"></span>e. The r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed ove<span class=\"_ _9\"></span>r a 20<span class=\"_ _9\"></span>-y<span class=\"_ _9\"></span>ear p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s est<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>eir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe. Th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod i<span class=\"_ _9\"></span>s 4.5 yea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. In D<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>20, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ac<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h wer<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>e ven<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>r und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>rig<span class=\"_ _9\"></span>inal a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or a c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of \u20ac<span class=\"_ _9\"></span>0.3 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n (\u00a30.2 mil<span class=\"_ _9\"></span>lion) a<span class=\"_ _9\"></span>nd 8<span class=\"_ _9\"></span>0,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 s<span class=\"_ _9\"></span>hare<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>. Th<span class=\"_ _9\"></span>e ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t\u2019s es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>ir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe.c. <span class=\"_ _7\"> </span>O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se ma<span class=\"_ _9\"></span>inly i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>e and i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>al do<span class=\"_ _9\"></span>main o<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on of A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na. Th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re be<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d over 20 yea<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s est<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>eir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe.d. Impairmen<span class=\"_ _4\"></span>t <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 2022, t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e wer<span class=\"_ _9\"></span>e no in<span class=\"_ _9\"></span>dic<span class=\"_ _9\"></span>ato<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s of imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent.No<span class=\"_ _9\"></span>te 5 Pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, pla<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tIn<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y &amp; so<span class=\"_ _9\"></span>ld to Furniture,<span class=\"_ _4\"></span> Hot<span class=\"_ _9\"></span>el as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate fi<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s and 1L<span class=\"_ _9\"></span>and <span class=\"_ _4\"></span> buildi<span class=\"_ _4\"></span>ngs<span class=\"_ _4\"></span> constr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>tion inve<span class=\"_ _9\"></span>sto<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>seq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _1ef\"> </span><span class=\"ff9b\">348,614<span class=\"_ _16f\"> </span>717,296<span class=\"_ _9a\"> </span>45,725<span class=\"_ _16f\"> </span>137,902<span class=\"_ _16f\"> </span>268,129<span class=\"_ _115\"> </span>1,517,666</span>Ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year<span class=\"_ _c0\"> </span><span class=\"ff9b\"> \u2013 <span class=\"_ _16f\"> </span> 13,337 <span class=\"_ _16f\"> </span> 72,856 <span class=\"_ _46\"> </span> 623 <span class=\"_ _9a\"> </span> 8,050 <span class=\"_ _16f\"> </span> 94,866 </span>Dispos<span class=\"_ _9\"></span>al <span class=\"_ _1f0\"> </span><span class=\"ff9b ls2 ws5\">\u2013 <span class=\"_ _a5\"> </span> (94) <span class=\"_ _123\"> </span> \u2013 <span class=\"_ _de\"> </span>\u2013<span class=\"_ _a5\"> </span>(372) <span class=\"_ _126\"> </span> (466) </span>Bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k of In<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _1f1\"> </span><span class=\"ff9b\">427<span class=\"_ _125\"> </span>3,082<span class=\"_ _94\"> </span>\u2013<span class=\"_ _126\"> </span>(3,806)<span class=\"_ _8f\"> </span>297<span class=\"_ _92\"> </span>\u2013</span>2Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation (22) <span class=\"_ _195\"> </span> 24,119 <span class=\"_ _16f\"> </span> 33,985 <span class=\"_ _de\"> </span>\u2013<span class=\"_ _98\"> </span> (58,082) <span class=\"_ _145\"> </span>\u2013Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1f2\"> </span><span class=\"ff9b ls2 ws5\"> 13,811 <span class=\"_ _16f\"> </span> 22,023 <span class=\"_ _9a\"> </span> 1,461 <span class=\"_ _de\"> </span>\u2013<span class=\"_ _126\"> </span> 4,861 <span class=\"_ _16f\"> </span> 42,156 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _1f3\"> </span><span class=\"ff9b\"> 362,830 <span class=\"_ _1f4\"> </span> 779,763 <span class=\"_ _1f4\"> </span> 154,027 <span class=\"_ _1f4\"> </span> 134,719 <span class=\"_ _1f4\"> </span> 222,883 <span class=\"_ _1f5\"> </span> 1,654,222 </span>Accumulated<span class=\"_ _4\"></span> depreciation<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> impairment:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _1f6\"> </span><span class=\"ff9b\">15,669<span class=\"_ _16f\"> </span>106,255<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>23,237<span class=\"_ _16f\"> </span>136,505<span class=\"_ _16f\"> </span>281,666</span>Provision for depr<span class=\"_ _9\"></span>eciation<span class=\"_ _1f7\"> </span><span class=\"ff9b ls2 ws5\"> 316 <span class=\"_ _16f\"> </span> 15,420 <span class=\"_ _d2\"> </span> \u2013 <span class=\"_ _9a\"> </span> 1,190 <span class=\"_ _1f8\"> </span> 13,936 <span class=\"_ _16f\"> </span> 30,862 </span>Dispos<span class=\"_ _9\"></span>al <span class=\"_ _1f0\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _fb\"> </span> (94) <span class=\"_ _10e\"> </span> \u2013 <span class=\"_ _e2\"> </span>\u2013 <span class=\"_ _9c\"> </span> (325) <span class=\"_ _a1\"> </span> (419) </span>Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation<span class=\"_ _1f9\"> </span><span class=\"ff9b ls2 ws5\">15<span class=\"_ _6d\"> </span>(15)<span class=\"_ _167\"> </span>\u2013</span>Bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k of In<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _50\"> </span><span class=\"ff9b\">\u2013 <span class=\"_ _4e\"> </span> 402 <span class=\"_ _de\"> </span>\u2013 <span class=\"_ _9c\"> </span> (662) <span class=\"_ _1c1\"> </span> 260 <span class=\"_ _de\"> </span>\u2013</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1fa\"> </span><span class=\"ff9b ls2 ws5\"> 1,114 <span class=\"_ _9a\"> </span> 3,291 <span class=\"_ _d2\"> </span> \u2013 <span class=\"_ _de\"> </span>\u2013 <span class=\"_ _9a\"> </span> 2,524 <span class=\"_ _9a\"> </span> 6,929 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _4b\"> </span><span class=\"ff9b\"> 17,099 <span class=\"_ _1f4\"> </span> 125,289 <span class=\"_ _d2\"> </span> \u2013 <span class=\"_ _16f\"> </span> 23,765 <span class=\"_ _1f4\"> </span> 152,885 <span class=\"_ _1f4\"> </span> 319,038 </span>Ne<span class=\"_ _9\"></span>t bo<span class=\"_ _9\"></span>ok va<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>ue a<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022<span class=\"_ _140\"> </span> 345,731 <span class=\"_ _1f4\"> </span> 654,474 <span class=\"_ _1f4\"> </span> 154,027 <span class=\"_ _1f4\"> </span> 110,954 <span class=\"_ _16f\"> </span> 69,998 <span class=\"_ _1f5\"> </span> 1,335,184 Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _4f\"> </span>353,931<span class=\"_ _9e\"> </span>699,516<span class=\"_ _e7\"> </span>24,095<span class=\"_ _9e\"> </span>138,199<span class=\"_ _16c\"> </span>240,865<span class=\"_ _1f4\"> </span>1,456,606Ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year<span class=\"_ _1fb\"> </span>\u2013<span class=\"_ _174\"> </span>1,750<span class=\"_ _e7\"> </span>25,175<span class=\"_ _a4\"> </span>363<span class=\"_ _f5\"> </span>32,153<span class=\"_ _e7\"> </span>59,441Dispos<span class=\"_ _9\"></span>al <span class=\"_ _1fc\"> </span><span class=\"ls2 ws5\">(77)<span class=\"_ _e7\"> </span>(1,835)<span class=\"_ _5d\"> </span>(23)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _48\"> </span>(375)<span class=\"_ _a1\"> </span>(2,310)</span>Acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f sub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s (Not<span class=\"_ _9\"></span>e 3)<span class=\"_ _1fd\"> </span>6,169<span class=\"_ _e7\"> </span>38,443<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _19d\"> </span>1,595<span class=\"_ _f5\"> </span>46,207Bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k of In<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _13b\"> </span>174<span class=\"_ _19d\"> </span>1,253<span class=\"_ _94\"> </span>\u2013<span class=\"_ _125\"> </span>(1,534)<span class=\"_ _a5\"> </span>107<span class=\"_ _94\"> </span>\u2013Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation<span class=\"_ _1fe\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _174\"> </span>1,998<span class=\"_ _125\"> </span>(1,964)<span class=\"_ _12f\"> </span>874<span class=\"_ _83\"> </span>(1,080)<span class=\"_ _e8\"> </span>(172)</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ff\"> </span><span class=\"ls2 ws5\">(11,583)<span class=\"_ _16c\"> </span>(23,829)<span class=\"_ _a1\"> </span>(1,558)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _83\"> </span>(5,136)<span class=\"_ _bf\"> </span>(42,106)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _90\"> </span>348,614<span class=\"_ _16c\"> </span>717,296<span class=\"_ _f5\"> </span>45,725<span class=\"_ _16c\"> </span>137,902<span class=\"_ _9e\"> </span>268,129<span class=\"_ _1f4\"> </span>1,517,666Accumulated<span class=\"_ _4\"></span> depreciation<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> impairment:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _200\"> </span>11,043<span class=\"_ _e7\"> </span>96,933<span class=\"_ _92\"> </span>\u2013<span class=\"_ _e7\"> </span>22,435<span class=\"_ _16c\"> </span>124,837<span class=\"_ _9e\"> </span>255,248Provision for depr<span class=\"_ _9\"></span>eciation<span class=\"_ _15a\"> </span><span class=\"ls2 ws5\">317<span class=\"_ _f5\"> </span>13,922<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>643<span class=\"_ _f5\"> </span>14,778<span class=\"_ _e7\"> </span>29,660</span>Dispos<span class=\"_ _9\"></span>al <span class=\"_ _1f0\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _125\"> </span>(1,571)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _48\"> </span>(329)<span class=\"_ _a1\"> </span>(1,900)</span>Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation<span class=\"_ _1fe\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _75\"> </span>(12)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _a4\"> </span>418<span class=\"_ _48\"> </span>(384)<span class=\"_ _123\"> </span>22</span>Bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k of In<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _50\"> </span>\u2013<span class=\"_ _a4\"> </span>157<span class=\"_ _92\"> </span>\u2013<span class=\"_ _48\"> </span>(259)<span class=\"_ _12f\"> </span>102<span class=\"_ _92\"> </span>\u2013Impair<span class=\"_ _9\"></span>ment<span class=\"_ _201\"> </span><span class=\"ls2 ws5\">4,424<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _19d\"> </span>4,424</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _202\"> </span><span class=\"ls2 ws5\">(115)<span class=\"_ _e7\"> </span>(3,174)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _125\"> </span>(2,499)<span class=\"_ _a1\"> </span>(5,788)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _204\"> </span>15,669<span class=\"_ _9e\"> </span>106,255<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>23,237<span class=\"_ _16c\"> </span>136,505<span class=\"_ _9e\"> </span>281,666Ne<span class=\"_ _9\"></span>t bo<span class=\"_ _9\"></span>ok va<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>ue a<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2021<span class=\"_ _159\"> </span><span class=\"ff9c\">332,945<span class=\"_ _16c\"> </span>611,041<span class=\"_ _e7\"> </span>45,725<span class=\"_ _9e\"> </span>114,665<span class=\"_ _16c\"> </span>131,624<span class=\"_ _18\"> </span>1,236,000</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>is in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es 4<span class=\"_ _9\"></span>83 r<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>ms (2<span class=\"_ _9\"></span>021: 498) in Pa<span class=\"_ _9\"></span>rk P<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>za We<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tmi<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n, fo<span class=\"_ _9\"></span>r wh<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ws<span class=\"_ _9\"></span>, de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ve<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ne<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me g<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se I<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, we<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s (s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>e 2(k<span class=\"_ _9\"></span>)). T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>roc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s hav<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>en a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r as a v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y (se<span class=\"_ _9\"></span>e No<span class=\"_ _9\"></span>te 16).2 <span class=\"_ _b\"> </span>Mai<span class=\"_ _9\"></span>nl<span class=\"_ _9\"></span>y inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s a re<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of c<span class=\"_ _9\"></span>.\u00a36<span class=\"_ _9\"></span>4.<span class=\"_ _9\"></span>2 mill<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n fr<span class=\"_ _9\"></span>om Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e, fi<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s and e<span class=\"_ _9\"></span>q<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>o Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y &amp; a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>e to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton u<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>il De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>021 an<span class=\"_ _9\"></span>d a re<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of c<span class=\"_ _9\"></span>.\u00a33<span class=\"_ _9\"></span>0.0 m<span class=\"_ _9\"></span>ill<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f Ho<span class=\"_ _9\"></span>tel B<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>i Pul<span class=\"_ _9\"></span>a fr<span class=\"_ _9\"></span>om Pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y &amp; as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n to F<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e, fi<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>nd H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l bu<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>gs<span class=\"_ _9\"></span>. Note 5<span class=\"_ _4\"></span> Property,<span class=\"_ _4\"></span> plant and equipment<span class=\"_ _4\"></span> continueda. <span class=\"_\"> </span>For i<span class=\"_ _9\"></span>nf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>ga<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g li<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>e 1<span class=\"_ _3\"></span>3.b.<span class=\"_ _4\"></span> Impairment <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 2022, t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e wer<span class=\"_ _9\"></span>e no in<span class=\"_ _9\"></span>dic<span class=\"_ _9\"></span>ato<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s for i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t.c.  Ca<span class=\"_ _9\"></span>pitalised borrowing c<span class=\"_ _4\"></span>osts <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 7 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 2020, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p ente<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a b<span class=\"_ _9\"></span>uil<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o deve<span class=\"_ _9\"></span>lop a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on o<span class=\"_ _9\"></span>n a sit<span class=\"_ _9\"></span>e loc<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d by O<span class=\"_ _9\"></span>ld Str<span class=\"_ _9\"></span>eet<span class=\"_ _9\"></span>, Riv<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n Stre<span class=\"_ _9\"></span>et, Gr<span class=\"_ _9\"></span>eat E<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>n St<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>t and B<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>h Place, Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on EC1<span class=\"_ _4\"></span>, whic<span class=\"_ _9\"></span>h is ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>ple<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d in H1 2024 (<span class=\"_ _4\"></span>se<span class=\"_ _9\"></span>e Note 2<span class=\"_ _9\"></span>9c(<span class=\"_ _9\"></span>i)). Th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>mula<span class=\"_ _9\"></span>tive e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e for t<span class=\"_ _9\"></span>his p<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t as a<span class=\"_ _9\"></span>t 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 w<span class=\"_ _9\"></span>as \u00a31<span class=\"_ _4\"></span>25.4 million (<span class=\"_ _9\"></span>2021<span class=\"_ _3\"></span>: \u00a36<span class=\"_ _9\"></span>6.7 millio<span class=\"_ _9\"></span>n). The a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ts c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>ali<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>is pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ber 2<span class=\"_ _9\"></span>022 w<span class=\"_ _9\"></span>as \u00a33.<span class=\"_ _9\"></span>5 milli<span class=\"_ _9\"></span>on (20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>: \u00a31<span class=\"_ _3\"></span>.<span class=\"_ _9\"></span>3 milli<span class=\"_ _9\"></span>on). Th<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>te us<span class=\"_ _9\"></span>ed to d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s eli<span class=\"_ _9\"></span>gib<span class=\"_ _9\"></span>le fo<span class=\"_ _9\"></span>r ca<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n wa<span class=\"_ _9\"></span>s Son<span class=\"_ _9\"></span>ia +<span class=\"_ _4\"></span>3.6<span class=\"_ _4\"></span>7%, wh<span class=\"_ _9\"></span>ich i<span class=\"_ _9\"></span>s the e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st ra<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>cif<span class=\"_ _9\"></span>ic b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing.Note 6<span class=\"_ _4\"></span> Inv<span class=\"_ _4\"></span>estment in joint<span class=\"_ _4\"></span> ventures<span class=\"_ _4\"></span> and subsidiaries with significant non-<span class=\"_ _9\"></span>controlling interestsa. <span class=\"_\"> </span>Inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t in j<span class=\"_ _9\"></span>oi<span class=\"_ _9\"></span>nt ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>esA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s5,573<span class=\"_ _ce\"> </span><span class=\"ff9c\">5,222</span>Sha<span class=\"_ _9\"></span>re of ne<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y me<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>od<span class=\"_ _205\"> </span><span class=\"ff9b\">(612)<span class=\"_ _126\"> </span></span>(907)Investment in join<span class=\"_ _4\"></span>t ventures<span class=\"_ _206\"> </span><span class=\"ff9b ls2 ws5\">4,961<span class=\"_ _ce\"> </span><span class=\"ff9c\">4,315</span></span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e lo<span class=\"_ _9\"></span>ans t<span class=\"_ _9\"></span>o jo<span class=\"_ _9\"></span>int v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s a Eur<span class=\"_ _9\"></span>o lo<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g an i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of Eur<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>r +<span class=\"_ _4\"></span>2.5% p<span class=\"_ _9\"></span>er a<span class=\"_ _9\"></span>nn<span class=\"_ _9\"></span>um, fo<span class=\"_ _9\"></span>r w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s du<span class=\"_ _9\"></span>e on 13 Jan<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2024. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e in ne<span class=\"_ _9\"></span>t prof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to \u00a3<span class=\"_ _9\"></span>202 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd (2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>: ne<span class=\"_ _9\"></span>t los<span class=\"_ _9\"></span>s of \u00a3<span class=\"_ _9\"></span>71<span class=\"_ _3\"></span>8 t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>). b.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Sum<span class=\"_ _9\"></span>marised financia<span class=\"_ _9\"></span>l information of<span class=\"_ _4\"></span> subsidiar<span class=\"_ _9\"></span>y with material non-controlling interest<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>(i) <span class=\"_\"> </span>Long<span class=\"_ _9\"></span>-term<span class=\"_ _4\"></span> partnership for<span class=\"_ _4\"></span> 49%<span class=\"_ _4\"></span> of P<span class=\"_ _4\"></span>ark Pl<span class=\"_ _4\"></span>aza London<span class=\"_ _4\"></span> Riverb<span class=\"_ _4\"></span>ank and art\u2019<span class=\"_ _4\"></span>otel<span class=\"_ _4\"></span> London H<span class=\"_ _4\"></span>oxton<span class=\"_ _4\"></span> development<span class=\"_ _4\"></span> project <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 23 Ju<span class=\"_ _9\"></span>ne 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>, a wh<span class=\"_ _9\"></span>oll<span class=\"_ _9\"></span>y own<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _1\"></span>y of PPHE Hot<span class=\"_ _9\"></span>el Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>red i<span class=\"_ _9\"></span>nto a s<span class=\"_ _9\"></span>ale a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th Cl<span class=\"_ _9\"></span>al Ins<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce (\u2018Cla<span class=\"_ _9\"></span>l\u2019<span class=\"_ _9\"></span>), one of Is<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ael\u2019s lea<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce an<span class=\"_ _9\"></span>d lon<span class=\"_ _9\"></span>g-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m s<span class=\"_ _9\"></span>avi<span class=\"_ _9\"></span>ngs c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>ani<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. As p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>t of thi<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t, Clal b<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>me a min<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>r an<span class=\"_ _9\"></span>d own<span class=\"_ _9\"></span>er of 49% o<span class=\"_ _9\"></span>f the s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>res of S<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>re T<span class=\"_ _4\"></span>op Ltd, a w<span class=\"_ _9\"></span>holl<span class=\"_ _9\"></span>y ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d sub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up (\u2018<span class=\"_ _9\"></span>Sig<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ure T<span class=\"_ _4\"></span>op\u2019) wh<span class=\"_ _9\"></span>ich i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>irec<span class=\"_ _1\"></span>tly h<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e real e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>te an<span class=\"_ _9\"></span>d op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons of b<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e 64<span class=\"_ _9\"></span>6<span class=\"_ _9\"></span>-r<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>m Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on R<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>rb<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k (\u2018Ri<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d the 3<span class=\"_ _9\"></span>43<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>roo<span class=\"_ _9\"></span>m ar<span class=\"_ _1\"></span>t\u2019otel L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n dev<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent p<span class=\"_ _9\"></span>roj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t (\u2018<span class=\"_ _9\"></span>Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n\u2019), w<span class=\"_ _9\"></span>hich i<span class=\"_ _9\"></span>s sc<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>dul<span class=\"_ _9\"></span>ed to o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>n in 2<span class=\"_ _9\"></span>024. As p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d a 20<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>year ho<span class=\"_ _9\"></span>tel ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of b<span class=\"_ _9\"></span>oth h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s. No<span class=\"_ _9\"></span>te 7 O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>rre<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>sa. <span class=\"_ _8\"> </span>Non-c<span class=\"_ _9\"></span>urrent financial asset<span class=\"_ _9\"></span>sA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n <span class=\"_ _215\"> </span><span class=\"ff9b\">16,100<span class=\"_ _98\"> </span></span>15,800Ren<span class=\"_ _4\"></span>t secu<span class=\"_ _4\"></span>rity deposits<span class=\"_ _19b\"> </span><span class=\"ff9b ls2 ws5\">358<span class=\"_ _4e\"> </span><span class=\"ff9c\">346</span></span>Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s (<span class=\"_ _4\"></span>see note<span class=\"_ _4\"></span> 30a)<span class=\"_ _216\"> </span><span class=\"ff9b ls2 ws5\">30,539<span class=\"_ _1ac\"> </span><span class=\"ff9c\">\u2013</span></span>Othe<span class=\"_ _9\"></span>r non-cur<span class=\"_ _9\"></span>rent asset<span class=\"_ _9\"></span>s<span class=\"_ _217\"> </span><span class=\"ff9b ls2 ws5\">248<span class=\"_ _46\"> </span><span class=\"ff9c\">240</span></span>47,245<span class=\"_ _98\"> </span><span class=\"ff9c\">16,386</span>1 <span class=\"_ _b\"> </span>On 14 Jul<span class=\"_ _9\"></span>y 2017<span class=\"_ _3\"></span>, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>n ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Co<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of 4<span class=\"_ _9\"></span>4 apa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>hot<span class=\"_ _9\"></span>el u<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>o<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span> ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any of t<span class=\"_ _9\"></span>he h<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>el, So<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>h Ba<span class=\"_ _9\"></span>nk H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any L<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e wa<span class=\"_ _9\"></span>s \u00a31<span class=\"_ _4\"></span>6.0 mi<span class=\"_ _9\"></span>lli<span class=\"_ _9\"></span>on. I<span class=\"_ _9\"></span>n Oc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>01<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>, an a<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nal t<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>o un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s we<span class=\"_ _9\"></span>re pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d for \u00a3<span class=\"_ _9\"></span>0.7 mi<span class=\"_ _9\"></span>lli<span class=\"_ _9\"></span>on. U<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t wa<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. I<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span> co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion p<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>ves 9<span class=\"_ _9\"></span>99 y<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>s of n<span class=\"_ _9\"></span>et i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>fic r<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he h<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l (co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to a s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>m of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ws).<span class=\"_ _9\"></span> Th<span class=\"_ _9\"></span>is in<span class=\"_ _9\"></span>ves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is m<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>nd i<span class=\"_ _9\"></span>ts p<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is e<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>ted b<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>e Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p man<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>n a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue ba<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s in a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up i<span class=\"_ _9\"></span>nve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>gy. A<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>his i<span class=\"_ _9\"></span>nve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>re n<span class=\"_ _9\"></span>ot s<span class=\"_ _9\"></span>ole<span class=\"_ _9\"></span>ly p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t, u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>FRS 9 t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>s cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d a<span class=\"_ _9\"></span>nd me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span> va<span class=\"_ _9\"></span>lue o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s as o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng d<span class=\"_ _9\"></span>ate w<span class=\"_ _9\"></span>as \u00a316.<span class=\"_ _4\"></span>1 mill<span class=\"_ _9\"></span>ion b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on a<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ent v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>uat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ed by S<span class=\"_ _9\"></span>av<span class=\"_ _9\"></span>ill<span class=\"_ _9\"></span>s us<span class=\"_ _9\"></span>ing a c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>p ra<span class=\"_ _9\"></span>te of 6<span class=\"_ _9\"></span>.25<span class=\"_ _9\"></span>%. No<span class=\"_ _9\"></span>te 8 T<span class=\"_ _4\"></span>ra<span class=\"_ _9\"></span>de r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>esa. Composition:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21<span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000T<span class=\"_ _3\"></span>rade receivables<span class=\"_ _218\"> </span><span class=\"ff9b ls2 ws5\">19,214<span class=\"_ _ce\"> </span><span class=\"ff9c\">7,701</span></span>Le<span class=\"_ _9\"></span>ss \u2013 al<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for d<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ul de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s <span class=\"_ _12\"> </span><span class=\"ff9b\">(681)<span class=\"_ _9d\"> </span></span>(890)18,533<span class=\"_ _ce\"> </span><span class=\"ff9c\">6,811</span> <span class=\"_ _1c\"> </span>T<span class=\"_ _4\"></span>ra<span class=\"_ _9\"></span>de r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s are n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s polic<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>s an ave<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge of 3<span class=\"_ _9\"></span>0 day<span class=\"_ _9\"></span>s\u2019 pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s.b.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Movements in the allowance<span class=\"_ _4\"></span> for doubtful accounts were as<span class=\"_ _4\"></span> follows:2022 <span class=\"_ _3\"></span> \u00a3\u2019<span class=\"_ _4\"></span>000A<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2022<span class=\"_ _219\"> </span>(890) Wri<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>of<span class=\"_ _1\"></span>f<span class=\"_ _21a\"> </span><span class=\"ff9b ls2 ws5\">320</span>Additions<span class=\"_ _21b\"> </span><span class=\"ff9b ls2 ws5\">(85)</span>Exchange rate differences<span class=\"_ _21c\"> </span><span class=\"ff9b ls2 ws5\">(26)</span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022<span class=\"_ _21d\"> </span>(681)A<span class=\"_ _9\"></span>s at 1 Jan<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2021<span class=\"_ _21e\"> </span>(704) Wri<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>of<span class=\"_ _1\"></span>f<span class=\"_ _21f\"> </span><span class=\"ls2 ws5\">45</span>Additions<span class=\"_ _220\"> </span><span class=\"ls2 ws5\">(265)</span>Exchange rate differences<span class=\"_ _221\"> </span><span class=\"ls2 ws5\">34</span>A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2021<span class=\"_ _222\"> </span>(890)Note 8<span class=\"_ _4\"></span> T<span class=\"_ _3\"></span>rade receivables<span class=\"_ _4\"></span> continuedc. <span class=\"_ _7\"> </span>A<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, the a<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g an<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>s as f<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s:Pa<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ue No<span class=\"_ _9\"></span>t pa<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t &lt; 30 <span class=\"_ _3\"></span> 31 to 60 6<span class=\"_ _4\"></span>1 to 90 &gt; 90 <span class=\"_ _3\"></span> To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>due <span class=\"_ _a\"></span><span class=\"ls2 ws5\"> </span>days<span class=\"_ _4\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>days<span class=\"_ _4\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>days<span class=\"_ _4\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>days<span class=\"_ _4\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>2022\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000T<span class=\"_ _3\"></span>rade receivables<span class=\"_ _201\"> </span><span class=\"ff9b ls2 ws5\">19,214<span class=\"_ _c7\"> </span>8,824<span class=\"_ _180\"> </span>7,633<span class=\"_ _180\"> </span>1,317<span class=\"_ _19d\"> </span>474<span class=\"_ _19d\"> </span>966</span>All<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or d<span class=\"_ _9\"></span>oub<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>fu<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s <span class=\"_ _1fb\"> </span><span class=\"ff9b\">(681)<span class=\"_ _223\"> </span>(681)</span>18,533<span class=\"_ _180\"> </span>8,824<span class=\"_ _180\"> </span>7,633<span class=\"_ _180\"> </span>1,317<span class=\"_ _19d\"> </span>474<span class=\"_ _19d\"> </span>285Past dueNot p<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t &lt; 30 <span class=\"_ _4\"></span> 31 to 60 <span class=\"_ _4\"></span> 6<span class=\"_ _4\"></span>1 to 90 <span class=\"_ _3\"></span> &gt; 90 <span class=\"_ _4\"></span> To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>du<span class=\"_ _9\"></span>e <span class=\"_ _3\"></span> day<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> day<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> day<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> day<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000T<span class=\"_ _3\"></span>rade receivables<span class=\"_ _148\"> </span><span class=\"ls2 ws5\">7,701<span class=\"_ _ce\"> </span>4,326<span class=\"_ _ce\"> </span>1,691<span class=\"_ _46\"> </span>636<span class=\"_ _4e\"> </span>118<span class=\"_ _4e\"> </span>930</span>All<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or d<span class=\"_ _9\"></span>oub<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>fu<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s <span class=\"_ _224\"> </span>(890)<span class=\"_ _95\"> </span>(890)6,811<span class=\"_ _ce\"> </span>4,326<span class=\"_ _ce\"> </span>1,691<span class=\"_ _4e\"> </span>636<span class=\"_ _46\"> </span>118<span class=\"_ _1ae\"> </span>40No<span class=\"_ _9\"></span>te 9 O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d p<span class=\"_ _9\"></span>rep<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Prepaid ex<span class=\"_ _9\"></span>pen<span class=\"_ _9\"></span>ses<span class=\"_ _225\"> </span><span class=\"ff9b ls2 ws5\">7,296<span class=\"_ _ce\"> </span><span class=\"ff9c\">5,352</span></span>VAT<span class=\"_ _207\"> </span><span class=\"ff9b ls2 ws5\">4,706<span class=\"_ _ce\"> </span><span class=\"ff9c\">6,686</span></span>1Related par<span class=\"_ _9\"></span>ties100<span class=\"_ _48\"> </span><span class=\"ff9c\">56</span>Gove<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s<span class=\"_ _226\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _ce\"> </span></span>6,285Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies<span class=\"_ _227\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _48\"> </span></span>222Esc<span class=\"_ _9\"></span>row account4,666<span class=\"_ _1ac\"> </span><span class=\"ff9c\">\u2013</span>Othe<span class=\"_ _9\"></span>rs<span class=\"_ _1d1\"> </span><span class=\"ff9b ls2 ws5\">1,098<span class=\"_ _ce\"> </span><span class=\"ff9c\">1,056</span></span>17,866<span class=\"_ _98\"> </span><span class=\"ff9c\">19,457</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt ow<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>y rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s bea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s no in<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>; se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 29.2 <span class=\"_ _b\"> </span>Fun<span class=\"_ _9\"></span>ds f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of 12 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>er B<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on u<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ts t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t we<span class=\"_ _9\"></span>re tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o an e<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>w acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d, t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n wa<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>nal<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed.<span class=\"_ _9\"></span> No<span class=\"_ _9\"></span>te 10 Ca<span class=\"_ _9\"></span>sh a<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>h eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s Ca<span class=\"_ _9\"></span>sh a<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>ks e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ns in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t at fl<span class=\"_ _9\"></span>oat<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>es ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on d<span class=\"_ _9\"></span>aily b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k dep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. S<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>osi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e for v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds of be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wee<span class=\"_ _9\"></span>n on<span class=\"_ _9\"></span>e day an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ree m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>hs, d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng on t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>diat<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up, an<span class=\"_ _9\"></span>d ear<span class=\"_ _9\"></span>n int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t at th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive sh<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes<span class=\"_ _9\"></span>. No<span class=\"_ _9\"></span>te 1<span class=\"_ _4\"></span>1 Equ<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ya. <span class=\"_\"> </span>Sha<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he au<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al o<span class=\"_ _9\"></span>f the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny is re<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d by an u<span class=\"_ _9\"></span>nlimi<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d num<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of or<span class=\"_ _9\"></span>dina<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es wi<span class=\"_ _9\"></span>th n<span class=\"_ _9\"></span>o par v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he nu<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er of or<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>nar<span class=\"_ _1\"></span>y sha<span class=\"_ _9\"></span>res i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d was 4<span class=\"_ _9\"></span>4,<span class=\"_ _9\"></span>347<span class=\"_ _a\"></span>,4<span class=\"_ _4\"></span>10 (2021<span class=\"_ _3\"></span>: 4<span class=\"_ _9\"></span>4,3<span class=\"_ _9\"></span>4<span class=\"_ _4\"></span>7<span class=\"_ _a\"></span>,<span class=\"_ _9\"></span>4<span class=\"_ _3\"></span>10), 1<span class=\"_ _4\"></span>,<span class=\"_ _3\"></span>9<span class=\"_ _9\"></span>09<span class=\"_ _4\"></span>,042 of w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h we<span class=\"_ _9\"></span>re hel<span class=\"_ _9\"></span>d as tre<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es (2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>: 1<span class=\"_ _4\"></span>,8<span class=\"_ _9\"></span>08,<span class=\"_ _9\"></span>07<span class=\"_ _4\"></span>0).  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any<span class=\"_ _9\"></span>\u2019s shar<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e ad<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he Pr<span class=\"_ _9\"></span>emi<span class=\"_ _9\"></span>um Li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g se<span class=\"_ _9\"></span>gme<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he O<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>al Li<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f the U<span class=\"_ _9\"></span>K Li<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ing A<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>hor<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y and to t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng on th<span class=\"_ _9\"></span>e Main M<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket fo<span class=\"_ _9\"></span>r lis<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Stoc<span class=\"_ _9\"></span>k E<span class=\"_ _9\"></span>xc<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>e.b.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>T<span class=\"_ _4\"></span>reasur<span class=\"_ _9\"></span>y shares <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>022, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ed 56,<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>65 of it<span class=\"_ _9\"></span>s or<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>res f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>y acco<span class=\"_ _9\"></span>unt f<span class=\"_ _9\"></span>or no c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on in o<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>er to s<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y an exer<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>e of o<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. As a r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult, \u00a3108 th<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd we<span class=\"_ _9\"></span>re tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>y acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e sha<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>emi<span class=\"_ _9\"></span>um ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nt. No<span class=\"_ _9\"></span>te 1<span class=\"_ _4\"></span>1 Equ<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ed <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 28 Ju<span class=\"_ _9\"></span>ne 202<span class=\"_ _9\"></span>2, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any<span class=\"_ _9\"></span>\u2019s Boar<span class=\"_ _9\"></span>d of Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s ap<span class=\"_ _9\"></span>prov<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of a s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k pr<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>mme t<span class=\"_ _9\"></span>o bu<span class=\"_ _9\"></span>y up to a ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mum of 3<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 o<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nar<span class=\"_ _1\"></span>y sha<span class=\"_ _9\"></span>res f<span class=\"_ _9\"></span>or an a<span class=\"_ _9\"></span>gg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n (exclu<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es) of u<span class=\"_ _9\"></span>p to a ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mum o<span class=\"_ _9\"></span>f \u00a3<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>.7 million<span class=\"_ _9\"></span>. On 18 Novem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>his s<span class=\"_ _9\"></span>hare b<span class=\"_ _9\"></span>uy<span class=\"_ _9\"></span>-b<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>k pr<span class=\"_ _9\"></span>ogr<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>me w<span class=\"_ _9\"></span>as f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>uy up t<span class=\"_ _9\"></span>o a ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mum of 5<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 or<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>res for a<span class=\"_ _9\"></span>n agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on (excl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ing ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>es) of u<span class=\"_ _9\"></span>p to a ma<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m of \u00a33.7 milli<span class=\"_ _9\"></span>on. A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any com<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>d a pur<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>ase o<span class=\"_ _9\"></span>f 1<span class=\"_ _4\"></span>57<span class=\"_ _a\"></span>,<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>37 sha<span class=\"_ _9\"></span>res u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>is pr<span class=\"_ _9\"></span>ogr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>mme f<span class=\"_ _9\"></span>or a tot<span class=\"_ _9\"></span>al c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of \u00a3<span class=\"_ _9\"></span>2,098 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd, re<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>n aver<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ice o<span class=\"_ _9\"></span>f 1<span class=\"_ _3\"></span>,<span class=\"_ _9\"></span>350 p<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ce p<span class=\"_ _9\"></span>er s<span class=\"_ _9\"></span>hare.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he to<span class=\"_ _9\"></span>tal n<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ber o<span class=\"_ _9\"></span>f tre<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es as a<span class=\"_ _9\"></span>t 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s 1<span class=\"_ _4\"></span>,<span class=\"_ _3\"></span>9<span class=\"_ _9\"></span>09<span class=\"_ _4\"></span>,042 (2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>: 1<span class=\"_ _4\"></span>,8<span class=\"_ _9\"></span>08,<span class=\"_ _9\"></span>070). c. <span class=\"_ _7\"> </span>N<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>es <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ore<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>n cu<span class=\"_ _9\"></span>rre<span class=\"_ _9\"></span>nc<span class=\"_ _1\"></span>y tra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>e <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>rei<span class=\"_ _9\"></span>gn c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>y tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sla<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve is us<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>ord e<span class=\"_ _9\"></span>xch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>orei<span class=\"_ _9\"></span>gn o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns.  <span class=\"_ _1c\"> </span>Hedging reserve <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s on a he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>n a c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>w hed<span class=\"_ _9\"></span>ge t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>s det<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>e an e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve he<span class=\"_ _9\"></span>dge.No<span class=\"_ _9\"></span>te 12 Sha<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>sTh<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>wo o<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>n pl<span class=\"_ _9\"></span>ans f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>nef<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s of e<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>loye<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup, th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t wa<span class=\"_ _9\"></span>s ad<span class=\"_ _9\"></span>opt<span class=\"_ _9\"></span>ed in 2<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>07 and t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>nd w<span class=\"_ _9\"></span>as ad<span class=\"_ _9\"></span>opt<span class=\"_ _9\"></span>ed in 2<span class=\"_ _9\"></span>020.20<span class=\"_ _9\"></span>07 Op<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on Pl<span class=\"_ _9\"></span>anTh<span class=\"_ _9\"></span>e 20<span class=\"_ _9\"></span>07 Plan h<span class=\"_ _9\"></span>as t<span class=\"_ _9\"></span>wo t<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>es of o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons: O<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>ion A a<span class=\"_ _9\"></span>nd O<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on B. T<span class=\"_ _9\"></span>he exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ric<span class=\"_ _9\"></span>e of bo<span class=\"_ _9\"></span>th o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>ill not b<span class=\"_ _9\"></span>e le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e clo<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ice o<span class=\"_ _9\"></span>f a sha<span class=\"_ _9\"></span>re on t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>eali<span class=\"_ _9\"></span>ng day i<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>atel<span class=\"_ _9\"></span>y pre<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e gr<span class=\"_ _9\"></span>ant d<span class=\"_ _9\"></span>ate (as p<span class=\"_ _9\"></span>ubl<span class=\"_ _9\"></span>ish<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Daily O<span class=\"_ _9\"></span>f<span class=\"_ _1\"></span>fic<span class=\"_ _9\"></span>ial Li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Stoc<span class=\"_ _9\"></span>k E<span class=\"_ _9\"></span>xch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e). Opti<span class=\"_ _9\"></span>on A ve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s ov<span class=\"_ _9\"></span>er a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod of t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>ee yea<span class=\"_ _9\"></span>rs f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e gr<span class=\"_ _9\"></span>ant d<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd O<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>n B ves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>nd of t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e yea<span class=\"_ _9\"></span>rs f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e gr<span class=\"_ _9\"></span>ant dat<span class=\"_ _9\"></span>e. Unexe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns ex<span class=\"_ _9\"></span>pir<span class=\"_ _9\"></span>e ten y<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>s af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>e gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t date. T<span class=\"_ _9\"></span>he pl<span class=\"_ _9\"></span>an d<span class=\"_ _9\"></span>oes n<span class=\"_ _9\"></span>ot in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de a<span class=\"_ _9\"></span>ny per<span class=\"_ _1\"></span>for<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re 22<span class=\"_ _9\"></span>0,50<span class=\"_ _9\"></span>0 ex<span class=\"_ _9\"></span>erc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e opt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the 2<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>07 Opt<span class=\"_ _9\"></span>ion Pl<span class=\"_ _9\"></span>an. T<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns we<span class=\"_ _9\"></span>re gr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nted to em<span class=\"_ _9\"></span>plo<span class=\"_ _9\"></span>yee<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny in pa<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t year<span class=\"_ _9\"></span>s. N<span class=\"_ _9\"></span>o fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her g<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>e mad<span class=\"_ _9\"></span>e un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r thi<span class=\"_ _9\"></span>s pla<span class=\"_ _9\"></span>n.2020 PPH<span class=\"_ _9\"></span>E E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ive S<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>re O<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n Pla<span class=\"_ _9\"></span>nTh<span class=\"_ _9\"></span>e Boa<span class=\"_ _9\"></span>rd ha<span class=\"_ _9\"></span>s ado<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>d a \u2018202<span class=\"_ _9\"></span>0 PPHE E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ive S<span class=\"_ _9\"></span>hare O<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>ion Pl<span class=\"_ _9\"></span>an\u2019<span class=\"_ _3\"></span>, u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r wh<span class=\"_ _9\"></span>ich e<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>loye<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any an<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ies r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive rem<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n in t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>mpe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on. T<span class=\"_ _9\"></span>he pl<span class=\"_ _9\"></span>an ha<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>s: a. <span class=\"_ _7\"> </span>T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>lan ha<span class=\"_ _9\"></span>s fou<span class=\"_ _9\"></span>r t<span class=\"_ _9\"></span>yp<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>f opt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s:  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on A<span class=\"_ _9\"></span>: mar<span class=\"_ _9\"></span>ket va<span class=\"_ _9\"></span>lue o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons \u2013 o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t are li<span class=\"_ _9\"></span>nked to t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>hare<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any. </span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on B: sa<span class=\"_ _9\"></span>lar<span class=\"_ _1\"></span>y rela<span class=\"_ _9\"></span>ted o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons \u2013 w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y emp<span class=\"_ _9\"></span>loye<span class=\"_ _9\"></span>es ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>e to a re<span class=\"_ _9\"></span>duc<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n in th<span class=\"_ _9\"></span>eir b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e sal<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>n exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge fo<span class=\"_ _9\"></span>r the r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht to </span></span>acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s at nil<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cos<span class=\"_ _9\"></span>t. T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons n<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>mal<span class=\"_ _9\"></span>ly ves<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ter 12 mont<span class=\"_ _9\"></span>hs s<span class=\"_ _9\"></span>ubje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to a<span class=\"_ _9\"></span>n ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al si<span class=\"_ _9\"></span>x-m<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>th ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on C: d<span class=\"_ _9\"></span>efer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>onu<span class=\"_ _9\"></span>s awa<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s \u2013 allo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g the a<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>d of th<span class=\"_ _9\"></span>e num<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of s<span class=\"_ _9\"></span>hare<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he Re<span class=\"_ _9\"></span>mu<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ee in </span></span>lie<span class=\"_ _9\"></span>u of so<span class=\"_ _9\"></span>me or a<span class=\"_ _9\"></span>ll of th<span class=\"_ _9\"></span>e ann<span class=\"_ _9\"></span>ual b<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>us. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c ls43\">O<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on D: p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e awa<span class=\"_ _9\"></span>rds \u2013 o<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch ar<span class=\"_ _9\"></span>e gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to s<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Not<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hs<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span> </span></span>ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt to w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h any pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>ce t<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>et is s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e num<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of ves<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d aw<span class=\"_ _9\"></span>ard s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es may b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>ced b<span class=\"_ _9\"></span>y the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>mit<span class=\"_ _1\"></span>tee to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span> th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e num<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of ves<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d aw<span class=\"_ _9\"></span>ard s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es is a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>iate t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>nto a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt t<span class=\"_ _9\"></span>he un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>yin<span class=\"_ _9\"></span>g bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>ce of t<span class=\"_ _9\"></span>he\ue61fGr<span class=\"_ _9\"></span>oup. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se aw<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e sub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to th<span class=\"_ _9\"></span>e ru<span class=\"_ _9\"></span>les o<span class=\"_ _9\"></span>f the PPH<span class=\"_ _9\"></span>E E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>ve In<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>tive Pl<span class=\"_ _9\"></span>an 202<span class=\"_ _9\"></span>0 whi<span class=\"_ _9\"></span>ch may i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e: long<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m ves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds pre<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ibe<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on gr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt; go<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>leave<span class=\"_ _9\"></span>r an<span class=\"_ _9\"></span>d bad<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>leave<span class=\"_ _9\"></span>r pr<span class=\"_ _9\"></span>ovis<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s allo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mmit<span class=\"_ _1\"></span>tee to e<span class=\"_ _9\"></span>xerc<span class=\"_ _9\"></span>ise d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n as\ue61fto w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n it mig<span class=\"_ _9\"></span>ht b<span class=\"_ _9\"></span>e app<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate f<span class=\"_ _9\"></span>or an a<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>d to ves<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>n sp<span class=\"_ _9\"></span>ite of t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>elev<span class=\"_ _9\"></span>ant e<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>loyee l<span class=\"_ _9\"></span>eavi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up; po<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng hol<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s det<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omm<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>e at t<span class=\"_ _9\"></span>he ti<span class=\"_ _9\"></span>me of t<span class=\"_ _9\"></span>he aw<span class=\"_ _9\"></span>ard; p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>ons; a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al d<span class=\"_ _9\"></span>ilu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n limi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he pla<span class=\"_ _9\"></span>n allo<span class=\"_ _9\"></span>ws di<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nds o<span class=\"_ _9\"></span>r di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uiv<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ue, su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>e\u2019s disc<span class=\"_ _9\"></span>ret<span class=\"_ _9\"></span>ion. Note 1<span class=\"_ _3\"></span>2 Share-<span class=\"_ _9\"></span>based pa<span class=\"_ _4\"></span>yments continuedb. <span class=\"_\"> </span>At any tim<span class=\"_ _9\"></span>e, the tot<span class=\"_ _9\"></span>al n<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er of s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>res i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d/or avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt (i<span class=\"_ _9\"></span>n a ten<span class=\"_ _9\"></span>-ye<span class=\"_ _9\"></span>ar p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>) un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the 2<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>07 Shar<span class=\"_ _9\"></span>e Op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n Plan, th<span class=\"_ _9\"></span>e\ue61f2020 PPHE E<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve Inc<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ive Pla<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d und<span class=\"_ _9\"></span>er a<span class=\"_ _9\"></span>ny oth<span class=\"_ _9\"></span>er em<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>oyee s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e sc<span class=\"_ _9\"></span>hem<span class=\"_ _9\"></span>e wh<span class=\"_ _9\"></span>ich t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any m<span class=\"_ _9\"></span>ay es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abli<span class=\"_ _9\"></span>sh i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re\ue61fmay n<span class=\"_ _9\"></span>ot exce<span class=\"_ _9\"></span>ed 5% of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any<span class=\"_ _9\"></span>\u2019s iss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d sh<span class=\"_ _9\"></span>are c<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>al at t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>ime.c. <span class=\"_ _25\"> </span>In J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>022, th<span class=\"_ _9\"></span>e Rem<span class=\"_ _9\"></span>une<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n Co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tee a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rove<span class=\"_ _9\"></span>d a Lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-<span class=\"_ _4\"></span>T<span class=\"_ _3\"></span>er<span class=\"_ _9\"></span>m I<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ve Plan (\u201cL<span class=\"_ _4\"></span>TIP<span class=\"_ _9\"></span>\u201d) co<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt of  93,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h a nil exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ce (Op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n D un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he 2<span class=\"_ _9\"></span>020 O<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>n Pla<span class=\"_ _9\"></span>n)<span class=\"_ _4\"></span>. Th<span class=\"_ _9\"></span>e gr<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>ons d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Rem<span class=\"_ _9\"></span>une<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n Co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tee i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>dan<span class=\"_ _9\"></span>ce wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he 202<span class=\"_ _9\"></span>0 Op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n pla<span class=\"_ _9\"></span>n ru<span class=\"_ _9\"></span>les a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any<span class=\"_ _9\"></span>\u2019s Remun<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on Polic<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd ha<span class=\"_ _9\"></span>s a ves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od of 36 m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>hs s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>ting 1 J<span class=\"_ _9\"></span>anu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022 w<span class=\"_ _9\"></span>ith a 24 mo<span class=\"_ _9\"></span>nth<span class=\"_ _9\"></span>s hol<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Rem<span class=\"_ _9\"></span>une<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n Co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tee a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rove<span class=\"_ _9\"></span>d an an<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>l bo<span class=\"_ _9\"></span>nus p<span class=\"_ _9\"></span>lan f<span class=\"_ _9\"></span>or 202<span class=\"_ _9\"></span>2 whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d an aw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d to me<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ive Le<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p T<span class=\"_ _3\"></span>e<span class=\"_ _9\"></span>am of 9<span class=\"_ _9\"></span>9<span class=\"_ _3\"></span>,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h a nil exer<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e (Opt<span class=\"_ _9\"></span>ion C u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he 202<span class=\"_ _9\"></span>0 Opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n Plan). Thi<span class=\"_ _9\"></span>s awa<span class=\"_ _9\"></span>rd wa<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain p<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e cr<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>ria w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h have b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n met for 2<span class=\"_ _9\"></span>022. Th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns have a<span class=\"_ _9\"></span>n imm<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>ate ve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to a ho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod o<span class=\"_ _9\"></span>f 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t.   <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing l<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ino<span class=\"_ _9\"></span>mial m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el us<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he 93,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 o<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>ns g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d: Dividend yield<span class=\"_ _4\"></span> <span class=\"_ _228\"> </span><span class=\"ls2 ws5\">1.0%</span>E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted vo<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f the s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s <span class=\"_ _229\"> </span>45.58%Ris<span class=\"_ _9\"></span>k-fr<span class=\"_ _9\"></span>ee in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate <span class=\"_ _22a\"> </span>1.9327%E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted li<span class=\"_ _9\"></span>fe of s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e opt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s <span class=\"_ _22b\"> </span>5 yearsWeigh<span class=\"_ _9\"></span>ted av<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>age s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ice a<span class=\"_ _9\"></span>t the g<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ant d<span class=\"_ _9\"></span>ate <span class=\"_ _22c\"> </span>1,455.0 penceFair v<span class=\"_ _9\"></span>alue p<span class=\"_ _9\"></span>er o<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>ion<span class=\"_ _22d\"> </span>1,398.0 pence <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing l<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ino<span class=\"_ _9\"></span>mial m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el us<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he 99<span class=\"_ _4\"></span>,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns: Dividend yield<span class=\"_ _4\"></span> <span class=\"_ _228\"> </span><span class=\"ls2 ws5\">1.0%</span>E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted vo<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f the s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s <span class=\"_ _229\"> </span>45.58%Ris<span class=\"_ _9\"></span>k-fr<span class=\"_ _9\"></span>ee in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate <span class=\"_ _22a\"> </span>1.9327%E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted li<span class=\"_ _9\"></span>fe of s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e opt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s <span class=\"_ _22b\"> </span>3 yearsWeigh<span class=\"_ _9\"></span>ted av<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>age s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ice a<span class=\"_ _9\"></span>t the g<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ant d<span class=\"_ _9\"></span>ate <span class=\"_ _22c\"> </span>1,455.0 penceFair v<span class=\"_ _9\"></span>alue p<span class=\"_ _9\"></span>er o<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>ion<span class=\"_ _22d\"> </span>1,440.0 pence <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he sh<span class=\"_ _9\"></span>are o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons i<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on his<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al dat<span class=\"_ _9\"></span>a, cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t exp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>tat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d em<span class=\"_ _9\"></span>pir<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al da<span class=\"_ _9\"></span>ta. I<span class=\"_ _9\"></span>t is not n<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ril<span class=\"_ _9\"></span>y ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve of exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at may o<span class=\"_ _9\"></span>ccu<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>. The ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed vo<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>efl<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ump<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e his<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ric<span class=\"_ _9\"></span>al vo<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f sim<span class=\"_ _9\"></span>ilar lis<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>nie<span class=\"_ _9\"></span>s over a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod s<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>lar to t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns is i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e of fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re tr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h may not b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>fle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual outcome<span class=\"_ _4\"></span>.d. <span class=\"_\"> </span>T<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e ar<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>rom e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s du<span class=\"_ _9\"></span>rin<span class=\"_ _9\"></span>g 2022 w<span class=\"_ _9\"></span>as \u00a31<span class=\"_ _3\"></span>,965 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d (2021<span class=\"_ _4\"></span>: \u00a3<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>,<span class=\"_ _9\"></span>08<span class=\"_ _9\"></span>5 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d). T<span class=\"_ _3\"></span>o<span class=\"_ _9\"></span>tal e<span class=\"_ _9\"></span>xerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022 am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d to 1<span class=\"_ _4\"></span>50,2<span class=\"_ _9\"></span>23 (2021<span class=\"_ _4\"></span>: 6<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>,<span class=\"_ _9\"></span>86<span class=\"_ _4\"></span>7).Note 1<span class=\"_ _3\"></span>2 Share-<span class=\"_ _9\"></span>based pa<span class=\"_ _4\"></span>yments continuedMove<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e yea<span class=\"_ _9\"></span>rTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e illu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s the n<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er (<span class=\"_ _9\"></span>No.) and we<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>ted ave<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces (<span class=\"_ _9\"></span>EP) of, and m<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n, shar<span class=\"_ _9\"></span>e opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng 2021 an<span class=\"_ _9\"></span>d 2022: No. of No. of No. of No. of No. of op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns A op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns A op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns B op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns C op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns D (20<span class=\"_ _1\"></span>07 <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>(2020 <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>(2020 <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>(2020 <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>(2020 <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>Option Plan)Option Plan)Option Plan)Option Plan)Option Plan)<span class=\"_ _88\"> </span><span class=\"lsca wsa5\">EP</span>Ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g as a<span class=\"_ _9\"></span>t 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022<span class=\"_ _22e\"> </span>265,500<span class=\"_ _16f\"> </span>250,500<span class=\"_ _9a\"> </span>69,867<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>\u00a310.51Op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d du<span class=\"_ _9\"></span>rin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e year<span class=\"_ _1ec\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _bf\"> </span>(23,500)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _9a\"> </span>\u00a313.00</span>Op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r<span class=\"_ _d8\"> </span><span class=\"ff9b\">(45,000)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _165\"> </span>(18,644)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _125\"> </span>\u00a31.65</span>Op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar<span class=\"_ _d0\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>99,000<span class=\"_ _9a\"> </span>93,000<span class=\"_ _94\"> </span>\u2013</span>Ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g as a<span class=\"_ _9\"></span>t 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022<span class=\"_ _22f\"> </span>220,500<span class=\"_ _16f\"> </span>227,000<span class=\"_ _9a\"> </span>51,223<span class=\"_ _9a\"> </span>99,000<span class=\"_ _9a\"> </span>93,000<span class=\"_ _125\"> </span>\u00a38.32Ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng as a<span class=\"_ _9\"></span>t 1 Janu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>021<span class=\"_ _230\"> </span>412,290<span class=\"_ _9e\"> </span>714,000<span class=\"_ _e7\"> </span>70,706<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>\u00a311.05Op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d du<span class=\"_ _9\"></span>rin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e year<span class=\"_ _1fd\"> </span>(25,000)<span class=\"_ _16c\"> </span>(13,500)<span class=\"_ _e8\"> </span>(839)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>\u00a313.55Op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r<span class=\"_ _d5\"> </span>(121,790)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _19d\"> </span>\u00a35.701Op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns vol<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily w<span class=\"_ _9\"></span>aiv<span class=\"_ _9\"></span>ed\u2013<span class=\"_ _98\"> </span>(450,000)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _174\"> </span>13.00Ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng as a<span class=\"_ _9\"></span>t 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _111\"> </span>265,500<span class=\"_ _9e\"> </span>250,500<span class=\"_ _e7\"> </span>69,867<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>\u00a310.511 <span class=\"_ _b\"> </span>In 2<span class=\"_ _9\"></span>021<span class=\"_ _4\"></span>, a fe<span class=\"_ _9\"></span>w of th<span class=\"_ _9\"></span>e Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s em<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>oye<span class=\"_ _9\"></span>es ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o vol<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ly w<span class=\"_ _9\"></span>aiv<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>eir r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n co<span class=\"_ _9\"></span>nne<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t of 45<span class=\"_ _9\"></span>0,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 o<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s in O<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 202<span class=\"_ _9\"></span>0 gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of the<span class=\"_ _4\"></span> NOW scheme issued in<span class=\"_ _4\"></span> the Netherlands.2 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns e<span class=\"_ _9\"></span>xer<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he y<span class=\"_ _9\"></span>ear w<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>, as d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n no<span class=\"_ _9\"></span>te 1<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>.A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the n<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er o<span class=\"_ _9\"></span>f exerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wa<span class=\"_ _9\"></span>s 37<span class=\"_ _4\"></span>0,723 (2021<span class=\"_ _3\"></span>: 335,<span class=\"_ _9\"></span>367) wit<span class=\"_ _9\"></span>h an EP of \u00a3<span class=\"_ _9\"></span>7<span class=\"_ _3\"></span>.54 (2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>: \u00a38<span class=\"_ _9\"></span>.64).Th<span class=\"_ _9\"></span>e weig<span class=\"_ _9\"></span>hte<span class=\"_ _9\"></span>d aver<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l life f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22 is 7<span class=\"_ _3\"></span>.3 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s (2021<span class=\"_ _4\"></span>: 7<span class=\"_ _a\"></span>.<span class=\"_ _9\"></span>2 year<span class=\"_ _9\"></span>s).No<span class=\"_ _9\"></span>te 13 Pled<span class=\"_ _9\"></span>ges<span class=\"_ _9\"></span>, co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>nt l<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts a. <span class=\"_ _8\"> </span>Pl<span class=\"_ _4\"></span>edges, colla<span class=\"_ _4\"></span>teral and<span class=\"_ _4\"></span> securities <span class=\"_ _1c\"> </span>S<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly all of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s ass<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d all of t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>nec<span class=\"_ _1\"></span>ted o<span class=\"_ _9\"></span>r rela<span class=\"_ _9\"></span>ted t<span class=\"_ _9\"></span>o the o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>ip of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s of su<span class=\"_ _9\"></span>bsi<span class=\"_ _9\"></span>dia<span class=\"_ _9\"></span>rie<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s) ar<span class=\"_ _9\"></span>e ple<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n favo<span class=\"_ _9\"></span>ur of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns as s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y f<span class=\"_ _9\"></span>or lo<span class=\"_ _9\"></span>ans r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d. For m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>ns, s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>fic a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ple<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>. b. <span class=\"_ _6\"> </span>R<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh <span class=\"_ _1c\"> </span>U<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y agre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ds n<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d to be h<span class=\"_ _9\"></span>eld i<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice f<span class=\"_ _9\"></span>or a su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uen<span class=\"_ _9\"></span>t pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he tot<span class=\"_ _9\"></span>al d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt to \u00a31<span class=\"_ _4\"></span>8.5 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d are p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nted a<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s.c. Commitments <span class=\"_ _1c\"> </span>(i) <span class=\"_\"> </span>Management and<span class=\"_ _4\"></span> fr<span class=\"_ _4\"></span>anchise<span class=\"_ _4\"></span> agr<span class=\"_ _4\"></span>eements1<span class=\"_ _4\"></span>. <span class=\"_ _7\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a T<span class=\"_ _4\"></span>er<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ial L<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e Agre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>Mas<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>) w<span class=\"_ _9\"></span>ith R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n Hote<span class=\"_ _9\"></span>l Gro<span class=\"_ _9\"></span>up (\u2018R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n\u2019). \u00aeUn<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he M<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ter A<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p, among o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>s gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>n excl<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ve lic<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e to us<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d \u2018Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>zaHote<span class=\"_ _9\"></span>ls\ue61f&amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s\u2019 in 5<span class=\"_ _9\"></span>6 ter<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>rie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut Eu<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>e, the M<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>dle E<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t and A<span class=\"_ _9\"></span>fr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a in p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>etu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>T<span class=\"_ _3\"></span>e<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>).  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Ma<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ter Ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt al<span class=\"_ _9\"></span>so all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p to us<span class=\"_ _9\"></span>e, and li<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>se ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to us<span class=\"_ _9\"></span>e, the Ra<span class=\"_ _9\"></span>dis<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>on s<span class=\"_ _9\"></span>ys<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ms wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e T<span class=\"_ _3\"></span>e<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h ri<span class=\"_ _9\"></span>ght i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>ght to u<span class=\"_ _9\"></span>til<span class=\"_ _9\"></span>ise t<span class=\"_ _9\"></span>he R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>on s<span class=\"_ _9\"></span>ys<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ms\u2019 i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ketin<span class=\"_ _9\"></span>g and r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vati<span class=\"_ _9\"></span>ons f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r pro<span class=\"_ _9\"></span>mot<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nal as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nce. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup p<span class=\"_ _9\"></span>ays R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>on a f<span class=\"_ _9\"></span>ee b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ge of t<span class=\"_ _9\"></span>he ho<span class=\"_ _9\"></span>tels\u2019 g<span class=\"_ _9\"></span>ros<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>oom r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue.2. <span class=\"_\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>els w<span class=\"_ _9\"></span>ere g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up a li<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>ce all<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em to u<span class=\"_ _9\"></span>se, \u00ae\u00aeth<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of th<span class=\"_ _9\"></span>e mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the \u2018<span class=\"_ _9\"></span>Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za Hote<span class=\"_ _9\"></span>ls &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s\u2019 an<span class=\"_ _9\"></span>d \u2018<span class=\"_ _4\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel\u2019 br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>es.Note 1<span class=\"_ _3\"></span>3 Pledges,<span class=\"_ _4\"></span> contingent liabilities and c<span class=\"_ _4\"></span>ommitment<span class=\"_ _9\"></span>s c<span class=\"_ _4\"></span>ontinued <span class=\"_ _1c\"> </span>(ii) <span class=\"_ _9\"></span>Construc<span class=\"_ _9\"></span>tion<span class=\"_ _4\"></span> contract commitment <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>ad c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mmit<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g to \u00a381 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evel<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>ox<span class=\"_ _9\"></span>ton a<span class=\"_ _9\"></span>nd \u00a3<span class=\"_ _9\"></span>9 millio<span class=\"_ _9\"></span>n fo<span class=\"_ _9\"></span>r the r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bis<span class=\"_ _9\"></span>hm<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f Lon<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>a &amp; C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ill Hot<span class=\"_ _9\"></span>el in Ro<span class=\"_ _9\"></span>me, It<span class=\"_ _9\"></span>aly. <span class=\"_ _115\"> </span>(iii)<span class=\"_ _4\"></span> Guarant<span class=\"_ _4\"></span>ees1<span class=\"_ _4\"></span>. <span class=\"_ _7\"> </span>I<span class=\"_ _9\"></span>n Janu<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y 201<span class=\"_ _3\"></span>3, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny so<span class=\"_ _9\"></span>ld to Re<span class=\"_ _9\"></span>d Se<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed (\u2018<span class=\"_ _9\"></span>Red S<span class=\"_ _9\"></span>ea\u2019<span class=\"_ _9\"></span>) all of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any<span class=\"_ _9\"></span>\u2019s share<span class=\"_ _9\"></span>s in i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>, Len<span class=\"_ _9\"></span>o Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e Lim<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d (\u2018L<span class=\"_ _9\"></span>eno\u2019<span class=\"_ _9\"></span>), th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d an i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ite i<span class=\"_ _9\"></span>n Pat<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>aya, T<span class=\"_ _9\"></span>haila<span class=\"_ _9\"></span>nd (t<span class=\"_ _9\"></span>he \u2018Pro<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t\u2019<span class=\"_ _9\"></span>), and c<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>n rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les, f<span class=\"_ _9\"></span>or a tot<span class=\"_ _9\"></span>al c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on of T<span class=\"_ _9\"></span>hai Ba<span class=\"_ _9\"></span>ht 6<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 millio<span class=\"_ _9\"></span>n.     Un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he Un<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d Ove<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>sea<span class=\"_ _9\"></span>s Ban<span class=\"_ _9\"></span>k (UO<span class=\"_ _9\"></span>B) cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e Proje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t, t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any i<span class=\"_ _9\"></span>s ob<span class=\"_ _9\"></span>lige<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>de ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>t in t<span class=\"_ _9\"></span>he eve<span class=\"_ _9\"></span>nt of a co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t over<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>un o<span class=\"_ _9\"></span>r fu<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ll in re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion to t<span class=\"_ _9\"></span>he P<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t, to s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of un<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>r fee<span class=\"_ _9\"></span>s unt<span class=\"_ _9\"></span>il co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he Pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d, in cer<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>ain ci<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>ums<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ces, m<span class=\"_ _9\"></span>ay be re<span class=\"_ _9\"></span>q<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>d apa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he Pr<span class=\"_ _9\"></span>ojec<span class=\"_ _1\"></span>t for a ma<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m of T<span class=\"_ _9\"></span>hai Ba<span class=\"_ _9\"></span>ht 60<span class=\"_ _9\"></span>0 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n to fu<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>ny amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the U<span class=\"_ _9\"></span>OB c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>too<span class=\"_ _9\"></span>k to ta<span class=\"_ _9\"></span>ke all ne<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he com<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>etio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he Pro<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t as pla<span class=\"_ _9\"></span>nne<span class=\"_ _9\"></span>d. Re<span class=\"_ _9\"></span>d Se<span class=\"_ _9\"></span>a has ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d to i<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>mni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nuin<span class=\"_ _9\"></span>g ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns (exce<span class=\"_ _9\"></span>pt for t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion to p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>d ap<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s af<span class=\"_ _1\"></span>ter co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s a con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>uing e<span class=\"_ _9\"></span>vent o<span class=\"_ _9\"></span>f def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t) a<span class=\"_ _9\"></span>nd as se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y Red S<span class=\"_ _9\"></span>ea ha<span class=\"_ _9\"></span>s ple<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es he<span class=\"_ _9\"></span>ld by i<span class=\"_ _9\"></span>t in Bal<span class=\"_ _9\"></span>i Hai Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed (t<span class=\"_ _9\"></span>he T<span class=\"_ _9\"></span>hai s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f Len<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>at ow<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d deve<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ps t<span class=\"_ _9\"></span>he Pro<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>) (\u2018<span class=\"_ _9\"></span>Bali Ha<span class=\"_ _9\"></span>i\u2019) a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>iliat<span class=\"_ _9\"></span>ed T<span class=\"_ _9\"></span>hai co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ani<span class=\"_ _9\"></span>es.     Th<span class=\"_ _9\"></span>e sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sor s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>h UO<span class=\"_ _9\"></span>B pro<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any s<span class=\"_ _9\"></span>hall m<span class=\"_ _9\"></span>aint<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n a net g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io (t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>atio o<span class=\"_ _9\"></span>f (i<span class=\"_ _9\"></span>) any int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>bte<span class=\"_ _9\"></span>dn<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s owe<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ins<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>r und<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s any c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es or ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s mai<span class=\"_ _9\"></span>nta<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any) to (<span class=\"_ _9\"></span>ii) i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ta<span class=\"_ _9\"></span>ngi<span class=\"_ _9\"></span>ble n<span class=\"_ _9\"></span>et wor<span class=\"_ _1\"></span>th (t<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>al ta<span class=\"_ _9\"></span>ngi<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s all ex<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>nal liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f mon<span class=\"_ _9\"></span>ey bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>d or r<span class=\"_ _9\"></span>ais<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny) not ex<span class=\"_ _9\"></span>cee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g 3:<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>. As a<span class=\"_ _9\"></span>t 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany wa<span class=\"_ _9\"></span>s in co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ianc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he afo<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d coven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.      Th<span class=\"_ _9\"></span>e Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d pla<span class=\"_ _9\"></span>nni<span class=\"_ _9\"></span>ng is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd as a r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n hal<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ce 201<span class=\"_ _4\"></span>6, the<span class=\"_ _9\"></span>re is no c<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he pla<span class=\"_ _9\"></span>nni<span class=\"_ _9\"></span>ng is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>ill be r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>olve<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d it is p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>hat Ba<span class=\"_ _9\"></span>li Hai w<span class=\"_ _9\"></span>ill go i<span class=\"_ _9\"></span>nto li<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>f su<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>n ap<span class=\"_ _9\"></span>plic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s fil<span class=\"_ _9\"></span>ed by i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s. U<span class=\"_ _9\"></span>OB ha<span class=\"_ _9\"></span>s se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>red j<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>gme<span class=\"_ _9\"></span>nt ag<span class=\"_ _9\"></span>ains<span class=\"_ _9\"></span>t B<span class=\"_ _9\"></span>ali Hai f<span class=\"_ _9\"></span>or re<span class=\"_ _9\"></span>pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>nd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t and a f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t mor<span class=\"_ _1\"></span>tga<span class=\"_ _9\"></span>ge ove<span class=\"_ _9\"></span>r the Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>, and w<span class=\"_ _9\"></span>ill b<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>itl<span class=\"_ _9\"></span>ed to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds of s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h a sal<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d app<span class=\"_ _9\"></span>ly to l<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>te Bali H<span class=\"_ _9\"></span>ai for a<span class=\"_ _9\"></span>ny sh<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ll.     Du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng 201<span class=\"_ _4\"></span>8, UOB ha<span class=\"_ _9\"></span>s mad<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>d of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any fo<span class=\"_ _9\"></span>r cer<span class=\"_ _1\"></span>ta<span class=\"_ _9\"></span>in int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t it co<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s is ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng. T<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o UOB a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s dem<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ds. T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany i<span class=\"_ _9\"></span>s wor<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>y wit<span class=\"_ _9\"></span>h Re<span class=\"_ _9\"></span>d Sea to r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ute U<span class=\"_ _9\"></span>OB\u2019s de<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>ds (<span class=\"_ _9\"></span>in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of any li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any w<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>nef<span class=\"_ _9\"></span>it f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he Re<span class=\"_ _9\"></span>d Se<span class=\"_ _9\"></span>a ind<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>y). Th<span class=\"_ _9\"></span>ere w<span class=\"_ _9\"></span>ere a c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ple of a<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>mpt<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>eac<span class=\"_ _9\"></span>h a com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>omi<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2018 and 201<span class=\"_ _4\"></span>9 whic<span class=\"_ _9\"></span>h have no<span class=\"_ _9\"></span>t mate<span class=\"_ _9\"></span>ria<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>ed. T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany h<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>n\u2019t hear<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om Uo<span class=\"_ _9\"></span>B sin<span class=\"_ _9\"></span>ce t<span class=\"_ _9\"></span>hen.     A<span class=\"_ _9\"></span>s bef<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to be<span class=\"_ _9\"></span>lieve t<span class=\"_ _9\"></span>hat<span class=\"_ _9\"></span>, give<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Red S<span class=\"_ _9\"></span>ea in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>mni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in f<span class=\"_ _9\"></span>avou<span class=\"_ _9\"></span>r of th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>, it is not p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>hat any ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>low of r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>our<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>s emb<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng ec<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>omic b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s will b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e the o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny un<span class=\"_ _9\"></span>der th<span class=\"_ _9\"></span>e sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sor s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>ch n<span class=\"_ _9\"></span>o prov<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>on ha<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.2.  T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tee<span class=\"_ _9\"></span>s pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he \u20ac1<span class=\"_ _4\"></span>0.<span class=\"_ _4\"></span>7 milli<span class=\"_ _9\"></span>on (\u00a39<span class=\"_ _4\"></span>.3 milli<span class=\"_ _9\"></span>on) f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y gr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nted b<span class=\"_ _9\"></span>y Deu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>he Hy<span class=\"_ _9\"></span>pot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>kenb<span class=\"_ _9\"></span>ank AG to A<span class=\"_ _9\"></span>BM Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. an<span class=\"_ _9\"></span>d PPBK Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. (fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>ly k<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>wn a<span class=\"_ _9\"></span>s ABK H<span class=\"_ _9\"></span>otel H<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>.). Th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>er-g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tee w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h Ar<span class=\"_ _9\"></span>ena e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve as of 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 201<span class=\"_ _4\"></span>8 wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny\u2019s gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>e. No<span class=\"_ _9\"></span>te 14 Bor<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>gs Th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs o<span class=\"_ _9\"></span>f the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p are c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d as fol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s:\u20ac \u00a3 $ HR<span class=\"_ _9\"></span>K denominated denominated denominated denominated To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Fixed<span class=\"_ _4\"></span> interest rate<span class=\"_ _231\"> </span><span class=\"ls2 ws5\">270,203<span class=\"_ _16f\"> </span>420,635<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>36,540<span class=\"_ _16f\"> </span>727,378</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _106\"> </span><span class=\"ff9b ls2 ws5\">2.41%<span class=\"_ _a1\"> </span>3.61%<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a1\"> </span>1.44%</span>V<span class=\"_ _4\"></span>ariable interest rate<span class=\"_ _1fe\"> </span><span class=\"ls2 ws5\">35,284<span class=\"_ _9a\"> </span>90,990<span class=\"_ _9a\"> </span>15,896<span class=\"_ _94\"> </span>\u2013<span class=\"_ _16f\"> </span>142,170</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _106\"> </span><span class=\"ff9b ls2 ws5\">6.07%<span class=\"_ _a1\"> </span>7.28%<span class=\"_ _a1\"> </span>8.28%<span class=\"_ _94\"> </span>\u2013</span>To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _232\"> </span><span class=\"ls2 ws5\">305,487<span class=\"_ _16f\"> </span>511,625<span class=\"_ _9a\"> </span>15,896<span class=\"_ _9a\"> </span>36,540<span class=\"_ _16f\"> </span>869,548</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _106\"> </span><span class=\"ff9b ls2 ws5\">2.52%<span class=\"_ _a1\"> </span>4.26%<span class=\"_ _a1\"> </span>8.28%<span class=\"_ _a1\"> </span>1.44%<span class=\"_ _a1\"> </span>3.60%</span>Outst<span class=\"_ _9\"></span>anding Maturity analysis<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>2amount<span class=\"_ _125\"> </span><span class=\"ls15c ws135\">Ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _9\"></span> 1<span class=\"_ _9c\"> </span>Ye<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _9\"></span> 2<span class=\"_ _9c\"> </span>Ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _9\"></span> 3<span class=\"_ _9c\"> </span>Ye<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 4<span class=\"_ _c9\"> </span>Ye<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _9\"></span> 5<span class=\"_ _18\"> </span></span>Thereaf<span class=\"_ _9\"></span>terT<span class=\"_ _3\"></span>otal bor<span class=\"_ _9\"></span>rowings<span class=\"_ _132\"> </span><span class=\"ff9b ls2 ws5\">869,548<span class=\"_ _9a\"> </span>47,901<span class=\"_ _9a\"> </span>32,651<span class=\"_ _9a\"> </span>61,685<span class=\"_ _16f\"> </span>365,509<span class=\"_ _9a\"> </span>46,199<span class=\"_ _16f\"> </span>315,603</span>Capitalised trans<span class=\"_ _9\"></span>action cost<span class=\"_ _9\"></span>s and other\ue61f<span class=\"_ _4\"></span>adjustment<span class=\"_ _9\"></span>s<span class=\"_ _176\"> </span><span class=\"ff9b ls2 ws5\">(4,816)<span class=\"_ _4e\"> </span>(800)<span class=\"_ _46\"> </span>(800)<span class=\"_ _4e\"> </span>(800)<span class=\"_ _4e\"> </span>(800)<span class=\"_ _4e\"> </span>(800)<span class=\"_ _4e\"> </span>(816)</span>For s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd pl<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s, se<span class=\"_ _9\"></span>e Note 13.\u20ac <span class=\"_ _3\"></span> \u00a3 <span class=\"_ _3\"></span> $ <span class=\"_ _3\"></span> HRK <span class=\"_ _4\"></span> denomina<span class=\"_ _4\"></span>ted <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>denomina<span class=\"_ _4\"></span>ted <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>denomina<span class=\"_ _4\"></span>ted <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>denomina<span class=\"_ _4\"></span>ted <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Fixed inter<span class=\"_ _9\"></span>est r<span class=\"_ _9\"></span>ate<span class=\"_ _1c5\"> </span><span class=\"ls2 ws5\">245,709<span class=\"_ _9e\"> </span>426,481<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>21,530<span class=\"_ _9e\"> </span>693,720</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _233\"> </span><span class=\"ls2 ws5\">2.29%<span class=\"_ _c2\"> </span>3.61%<span class=\"_ _92\"> </span>\u2013<span class=\"_ _c2\"> </span>1.94%</span>Variable intere<span class=\"_ _9\"></span>st ra<span class=\"_ _9\"></span>te<span class=\"_ _234\"> </span><span class=\"ls2 ws5\">19,540<span class=\"_ _e7\"> </span>43,935<span class=\"_ _f5\"> </span>16,381<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>79,856</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _233\"> </span><span class=\"ls2 ws5\">1.87%<span class=\"_ _c2\"> </span>3.58%<span class=\"_ _c2\"> </span>3.50%<span class=\"_ _92\"> </span>\u2013</span>To<span class=\"_ _9\"></span>t<span class=\"_ _1e\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _235\"> </span><span class=\"ls2 ws5\">265,249<span class=\"_ _9e\"> </span>470,416<span class=\"_ _e7\"> </span>16,381<span class=\"_ _e7\"> </span>21,530<span class=\"_ _16c\"> </span>773,576</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _233\"> </span><span class=\"ls2 ws5\">2.26%<span class=\"_ _c2\"> </span>3.61%<span class=\"_ _c2\"> </span>3.50%<span class=\"_ _c2\"> </span>1.94%<span class=\"_ _c2\"> </span>3.09%</span>Ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing Maturity analysis<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>1amount<span class=\"_ _89\"> </span><span class=\"ls92 ws78\">Ye<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 1<span class=\"_ _46\"> </span>Ye<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 2<span class=\"_ _46\"> </span>Ye<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 3<span class=\"_ _46\"> </span>Ye<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>r 4<span class=\"_ _46\"> </span>Ye<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 5<span class=\"_ _15\"> </span><span class=\"ls108 ws4d\">Thereafter</span></span>T<span class=\"_ _3\"></span>otal bor<span class=\"_ _9\"></span>rowings<span class=\"_ _236\"> </span><span class=\"ls2 ws5\">773,576<span class=\"_ _e7\"> </span>39,640<span class=\"_ _f5\"> </span>22,893<span class=\"_ _e7\"> </span>17,255<span class=\"_ _e7\"> </span>57,747<span class=\"_ _9e\"> </span>355,328<span class=\"_ _16c\"> </span>280,713</span>Capitalised trans<span class=\"_ _9\"></span>action cost<span class=\"_ _9\"></span>s and other<span class=\"_ _4\"></span> adjustment<span class=\"_ _9\"></span>s<span class=\"_ _160\"> </span><span class=\"ls2 ws5\">(5,452)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _a1\"> </span>(1,452)</span>768,124<span class=\"_ _e7\"> </span>38,840<span class=\"_ _f5\"> </span>22,093<span class=\"_ _e7\"> </span>16,455<span class=\"_ _e7\"> </span>56,947<span class=\"_ _9e\"> </span>354,528<span class=\"_ _16c\"> </span>279,261For s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd pl<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s, se<span class=\"_ _9\"></span>e Note 13.Note 1<span class=\"_ _3\"></span>3 Pledges,<span class=\"_ _4\"></span> contingent liabilities and c<span class=\"_ _4\"></span>ommitment<span class=\"_ _9\"></span>s c<span class=\"_ _4\"></span>ontinued3. <span class=\"_\"> </span>T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tee<span class=\"_ _9\"></span>s cos<span class=\"_ _9\"></span>t ove<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>0 mill<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted b<span class=\"_ _9\"></span>y Ban<span class=\"_ _9\"></span>k Hap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. 4. <span class=\"_\"> </span>I<span class=\"_ _9\"></span>n rel<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n to t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tne<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p wit<span class=\"_ _9\"></span>h Cla<span class=\"_ _9\"></span>l rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he ar<span class=\"_ _1\"></span>t\u2019otel L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>ox<span class=\"_ _9\"></span>ton d<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>lop<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her d<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ail<span class=\"_ _9\"></span>ed at Note 6, t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany h<span class=\"_ _9\"></span>as pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>n gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>es re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on, cos<span class=\"_ _9\"></span>t ov<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>ns a<span class=\"_ _9\"></span>nd de<span class=\"_ _9\"></span>lays<span class=\"_ _9\"></span>.Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continueda. <span class=\"_\"> </span>Fin<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce a<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d: <span class=\"_ _1c\"> </span>Arena Gr<span class=\"_ _4\"></span>and Ka\u017e<span class=\"_ _4\"></span>ela<span class=\"_ _4\"></span> campsit<span class=\"_ _4\"></span>e r<span class=\"_ _4\"></span>efinance <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 9 Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22, Ar<span class=\"_ _9\"></span>ena ha<span class=\"_ _9\"></span>d en<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o a new l<span class=\"_ _9\"></span>oan a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ith PR<span class=\"_ _9\"></span>IV<span class=\"_ _9\"></span>REDN<span class=\"_ _9\"></span>A BAN<span class=\"_ _9\"></span>K<span class=\"_ _9\"></span>A Z<span class=\"_ _9\"></span>AGR<span class=\"_ _9\"></span>EB in Cr<span class=\"_ _9\"></span>oat<span class=\"_ _9\"></span>ia for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose of ref<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s exi<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _4\"></span>0.2 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n loa<span class=\"_ _9\"></span>n us<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e deve<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>pme<span class=\"_ _9\"></span>nt of A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d Ka<span class=\"_ _9\"></span>\u017eela C<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>ps<span class=\"_ _9\"></span>ite. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y is i<span class=\"_ _9\"></span>n a tot<span class=\"_ _9\"></span>al amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of \u20ac2.<span class=\"_ _4\"></span>9 millio<span class=\"_ _9\"></span>n (\u00a32.5 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n)<span class=\"_ _4\"></span>, mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n 2028 at a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e of 1<span class=\"_ _4\"></span>.5%.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>ng fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e ref<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt o<span class=\"_ _9\"></span>f ar<span class=\"_ _1\"></span>t\u2019otel i<span class=\"_ _9\"></span>n Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 3 Oc<span class=\"_ _1\"></span>tob<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, Are<span class=\"_ _9\"></span>na, t<span class=\"_ _9\"></span>hrou<span class=\"_ _9\"></span>gh i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s who<span class=\"_ _9\"></span>lly o<span class=\"_ _9\"></span>wne<span class=\"_ _9\"></span>d s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y S<span class=\"_ _9\"></span>W Sz<span class=\"_ _9\"></span>\u00e1llo<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>\u00fcze<span class=\"_ _9\"></span>mel<span class=\"_ _9\"></span>tet<span class=\"_ _f\"> </span> Korl<span class=\"_ _9\"></span>\u00e1tol<span class=\"_ _9\"></span>t, en<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to a new l<span class=\"_ _9\"></span>oan agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wit<span class=\"_ _9\"></span>h Er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>te &amp; Stei<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m\u00e4r<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>che b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k d.d. for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>APE<span class=\"_ _9\"></span>X i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n ar<span class=\"_ _1\"></span>t\u2019otel Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is in a t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac2 mil<span class=\"_ _9\"></span>lion (\u00a31<span class=\"_ _4\"></span>.8 millio<span class=\"_ _9\"></span>n), matur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g in 20<span class=\"_ _9\"></span>3<span class=\"_ _4\"></span>1 at a fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f 3.5%.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>ng fo<span class=\"_ _9\"></span>r Ar<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>a Stoja C<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>te <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 10 May 2022, A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a ente<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a n<span class=\"_ _9\"></span>ew lo<span class=\"_ _9\"></span>an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th C<span class=\"_ _9\"></span>roat<span class=\"_ _9\"></span>ian B<span class=\"_ _9\"></span>ank f<span class=\"_ _9\"></span>or Re<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd D<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t (HBO<span class=\"_ _9\"></span>R). Ar<span class=\"_ _9\"></span>ena i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s to us<span class=\"_ _9\"></span>e thi<span class=\"_ _9\"></span>s fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y to p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e 75 ups<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>le mo<span class=\"_ _9\"></span>bile h<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Are<span class=\"_ _9\"></span>na Sto<span class=\"_ _9\"></span>ja\ue61fCa<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>e. The f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>s in a to<span class=\"_ _9\"></span>tal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of \u20ac1<span class=\"_ _3\"></span>8.<span class=\"_ _9\"></span>5 milli<span class=\"_ _9\"></span>on (\u00a31<span class=\"_ _3\"></span>6.4 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n)<span class=\"_ _4\"></span>, mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n 2036 a<span class=\"_ _9\"></span>t a fi<span class=\"_ _9\"></span>xed i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of 2.<span class=\"_ _4\"></span>95%.  <span class=\"_ _1c\"> </span>Financing<span class=\"_ _4\"></span> for<span class=\"_ _4\"></span> de<span class=\"_ _4\"></span>velopm<span class=\"_ _4\"></span>ent of<span class=\"_ _4\"></span> art\u2019<span class=\"_ _4\"></span>ot<span class=\"_ _4\"></span>el<span class=\"_ _4\"></span> in Zagr<span class=\"_ _4\"></span>eb<span class=\"_ _4\"></span>, C<span class=\"_ _4\"></span>roat<span class=\"_ _4\"></span>ia <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 30 M<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>h 202<span class=\"_ _9\"></span>2, Are<span class=\"_ _9\"></span>na, th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh it<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y Ul<span class=\"_ _9\"></span>ika d.o.o.<span class=\"_ _4\"></span>, ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d into a n<span class=\"_ _9\"></span>ew lo<span class=\"_ _9\"></span>an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th Er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>te &amp; Steie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m\u00e4r<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ank d<span class=\"_ _9\"></span>.d. for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f it<span class=\"_ _9\"></span>s pr<span class=\"_ _9\"></span>emi<span class=\"_ _9\"></span>um li<span class=\"_ _9\"></span>fes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>le ar<span class=\"_ _1\"></span>t\u2019otel i<span class=\"_ _9\"></span>n Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>b, Croat<span class=\"_ _9\"></span>ia. Th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is in a t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>2.6 millio<span class=\"_ _9\"></span>n (\u00a3<span class=\"_ _4\"></span>10.8 million), mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n 203<span class=\"_ _9\"></span>4 at a fi<span class=\"_ _9\"></span>xed i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of 2.<span class=\"_ _9\"></span>2%<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>ng o<span class=\"_ _9\"></span>f Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ra &amp; C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>l Ho<span class=\"_ _9\"></span>tel i<span class=\"_ _9\"></span>n Rom<span class=\"_ _9\"></span>e, It<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>y <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 22 Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>22, Lon<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>a C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ill Par<span class=\"_ _9\"></span>ent S.r.l<span class=\"_ _4\"></span>, a wh<span class=\"_ _9\"></span>oll<span class=\"_ _9\"></span>y own<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>, enter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a \u20ac<span class=\"_ _9\"></span>25 millio<span class=\"_ _9\"></span>n (\u00a321 milli<span class=\"_ _9\"></span>on) fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th U<span class=\"_ _9\"></span>niCr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it S.p.<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>. (t<span class=\"_ _9\"></span>he \u2018Fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>\u2019). Th<span class=\"_ _9\"></span>e Faci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>wo t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>s: T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nch<span class=\"_ _9\"></span>e A in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of \u20ac1<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>.<span class=\"_ _9\"></span>25 mil<span class=\"_ _9\"></span>lion i<span class=\"_ _9\"></span>s avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for i<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ate dr<span class=\"_ _9\"></span>aw<span class=\"_ _9\"></span>dow<span class=\"_ _9\"></span>n u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ning t<span class=\"_ _9\"></span>he Fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t and T<span class=\"_ _4\"></span>r<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>he B in t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u20ac<span class=\"_ _9\"></span>7<span class=\"_ _a\"></span>.75 millio<span class=\"_ _9\"></span>n will b<span class=\"_ _9\"></span>e ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le for d<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>awd<span class=\"_ _9\"></span>own u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he ho<span class=\"_ _9\"></span>tel re<span class=\"_ _9\"></span>fu<span class=\"_ _9\"></span>rb<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hme<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>nd me<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>ng ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m o<span class=\"_ _9\"></span>f the Fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is f<span class=\"_ _9\"></span>our ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s and it w<span class=\"_ _9\"></span>ill be<span class=\"_ _9\"></span>ar an i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of s<span class=\"_ _9\"></span>ix m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h Eur<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>or<span class=\"_ _4\"></span>, whic<span class=\"_ _9\"></span>h wa<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>xed by a<span class=\"_ _9\"></span>n int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap at a r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f 0.60<span class=\"_ _9\"></span>65%, p<span class=\"_ _9\"></span>lus a ma<span class=\"_ _9\"></span>rgi<span class=\"_ _9\"></span>n of 3.2<span class=\"_ _9\"></span>%. <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt as t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap ma<span class=\"_ _9\"></span>tch t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an (<span class=\"_ _9\"></span>i.e.<span class=\"_ _4\"></span>, notio<span class=\"_ _9\"></span>nal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt, m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t), th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abli<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>ed a h<span class=\"_ _9\"></span>edg<span class=\"_ _9\"></span>e r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o of 1<span class=\"_ _3\"></span>:<span class=\"_ _4\"></span>1 for th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>gi<span class=\"_ _9\"></span>ng rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s as t<span class=\"_ _9\"></span>he un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>yin<span class=\"_ _9\"></span>g ri<span class=\"_ _9\"></span>sk of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wap i<span class=\"_ _9\"></span>s id<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k co<span class=\"_ _9\"></span>mpo<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>nt. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p had a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of \u00a31<span class=\"_ _3\"></span>.<span class=\"_ _9\"></span>2 milli<span class=\"_ _9\"></span>on a<span class=\"_ _9\"></span>nd is i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>d in o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap i<span class=\"_ _9\"></span>n the a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of \u00a31<span class=\"_ _4\"></span>.2 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ehe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p is v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls in<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>s inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t qu<span class=\"_ _9\"></span>alit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s, and i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>ves. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air val<span class=\"_ _9\"></span>ue me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s Leve<span class=\"_ _9\"></span>l 2 of th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue hie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>hy<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>Grandis facility <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 25 Ju<span class=\"_ _9\"></span>ne 2021<span class=\"_ _4\"></span>, Gr<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>is Ne<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ds Ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. (\u2018G<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>s\u2019), a w<span class=\"_ _9\"></span>holl<span class=\"_ _9\"></span>y ow<span class=\"_ _9\"></span>ned s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>, volu<span class=\"_ _9\"></span>nta<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ly pr<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>aid t<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th A<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>al Ba<span class=\"_ _9\"></span>nk AG (\u2018<span class=\"_ _4\"></span>Aare<span class=\"_ _9\"></span>al\u2019<span class=\"_ _9\"></span>) wh<span class=\"_ _9\"></span>ich h<span class=\"_ _9\"></span>ad an o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nce o<span class=\"_ _9\"></span>f \u00a39<span class=\"_ _3\"></span>.<span class=\"_ _9\"></span>2 mil<span class=\"_ _9\"></span>lion. T<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>k cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he ea<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y pre<span class=\"_ _9\"></span>pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt whi<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d to \u00a30.6 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wer<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n ot<span class=\"_ _9\"></span>her ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. O<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>7 D<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2021<span class=\"_ _4\"></span>, Gra<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>s and A<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>eal si<span class=\"_ _9\"></span>gne<span class=\"_ _9\"></span>d an a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent to i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e Gr<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>is un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e exi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g Aar<span class=\"_ _9\"></span>eal f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he Du<span class=\"_ _9\"></span>tc<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent, t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>onal f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y amo<span class=\"_ _9\"></span>unt of \u00a31<span class=\"_ _4\"></span>6.3 mil<span class=\"_ _9\"></span>lion w<span class=\"_ _9\"></span>ill ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e on 16 June 2026 a<span class=\"_ _9\"></span>nd w<span class=\"_ _9\"></span>ill be<span class=\"_ _9\"></span>ar a fi<span class=\"_ _9\"></span>xed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of\ue61f3.3% p<span class=\"_ _9\"></span>er a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>m. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na H<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>tal<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p d.d<span class=\"_ _9\"></span>., Croa<span class=\"_ _9\"></span>tia c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l fi<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g lo<span class=\"_ _9\"></span>an <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 20 S<span class=\"_ _9\"></span>epte<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>, A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a ente<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a n<span class=\"_ _9\"></span>ew lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m wor<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>al fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g loa<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th Z<span class=\"_ _9\"></span>agr<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>a<span class=\"_ _e5\"> </span>k<span class=\"_ _9\"></span>a ba<span class=\"_ _9\"></span>nka d<span class=\"_ _9\"></span>.d. as pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he HBO<span class=\"_ _9\"></span>R pr<span class=\"_ _9\"></span>ogr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>mme fo<span class=\"_ _9\"></span>r in<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce of li<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>dit<span class=\"_ _1\"></span>y por<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>lio fo<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>th COV<span class=\"_ _9\"></span>ID<span class=\"_ _9\"></span>-<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>9 m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is in a t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac20 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n (\u00a3<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>6.8 milli<span class=\"_ _9\"></span>on), matu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng on 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2025 a<span class=\"_ _9\"></span>t a fi<span class=\"_ _9\"></span>xed i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of 0.9% pe<span class=\"_ _9\"></span>r ann<span class=\"_ _9\"></span>um. <span class=\"ff9d\"> </span>Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continued <span class=\"_ _1c\"> </span>FR<span class=\"_ _1\"></span>ANZ fe<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d Mou<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>tai<span class=\"_ _9\"></span>n Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t Ho<span class=\"_ _9\"></span>tel i<span class=\"_ _9\"></span>n Na<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ld, A<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ria <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 24 Novem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, A<span class=\"_ _9\"></span>REN<span class=\"_ _9\"></span>A FR<span class=\"_ _9\"></span>AN<span class=\"_ _9\"></span>Z fer<span class=\"_ _9\"></span>dina<span class=\"_ _9\"></span>nd G<span class=\"_ _9\"></span>mbH, a w<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na, ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o a \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0.5 mil<span class=\"_ _9\"></span>lion (\u00a38.8 mill<span class=\"_ _9\"></span>ion) f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y, matur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g in 203<span class=\"_ _9\"></span>3, wit<span class=\"_ _9\"></span>h Er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>te Gro<span class=\"_ _9\"></span>up Ba<span class=\"_ _9\"></span>nk AG for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose o<span class=\"_ _9\"></span>f acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g hote<span class=\"_ _9\"></span>l FR<span class=\"_ _9\"></span>ANZ f<span class=\"_ _9\"></span>erd<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nd M<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>tai<span class=\"_ _9\"></span>n Res<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t in Na<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ld (<span class=\"_ _9\"></span>Au<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ia). b. <span class=\"_ _6\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al c<span class=\"_ _9\"></span>ove<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s mu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t be c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>h by th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>lev<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>wo A<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>al fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, fo<span class=\"_ _9\"></span>r Par<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on R<span class=\"_ _9\"></span>iver<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>ank (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>Rive<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ban<span class=\"_ _9\"></span>k hote<span class=\"_ _9\"></span>l\u2018<span class=\"_ _9\"></span>) and a<span class=\"_ _9\"></span>ll si<span class=\"_ _9\"></span>x of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s Dut<span class=\"_ _9\"></span>ch ho<span class=\"_ _9\"></span>tels a<span class=\"_ _9\"></span>nd </span></span>Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dis (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>Dut<span class=\"_ _9\"></span>ch h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s and G<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>is\u2019<span class=\"_ _9\"></span>), the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he ag<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ding f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s doe<span class=\"_ _9\"></span>s not ex<span class=\"_ _9\"></span>cee<span class=\"_ _9\"></span>d 62.2<span class=\"_ _9\"></span>% of t<span class=\"_ _9\"></span>he val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he D<span class=\"_ _9\"></span>utc<span class=\"_ _9\"></span>h hot<span class=\"_ _9\"></span>els a<span class=\"_ _9\"></span>nd Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dis a<span class=\"_ _9\"></span>nd 6<span class=\"_ _9\"></span>0% of t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f the R<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>rb<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k hote<span class=\"_ _9\"></span>l as se<span class=\"_ _9\"></span>t ou<span class=\"_ _9\"></span>t in th<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>st rec<span class=\"_ _9\"></span>ent v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n (l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ue). In ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s mu<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat<span class=\"_ _9\"></span>, on ea<span class=\"_ _9\"></span>ch in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e, the D<span class=\"_ _9\"></span>ebt S<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice Cove<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge Ra<span class=\"_ _9\"></span>tio (<span class=\"_ _9\"></span>DSCR) i<span class=\"_ _9\"></span>s not l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an 1<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>5%. In J<span class=\"_ _9\"></span>anu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>nk a w<span class=\"_ _9\"></span>aive<span class=\"_ _9\"></span>r for t<span class=\"_ _9\"></span>he DSCR a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>oven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>ntil 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 202<span class=\"_ _9\"></span>2 (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n Jul<span class=\"_ _9\"></span>y 2022 b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n the r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>022. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n fo<span class=\"_ _9\"></span>r 2021 was d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>o 2022. In D<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>, a<span class=\"_ _9\"></span>s par<span class=\"_ _1\"></span>t of th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f Gr<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>is un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Du<span class=\"_ _9\"></span>tch h<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>ls f<span class=\"_ _9\"></span>acili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, it wa<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e DSCR cove<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nt will b<span class=\"_ _9\"></span>e te<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m 30 Ju<span class=\"_ _9\"></span>ne 20<span class=\"_ _9\"></span>23 and t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ue wi<span class=\"_ _9\"></span>ll be te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted fr<span class=\"_ _9\"></span>om 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2022 f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he Du<span class=\"_ _9\"></span>tc<span class=\"_ _9\"></span>h hote<span class=\"_ _9\"></span>ls an<span class=\"_ _9\"></span>d Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dis<span class=\"_ _9\"></span>. In Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 202<span class=\"_ _9\"></span>2, the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d a let<span class=\"_ _1\"></span>ter f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ank c<span class=\"_ _9\"></span>onf<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial co<span class=\"_ _9\"></span>vena<span class=\"_ _9\"></span>nt tes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>or Ri<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk Ho<span class=\"_ _9\"></span>tel wi<span class=\"_ _9\"></span>ll be p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ned t<span class=\"_ _9\"></span>o 2023 w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ue in A<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ril 2<span class=\"_ _9\"></span>023 ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he res<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>ts f<span class=\"_ _9\"></span>or 31 Marc<span class=\"_ _9\"></span>h 2023.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e AIG A<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et Man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt (Eur<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>e) Lim<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r Par<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>er Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on, t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er mu<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure </span></span>th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 70% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>el as s<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>ut in t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>t val<span class=\"_ _9\"></span>uat<span class=\"_ _9\"></span>ion (<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-va<span class=\"_ _9\"></span>lue). In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at, on e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate, th<span class=\"_ _9\"></span>e his<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d DSCR ar<span class=\"_ _9\"></span>e not le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>40%<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e fl<span class=\"_ _9\"></span>oat<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>ate l<span class=\"_ _9\"></span>eg of t<span class=\"_ _9\"></span>his l<span class=\"_ _9\"></span>oan \u00a36.<span class=\"_ _9\"></span>3 milli<span class=\"_ _9\"></span>on (as at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2020<span class=\"_ _9\"></span>) has a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te c<span class=\"_ _9\"></span>ap, hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk of t<span class=\"_ _9\"></span>he all<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>in r<span class=\"_ _9\"></span>ate exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g 3.5%. I<span class=\"_ _9\"></span>n Jan<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>nk a w<span class=\"_ _9\"></span>aive<span class=\"_ _9\"></span>r for t<span class=\"_ _9\"></span>he DSCR an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>oven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>ntil 3<span class=\"_ _9\"></span>0 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 2022 (<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>sive) w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ue in J<span class=\"_ _9\"></span>uly 2<span class=\"_ _9\"></span>022 b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>022. In J<span class=\"_ _9\"></span>anu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>22, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k a wai<span class=\"_ _9\"></span>ver fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e DSCR an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-va<span class=\"_ _9\"></span>lue c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s un<span class=\"_ _9\"></span>til 30 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 20<span class=\"_ _9\"></span>23 (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t due i<span class=\"_ _9\"></span>n Jul<span class=\"_ _9\"></span>y 2023 b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>023.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ed by C<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>one R<span class=\"_ _9\"></span>eal E<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e Ad<span class=\"_ _9\"></span>vis<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s Eur<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>e LLP<span class=\"_ _3\"></span>, a mem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of th<span class=\"_ _9\"></span>e MA<span class=\"_ _9\"></span>FF Mut<span class=\"_ _9\"></span>ual F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al Gro<span class=\"_ _9\"></span>up, for </span></span>Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za V<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ia Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on, th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at t<span class=\"_ _9\"></span>he agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y doe<span class=\"_ _9\"></span>s not ex<span class=\"_ _9\"></span>cee<span class=\"_ _9\"></span>d 75% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he ho<span class=\"_ _9\"></span>tel as s<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>ut in t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on (l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>o<span class=\"_ _9\"></span>-val<span class=\"_ _9\"></span>ue). In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t, on eac<span class=\"_ _9\"></span>h int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t date, t<span class=\"_ _9\"></span>he his<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>l and p<span class=\"_ _9\"></span>roj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d DSCR a<span class=\"_ _9\"></span>re not l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an 180%<span class=\"_ _9\"></span>. In Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _4\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>rom th<span class=\"_ _9\"></span>e ban<span class=\"_ _9\"></span>k a wai<span class=\"_ _9\"></span>ver fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e DSCR an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>oven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>ntil 19 July 202<span class=\"_ _9\"></span>2 wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t due o<span class=\"_ _9\"></span>n 20 J<span class=\"_ _9\"></span>uly 20<span class=\"_ _9\"></span>22 ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 202<span class=\"_ _9\"></span>2. In Ja<span class=\"_ _9\"></span>nuar<span class=\"_ _1\"></span>y 202<span class=\"_ _9\"></span>2, the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>nk a w<span class=\"_ _9\"></span>aive<span class=\"_ _9\"></span>r for t<span class=\"_ _9\"></span>he DSC<span class=\"_ _9\"></span>R and t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ue cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>9 July 20<span class=\"_ _9\"></span>23 (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n Jul<span class=\"_ _9\"></span>y 2023 b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>esu<span class=\"_ _9\"></span>lt<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>23.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ban<span class=\"_ _9\"></span>k Hap<span class=\"_ _9\"></span>oal<span class=\"_ _9\"></span>im Lo<span class=\"_ _9\"></span>an fo<span class=\"_ _9\"></span>r thr<span class=\"_ _9\"></span>ee of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s UK ho<span class=\"_ _9\"></span>tels a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he 4<span class=\"_ _9\"></span>6 unit<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Cou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y H<span class=\"_ _9\"></span>all Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on, </span></span>th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ower<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>an d<span class=\"_ _9\"></span>oes n<span class=\"_ _9\"></span>ot exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 65% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he pro<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd u<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d (lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>valu<span class=\"_ _9\"></span>e). In ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion, o<span class=\"_ _9\"></span>n eac<span class=\"_ _9\"></span>h inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate, th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>rs m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e his<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ric<span class=\"_ _9\"></span>al d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ce cove<span class=\"_ _9\"></span>r sh<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d be a<span class=\"_ _9\"></span>t leas<span class=\"_ _9\"></span>t 1<span class=\"_ _3\"></span>10% f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m Mar<span class=\"_ _9\"></span>ch 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, ri<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g to 1<span class=\"_ _4\"></span>20% f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g the t<span class=\"_ _9\"></span>hir<span class=\"_ _9\"></span>d ann<span class=\"_ _9\"></span>iver<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t. In Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>nk a wa<span class=\"_ _9\"></span>iver f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he DSCR a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>l 30 M<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>h 2022 w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ue o<span class=\"_ _9\"></span>n 30 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 20<span class=\"_ _9\"></span>22 ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for 31 Mar<span class=\"_ _9\"></span>ch 20<span class=\"_ _9\"></span>22. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, it wa<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e DSCR cov<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nt for 31 Mar<span class=\"_ _9\"></span>ch 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>022 wi<span class=\"_ _9\"></span>ll be s<span class=\"_ _9\"></span>et at 1<span class=\"_ _3\"></span>10% a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll be t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d over a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod o<span class=\"_ _9\"></span>f six a<span class=\"_ _9\"></span>nd ni<span class=\"_ _9\"></span>ne mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ivel<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>. In Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ank a w<span class=\"_ _9\"></span>aive<span class=\"_ _9\"></span>r for t<span class=\"_ _9\"></span>he DS<span class=\"_ _9\"></span>CR cove<span class=\"_ _9\"></span>nant u<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>l 30 Ma<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>h 2023 (i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>ive) wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t du<span class=\"_ _9\"></span>e in A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 2023 b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or 31 Marc<span class=\"_ _9\"></span>h 2023. I<span class=\"_ _9\"></span>n Novem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, a<span class=\"_ _9\"></span>n ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt to th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wa<span class=\"_ _9\"></span>s sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h it wa<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d to re<span class=\"_ _9\"></span>move t<span class=\"_ _9\"></span>he DSCR c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d inc<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al loa<span class=\"_ _9\"></span>n am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on by \u00a31 millio<span class=\"_ _9\"></span>n. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">In M<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>h 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, W29 O<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ner L<span class=\"_ _9\"></span>LC ente<span class=\"_ _9\"></span>red i<span class=\"_ _9\"></span>nto a lo<span class=\"_ _9\"></span>an ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th B<span class=\"_ _9\"></span>ank H<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m New Y<span class=\"_ _4\"></span>or<span class=\"_ _9\"></span>k fo<span class=\"_ _9\"></span>r an am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of US$2<span class=\"_ _9\"></span>2.<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>5 millio<span class=\"_ _9\"></span>n </span></span>wh<span class=\"_ _9\"></span>ere PPHE H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l Gro<span class=\"_ _9\"></span>up is a g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tor<span class=\"_ _4\"></span>. Un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent, PPH<span class=\"_ _9\"></span>E Hote<span class=\"_ _9\"></span>l Gro<span class=\"_ _9\"></span>up mu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ens<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t it mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ains a<span class=\"_ _9\"></span>n agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate n<span class=\"_ _9\"></span>et wor<span class=\"_ _1\"></span>th of a<span class=\"_ _9\"></span>t lea<span class=\"_ _9\"></span>st U<span class=\"_ _9\"></span>S$3<span class=\"_ _9\"></span>3 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d have liq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h a mar<span class=\"_ _9\"></span>ket v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f at lea<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t US$5 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n. Sinc<span class=\"_ _9\"></span>e Mar<span class=\"_ _9\"></span>ch 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, th<span class=\"_ _9\"></span>e mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y dat<span class=\"_ _9\"></span>e was e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d a few t<span class=\"_ _9\"></span>ime<span class=\"_ _9\"></span>s wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he lat<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t on<span class=\"_ _9\"></span>e, sign<span class=\"_ _9\"></span>ed in S<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y date to 13 Septe<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2023.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ban<span class=\"_ _9\"></span>k Hap<span class=\"_ _9\"></span>oal<span class=\"_ _9\"></span>im lo<span class=\"_ _9\"></span>an re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ng to ar<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>otel L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he </span></span>ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>oes n<span class=\"_ _9\"></span>ot exce<span class=\"_ _9\"></span>ed 75% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>el as s<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>ut in t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>rom 7 A<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ril 2<span class=\"_ _9\"></span>022 onw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ds. T<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t als<span class=\"_ _9\"></span>o en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e DSCR is n<span class=\"_ _9\"></span>ot les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han 1.2 on e<span class=\"_ _9\"></span>ach q<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r tes<span class=\"_ _9\"></span>t da<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m eit<span class=\"_ _9\"></span>her 7 A<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ril 2025 o<span class=\"_ _9\"></span>r one ye<span class=\"_ _9\"></span>ar af<span class=\"_ _1\"></span>ter pr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion. A<span class=\"_ _9\"></span>ny b<span class=\"_ _9\"></span>reac<span class=\"_ _9\"></span>h of t<span class=\"_ _9\"></span>he afo<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s sub<span class=\"_ _9\"></span>je<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to an e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y c<span class=\"_ _9\"></span>ure o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on. Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continuedIn ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, on ea<span class=\"_ _9\"></span>ch te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t date, t<span class=\"_ _9\"></span>he tot<span class=\"_ _9\"></span>al e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of PPHE H<span class=\"_ _9\"></span>otel G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p mus<span class=\"_ _9\"></span>t n<span class=\"_ _9\"></span>ot be l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an: (i) \u00a31<span class=\"_ _4\"></span>50 milli<span class=\"_ _9\"></span>on; and (<span class=\"_ _9\"></span>ii) 2<span class=\"_ _9\"></span>0% of i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t\ue61fval<span class=\"_ _9\"></span>ue. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e \u00a320 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto by Wate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo H<span class=\"_ _9\"></span>otel H<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h San<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er UK Pl<span class=\"_ _9\"></span>c on 23 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>020, </span></span>th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ower m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g loa<span class=\"_ _9\"></span>n do<span class=\"_ _9\"></span>es no<span class=\"_ _9\"></span>t exce<span class=\"_ _9\"></span>ed 4<span class=\"_ _9\"></span>0% of t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>don Water<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he mo<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ent v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n. Th<span class=\"_ _9\"></span>e DSCR mu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t als<span class=\"_ _9\"></span>o not b<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han 125<span class=\"_ _4\"></span>% on ea<span class=\"_ _9\"></span>ch q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate be<span class=\"_ _9\"></span>ing 3<span class=\"_ _9\"></span>0 Se<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>mbe<span class=\"_ _9\"></span>r 2021<span class=\"_ _4\"></span>. In Ju<span class=\"_ _9\"></span>ne 2021 t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e ba<span class=\"_ _9\"></span>nk a wa<span class=\"_ _9\"></span>iver f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he DSCR u<span class=\"_ _9\"></span>ntil 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 202<span class=\"_ _9\"></span>2 (i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ve) wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t du<span class=\"_ _9\"></span>e in Jul<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2 bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2022. I<span class=\"_ _9\"></span>n Feb<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2022, th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>as f<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed to 3<span class=\"_ _9\"></span>0 Mar<span class=\"_ _9\"></span>ch 20<span class=\"_ _9\"></span>23 (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t due i<span class=\"_ _9\"></span>n Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2023 b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n the r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 31\ue61fMarch\ue61f2<span class=\"_ _9\"></span>023. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t gr<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>d by Sa<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>der U<span class=\"_ _9\"></span>K Plc to Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Hot<span class=\"_ _9\"></span>els (<span class=\"_ _9\"></span>UK<span class=\"_ _9\"></span>) L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ant to t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>oro<span class=\"_ _9\"></span>navi<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>us L<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>e </span></span>Bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s Inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on L<span class=\"_ _9\"></span>oan S<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>eme (t<span class=\"_ _9\"></span>he \u2018CL<span class=\"_ _9\"></span>BIL<span class=\"_ _9\"></span>S Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>), the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t at all t<span class=\"_ _9\"></span>ime<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e net w<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>h exce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>s \u00a33<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 mill<span class=\"_ _9\"></span>ion. I<span class=\"_ _9\"></span>n ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion, t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er mu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>: (i<span class=\"_ _9\"></span>) ens<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t the U<span class=\"_ _9\"></span>K bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowi<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s to agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate U<span class=\"_ _9\"></span>K as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>e do<span class=\"_ _9\"></span>es no<span class=\"_ _9\"></span>t at any ti<span class=\"_ _9\"></span>me exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>%; (ii) e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>hat o<span class=\"_ _9\"></span>n eac<span class=\"_ _9\"></span>h tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate, the U<span class=\"_ _9\"></span>K inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st c<span class=\"_ _9\"></span>over r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io for t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer a<span class=\"_ _9\"></span>nd it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s is gr<span class=\"_ _9\"></span>eate<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>.25 w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate b<span class=\"_ _9\"></span>ein<span class=\"_ _9\"></span>g 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>; (<span class=\"_ _9\"></span>iii) i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e event t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Wat<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>loo f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed to a<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ve is re<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>d or ca<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>elle<span class=\"_ _9\"></span>d, ens<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t the a<span class=\"_ _9\"></span>gg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>e of all h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s une<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ed by a<span class=\"_ _9\"></span>ny se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y (dete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ed in a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>rda<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e mos<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of su<span class=\"_ _9\"></span>ch ho<span class=\"_ _9\"></span>tels) i<span class=\"_ _9\"></span>s at lea<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>wo ti<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>s the a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he to<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l com<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he CL<span class=\"_ _9\"></span>BIL<span class=\"_ _9\"></span>S Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y; an<span class=\"_ _9\"></span>d (iv) mai<span class=\"_ _9\"></span>nta<span class=\"_ _9\"></span>in min<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of \u00a3<span class=\"_ _9\"></span>3 milli<span class=\"_ _9\"></span>on at al<span class=\"_ _9\"></span>l tim<span class=\"_ _9\"></span>es. I<span class=\"_ _9\"></span>n May 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>, as p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y ex<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n to \u00a340 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n, it was a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hat th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t da<span class=\"_ _9\"></span>te of th<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>ll be ex<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d to 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>022 (<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>ive) wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>st t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t du<span class=\"_ _9\"></span>e in Ju<span class=\"_ _9\"></span>ly 202<span class=\"_ _9\"></span>2 ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2022. I<span class=\"_ _9\"></span>n Feb<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y 2022, th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t da<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial c<span class=\"_ _9\"></span>oven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>as f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d to 3<span class=\"_ _9\"></span>0 Mar<span class=\"_ _9\"></span>ch 202<span class=\"_ _9\"></span>3 (i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t due i<span class=\"_ _9\"></span>n Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2023 b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 31 March 2<span class=\"_ _9\"></span>023. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e \u00a31<span class=\"_ _3\"></span>.6 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n loa<span class=\"_ _9\"></span>n gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed by S<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r UK Plc to PPH<span class=\"_ _9\"></span>E Liv<span class=\"_ _9\"></span>ing L<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d date<span class=\"_ _9\"></span>d 29 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>20, the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>age </span></span>ra<span class=\"_ _9\"></span>tio (<span class=\"_ _9\"></span>\u2018ICR<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>) for e<span class=\"_ _9\"></span>ach 12<span class=\"_ _4\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od mu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t not b<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han 125%. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g loa<span class=\"_ _9\"></span>n do<span class=\"_ _9\"></span>es no<span class=\"_ _9\"></span>t exce<span class=\"_ _9\"></span>ed 65% of t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ower<span class=\"_ _9\"></span>\u2019s fr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>d pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>t Ac<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n L<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>e (b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on). <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e UniC<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit S<span class=\"_ _9\"></span>.p.A<span class=\"_ _9\"></span>. f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y for S<span class=\"_ _9\"></span>oci<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>\u00e0 Imm<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>iliar<span class=\"_ _9\"></span>e Ale<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ndr<span class=\"_ _9\"></span>o De Ga<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>is S.<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>.l.<span class=\"_ _4\"></span>, sign<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n 22 Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2, the </span></span>bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t the e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>re te<span class=\"_ _9\"></span>rm o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>oan t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t the o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>% of th<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. Fur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ore, f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he ea<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>ier of (<span class=\"_ _9\"></span>i) 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2024; and (i<span class=\"_ _9\"></span>i) t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt da<span class=\"_ _9\"></span>te fa<span class=\"_ _9\"></span>llin<span class=\"_ _9\"></span>g af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g the c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ple<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>eno<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ion (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate\u2018<span class=\"_ _9\"></span>), The b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>s to en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n (i) t<span class=\"_ _9\"></span>he EBI<span class=\"_ _9\"></span>TDA of th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r rel<span class=\"_ _9\"></span>atin<span class=\"_ _9\"></span>g to th<span class=\"_ _9\"></span>e 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>h p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ced<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>lev<span class=\"_ _9\"></span>ant te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t dat<span class=\"_ _9\"></span>e and (<span class=\"_ _9\"></span>ii) t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nce cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>me ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d (I<span class=\"_ _9\"></span>CR) an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e r<span class=\"_ _9\"></span>atio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n (i) t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>et op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it of t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er ge<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>rat<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n the 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>h pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od p<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ing ea<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t dat<span class=\"_ _9\"></span>e and (<span class=\"_ _9\"></span>ii) t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of a<span class=\"_ _9\"></span>ll fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r thi<span class=\"_ _9\"></span>s fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent at t<span class=\"_ _9\"></span>hat te<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>re hig<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 2.0 and 7<span class=\"_ _3\"></span>.5% re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly for t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate an<span class=\"_ _9\"></span>d hig<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>han 2.<span class=\"_ _9\"></span>5 and 9<span class=\"_ _9\"></span>% re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly fo<span class=\"_ _9\"></span>r eac<span class=\"_ _9\"></span>h tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eaf<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _4\"></span>.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Deu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>he Hy<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>oth<span class=\"_ _9\"></span>eken<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk AG fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y for ACO Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. a<span class=\"_ _9\"></span>nd AB<span class=\"_ _9\"></span>K Hote<span class=\"_ _9\"></span>l Hol<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g B.<span class=\"_ _3\"></span>V<span class=\"_ _4\"></span>., the bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t </span></span>en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut t<span class=\"_ _9\"></span>he en<span class=\"_ _9\"></span>tir<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an do<span class=\"_ _9\"></span>es n<span class=\"_ _9\"></span>ot exce<span class=\"_ _9\"></span>ed 70% o<span class=\"_ _9\"></span>f the v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he DSCR i<span class=\"_ _9\"></span>s not l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an 1<span class=\"_ _3\"></span>10%. I<span class=\"_ _9\"></span>n Se<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>mbe<span class=\"_ _9\"></span>r 202<span class=\"_ _9\"></span>2, the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d a let<span class=\"_ _1\"></span>ter f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ank c<span class=\"_ _9\"></span>onf<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>at all f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l cove<span class=\"_ _9\"></span>nant t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng will b<span class=\"_ _9\"></span>e p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>tp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ed to 3<span class=\"_ _9\"></span>0 Se<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>3.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Deu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>he Hy<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>oth<span class=\"_ _9\"></span>eken<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk AG fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y for Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Nu<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>rg, t<span class=\"_ _9\"></span>he bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>ire te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m </span></span>of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n do<span class=\"_ _9\"></span>es not e<span class=\"_ _9\"></span>xce<span class=\"_ _9\"></span>ed 65% of t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f the p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he DSCR i<span class=\"_ _9\"></span>s not les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han 180<span class=\"_ _9\"></span>%.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ba</span></span>ka Ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a d.d. joi<span class=\"_ _9\"></span>nt \u20ac32.0 mil<span class=\"_ _9\"></span>lion a<span class=\"_ _9\"></span>nd HR<span class=\"_ _9\"></span>K 20<span class=\"_ _9\"></span>5.0 millio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat at y<span class=\"_ _9\"></span>ear en<span class=\"_ _9\"></span>d, ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on au<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dalo<span class=\"_ _9\"></span>ne f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er<span class=\"_ _4\"></span>, the DS<span class=\"_ _9\"></span>CR is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>20% d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>fe of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n and t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he N<span class=\"_ _9\"></span>et De<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>/<span class=\"_ _9\"></span>EBITDA (\u2018net l<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e r<span class=\"_ _9\"></span>atio\u2019<span class=\"_ _9\"></span>) is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to or l<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 5.5 at ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, is eq<span class=\"_ _9\"></span>ual t<span class=\"_ _9\"></span>o or low<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an 5.0 at yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2020, an<span class=\"_ _9\"></span>d is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or lo<span class=\"_ _9\"></span>wer t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 4.5 at yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2021 and f<span class=\"_ _9\"></span>or ea<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>ucc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ca<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>dar y<span class=\"_ _9\"></span>ear d<span class=\"_ _9\"></span>uri<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ba</span></span>ka Ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a d.d. \u20ac1<span class=\"_ _4\"></span>0.0 millio<span class=\"_ _9\"></span>n and H<span class=\"_ _9\"></span>RK 60.0 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat at y<span class=\"_ _9\"></span>ear e<span class=\"_ _9\"></span>nd, ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on au<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ted c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er<span class=\"_ _4\"></span>, the DS<span class=\"_ _9\"></span>CR is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>20% d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d tha<span class=\"_ _9\"></span>t the n<span class=\"_ _9\"></span>et lev<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>age r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to or l<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 5.5 at ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 201<span class=\"_ _3\"></span>9<span class=\"_ _4\"></span>, is eq<span class=\"_ _9\"></span>ual to o<span class=\"_ _9\"></span>r low<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 5.0 at ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 2020, an<span class=\"_ _9\"></span>d is eq<span class=\"_ _9\"></span>ual t<span class=\"_ _9\"></span>o or lo<span class=\"_ _9\"></span>wer t<span class=\"_ _9\"></span>han 4.<span class=\"_ _9\"></span>5 at year e<span class=\"_ _9\"></span>nd 2<span class=\"_ _9\"></span>021 and fo<span class=\"_ _9\"></span>r eac<span class=\"_ _9\"></span>h su<span class=\"_ _9\"></span>cce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>ar yea<span class=\"_ _9\"></span>r du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n. Mor<span class=\"_ _9\"></span>eove<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, unde<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e HRK 6<span class=\"_ _9\"></span>0 milli<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y, the am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n c<span class=\"_ _9\"></span>ann<span class=\"_ _9\"></span>ot exce<span class=\"_ _9\"></span>ed 70% o<span class=\"_ _9\"></span>f the v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continued <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ers<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>e Ban<span class=\"_ _9\"></span>k \u20ac5.0 milli<span class=\"_ _9\"></span>on a<span class=\"_ _9\"></span>nd \u20ac1<span class=\"_ _4\"></span>0.2 mill<span class=\"_ _9\"></span>ion f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies, t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut t<span class=\"_ _9\"></span>he en<span class=\"_ _9\"></span>tir<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an </span></span>th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e ICR is a<span class=\"_ _9\"></span>t lea<span class=\"_ _9\"></span>st t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e ti<span class=\"_ _9\"></span>mes EB<span class=\"_ _9\"></span>ITDA an<span class=\"_ _9\"></span>d net l<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e whi<span class=\"_ _9\"></span>ch is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to o<span class=\"_ _9\"></span>r lowe<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 7<span class=\"_ _3\"></span>.0 at year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ual o<span class=\"_ _9\"></span>r low<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 4.5 t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reaf<span class=\"_ _1\"></span>ter. The fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt te<span class=\"_ _9\"></span>st w<span class=\"_ _9\"></span>ill b<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he an<span class=\"_ _9\"></span>nual a<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or 202<span class=\"_ _9\"></span>2 an<span class=\"_ _9\"></span>d is du<span class=\"_ _9\"></span>e by th<span class=\"_ _9\"></span>e en<span class=\"_ _9\"></span>d of Ju<span class=\"_ _9\"></span>ne 2023.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ers<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>e Ban<span class=\"_ _9\"></span>ka d.d. a<span class=\"_ _9\"></span>nd Z<span class=\"_ _9\"></span>agr<span class=\"_ _9\"></span>eba</span></span>ka Ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a d.d. fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bis<span class=\"_ _9\"></span>hm<span class=\"_ _9\"></span>ent of H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l Bri<span class=\"_ _9\"></span>oni P<span class=\"_ _9\"></span>ula in t<span class=\"_ _9\"></span>he tot<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u20ac<span class=\"_ _9\"></span>24.0 millio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er ha<span class=\"_ _9\"></span>s to co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>y wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he fol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed cov<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, te<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>nce a ye<span class=\"_ _9\"></span>ar us<span class=\"_ _9\"></span>ing au<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pre<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g year<span class=\"_ _9\"></span>: DSCR 1<span class=\"_ _4\"></span>, whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ash o<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>enin<span class=\"_ _9\"></span>g bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, is eq<span class=\"_ _9\"></span>ual to or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 3.0 u<span class=\"_ _9\"></span>ntil 2<span class=\"_ _9\"></span>022 an<span class=\"_ _9\"></span>d 3.5 f<span class=\"_ _9\"></span>rom 2<span class=\"_ _9\"></span>023 on<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>ds<span class=\"_ _9\"></span>. DSCR 2, whi<span class=\"_ _9\"></span>ch ex<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ca<span class=\"_ _9\"></span>sh, is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 1.2 th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an. Ne<span class=\"_ _9\"></span>t leve<span class=\"_ _9\"></span>rag<span class=\"_ _9\"></span>e r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o is eq<span class=\"_ _9\"></span>ual t<span class=\"_ _9\"></span>o or low<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 4.<span class=\"_ _9\"></span>5, the te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g of whi<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>ts f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he 2023 f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial year e<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>nd on<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>ds<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>oan c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nnot e<span class=\"_ _9\"></span>xcee<span class=\"_ _9\"></span>d 70% of t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y us<span class=\"_ _9\"></span>ed as c<span class=\"_ _9\"></span>olla<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>al. T<span class=\"_ _9\"></span>he w<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>aw<span class=\"_ _9\"></span>al of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an is al<span class=\"_ _9\"></span>so s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to a d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it of u<span class=\"_ _9\"></span>p to \u20ac7<span class=\"_ _3\"></span>.0 mill<span class=\"_ _9\"></span>ion, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h has a re<span class=\"_ _9\"></span>lea<span class=\"_ _9\"></span>se me<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>ani<span class=\"_ _9\"></span>sm e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. Th<span class=\"_ _9\"></span>e net a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t has to b<span class=\"_ _9\"></span>e at le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t 30<span class=\"_ _9\"></span>%. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e OTP Bank<span class=\"_ _9\"></span>a d.d. f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e pur<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>ase a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>fu<span class=\"_ _9\"></span>rb<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hme<span class=\"_ _9\"></span>nt of G<span class=\"_ _9\"></span>ues<span class=\"_ _9\"></span>t Ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e Hot<span class=\"_ _9\"></span>el </span></span>Riv<span class=\"_ _9\"></span>ier<span class=\"_ _9\"></span>a, Pul<span class=\"_ _9\"></span>a, in th<span class=\"_ _9\"></span>e tot<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u20ac1<span class=\"_ _4\"></span>0.0 millio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e bor<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer h<span class=\"_ _9\"></span>as to co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>lon<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d on<span class=\"_ _9\"></span>ce a year u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng au<span class=\"_ _9\"></span>dite<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ced<span class=\"_ _9\"></span>ing y<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>: net l<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tio is e<span class=\"_ _9\"></span>q<span class=\"_ _9\"></span>ual to o<span class=\"_ _9\"></span>r lowe<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 6.0 at y<span class=\"_ _9\"></span>ear en<span class=\"_ _9\"></span>d 2021 an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ual to o<span class=\"_ _9\"></span>r lowe<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 4.5 a<span class=\"_ _9\"></span>t year e<span class=\"_ _9\"></span>nd 202<span class=\"_ _9\"></span>2 an<span class=\"_ _9\"></span>d onw<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ne<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s tes<span class=\"_ _9\"></span>t ha<span class=\"_ _9\"></span>s to be a<span class=\"_ _9\"></span>t leas<span class=\"_ _9\"></span>t 55%<span class=\"_ _9\"></span>. The l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>n con<span class=\"_ _9\"></span>sis<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>wo e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u20ac<span class=\"_ _9\"></span>5.0 millio<span class=\"_ _9\"></span>n eac<span class=\"_ _9\"></span>h. T<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n has a d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>uild u<span class=\"_ _9\"></span>p me<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>m, su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain con<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na c<span class=\"_ _9\"></span>ann<span class=\"_ _9\"></span>ot pay d<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nd u<span class=\"_ _9\"></span>ntil ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 2021 (and i<span class=\"_ _9\"></span>n line w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual l<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s for e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at us<span class=\"_ _9\"></span>ed gove<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nme<span class=\"_ _9\"></span>nt su<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t dur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e pan<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>mic) a<span class=\"_ _9\"></span>nd a d<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nd ba<span class=\"_ _9\"></span>sket o<span class=\"_ _9\"></span>f HRK 25.0 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n unt<span class=\"_ _9\"></span>il year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>22. No li<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons o<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t dist<span class=\"_ _9\"></span>ribu<span class=\"_ _9\"></span>tion thereaf<span class=\"_ _9\"></span>ter<span class=\"_ _4\"></span>. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e AIK Ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a a.d. fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se of 8<span class=\"_ _9\"></span>8 Roo<span class=\"_ _9\"></span>ms Ho<span class=\"_ _9\"></span>tel in B<span class=\"_ _9\"></span>elg<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade, Se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>bia, in t<span class=\"_ _9\"></span>he to<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l </span></span>amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of \u20ac4.2 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer (<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a 88 Ro<span class=\"_ _9\"></span>oms H<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g d.o.o<span class=\"_ _4\"></span>.) has to en<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et is n<span class=\"_ _9\"></span>ot low<span class=\"_ _9\"></span>er by mo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>han 35% w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n com<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t as de<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ned d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>020 by a<span class=\"_ _9\"></span>n ex<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>l rep<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tor. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ba</span></span>ka b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>a d.d. lo<span class=\"_ _9\"></span>an si<span class=\"_ _9\"></span>gne<span class=\"_ _9\"></span>d in S<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>021 as par<span class=\"_ _1\"></span>t of HBO<span class=\"_ _9\"></span>R\u2019s pr<span class=\"_ _9\"></span>ogr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>mme f<span class=\"_ _9\"></span>or in<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce of li<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>olio f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s rela<span class=\"_ _9\"></span>ted w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h COVID<span class=\"_ _9\"></span>-1<span class=\"_ _3\"></span>9 mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>unt \u20ac<span class=\"_ _9\"></span>20 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n (\u00a3<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>6.8 millio<span class=\"_ _9\"></span>n) the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at DSCR is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 3.5 a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wee<span class=\"_ _9\"></span>n fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t and EB<span class=\"_ _9\"></span>ITDA is l<span class=\"_ _9\"></span>ower t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 4.5 s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing at D<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ber 2023 a<span class=\"_ _9\"></span>nd on<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>ds<span class=\"_ _9\"></span>.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ers<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up Ba<span class=\"_ _9\"></span>nk AG loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21 for th<span class=\"_ _9\"></span>e pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e pur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f hote<span class=\"_ _9\"></span>l FR<span class=\"_ _9\"></span>ANZ </span></span>fer<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>and M<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ain Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t in N<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d, Aus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ria, i<span class=\"_ _9\"></span>n the t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt \u20ac10.5 millio<span class=\"_ _9\"></span>n (\u00a38.8 milli<span class=\"_ _9\"></span>on) th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r has to c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ply w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>alo<span class=\"_ _9\"></span>ne cove<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s: pro<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>ted DSC<span class=\"_ _9\"></span>R is eq<span class=\"_ _9\"></span>ual o<span class=\"_ _9\"></span>r gre<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>5 at year e<span class=\"_ _9\"></span>nd 2021 an<span class=\"_ _9\"></span>d his<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>l DSCR is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al or gre<span class=\"_ _9\"></span>ater t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>.35 fr<span class=\"_ _9\"></span>om yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2023 o<span class=\"_ _9\"></span>nwa<span class=\"_ _9\"></span>rds<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n ca<span class=\"_ _9\"></span>nno<span class=\"_ _9\"></span>t exce<span class=\"_ _9\"></span>ed 75% of the p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as co<span class=\"_ _9\"></span>llate<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2021 to year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>23 an<span class=\"_ _9\"></span>d 65% at th<span class=\"_ _9\"></span>e year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>24 until ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 2026. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Pri<span class=\"_ _9\"></span>vr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>na ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a d.d. loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in Nov<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022 fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of ref<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>ng inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>e in A<span class=\"_ _9\"></span>rena K<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>ela </span></span>Ca<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>e in pr<span class=\"_ _9\"></span>evio<span class=\"_ _9\"></span>us ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s, in t<span class=\"_ _9\"></span>he tot<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of \u20ac1<span class=\"_ _4\"></span>8.5 milli<span class=\"_ _9\"></span>on, th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r has to c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ply w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>alon<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>: the DS<span class=\"_ _9\"></span>CR is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>.2 d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an, th<span class=\"_ _9\"></span>e net l<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n aud<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>alo<span class=\"_ _9\"></span>ne fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or lo<span class=\"_ _9\"></span>wer t<span class=\"_ _9\"></span>han 4<span class=\"_ _9\"></span>.5 fr<span class=\"_ _9\"></span>om 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d for ea<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>ucc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g c<span class=\"_ _9\"></span>alen<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>r year d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning l<span class=\"_ _9\"></span>ife of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n, and n<span class=\"_ _9\"></span>et leve<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on au<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>date<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to or l<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 6.5 at y<span class=\"_ _9\"></span>ear e<span class=\"_ _9\"></span>nd 2023, an<span class=\"_ _9\"></span>d is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or l<span class=\"_ _9\"></span>ower t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 5.5 at yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2024 and fo<span class=\"_ _9\"></span>r eac<span class=\"_ _9\"></span>h su<span class=\"_ _9\"></span>cce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>ar ye<span class=\"_ _9\"></span>ar du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n. Mo<span class=\"_ _9\"></span>reove<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, the a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an c<span class=\"_ _9\"></span>ann<span class=\"_ _9\"></span>ot exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 70% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ties u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as c<span class=\"_ _9\"></span>ollat<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>al.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e HRVA<span class=\"_ _3\"></span>T<span class=\"_ _9\"></span>SK<span class=\"_ _9\"></span>A B<span class=\"_ _9\"></span>ANK<span class=\"_ _1\"></span>A Z<span class=\"_ _9\"></span>A OBN<span class=\"_ _9\"></span>OVU I R<span class=\"_ _1\"></span>A<span class=\"_ _9\"></span>Z<span class=\"_ _9\"></span>VITAK loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in May 20<span class=\"_ _9\"></span>22 for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e of </span></span>mo<span class=\"_ _9\"></span>bile h<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>es in A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na Stoj<span class=\"_ _9\"></span>a Ca<span class=\"_ _9\"></span>mps<span class=\"_ _9\"></span>ite, in t<span class=\"_ _9\"></span>he to<span class=\"_ _9\"></span>tal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of \u20ac<span class=\"_ _9\"></span>2.<span class=\"_ _4\"></span>9 millio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer ha<span class=\"_ _9\"></span>s to co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>atio b<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>ng at le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t 30<span class=\"_ _9\"></span>% ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulate<span class=\"_ _9\"></span>d ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dal<span class=\"_ _9\"></span>one f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continued <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e ERST<span class=\"_ _9\"></span>E&amp;S<span class=\"_ _9\"></span>TEIERM<span class=\"_ _9\"></span>\u00c4R<span class=\"_ _9\"></span>KISH<span class=\"_ _9\"></span>E BANK d<span class=\"_ _9\"></span>.d. loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in Mar<span class=\"_ _9\"></span>ch 2<span class=\"_ _9\"></span>022 fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g the i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t in a hot<span class=\"_ _9\"></span>el </span></span>in Z<span class=\"_ _9\"></span>agr<span class=\"_ _9\"></span>eb, in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u20ac1<span class=\"_ _3\"></span>2 mill<span class=\"_ _9\"></span>ion, t<span class=\"_ _9\"></span>he bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r has t<span class=\"_ _9\"></span>o com<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>olid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d cove<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s tes<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d on<span class=\"_ _9\"></span>ce a year us<span class=\"_ _9\"></span>ing au<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pre<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g year<span class=\"_ _9\"></span>: DSCR 1 i<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>ual to o<span class=\"_ _9\"></span>r gre<span class=\"_ _9\"></span>ater t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 3.0 unt<span class=\"_ _9\"></span>il 2022 a<span class=\"_ _9\"></span>nd 3.5 f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m 2023 onw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ds. DS<span class=\"_ _9\"></span>CR 2 is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l or gr<span class=\"_ _9\"></span>eate<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>.2 t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e life o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>oan. N<span class=\"_ _9\"></span>et le<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>age r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to or l<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 7 at yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2022 a<span class=\"_ _9\"></span>nd 4.5 a<span class=\"_ _9\"></span>t year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>23 and f<span class=\"_ _9\"></span>or ea<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>ucc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ca<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>dar y<span class=\"_ _9\"></span>ear d<span class=\"_ _9\"></span>uri<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an. T<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n ca<span class=\"_ _9\"></span>nno<span class=\"_ _9\"></span>t exce<span class=\"_ _9\"></span>ed 10<span class=\"_ _9\"></span>0% of t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y us<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s coll<span class=\"_ _9\"></span>ater<span class=\"_ _9\"></span>al. T<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o has to b<span class=\"_ _9\"></span>e at le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t 30<span class=\"_ _9\"></span>%.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e OTP Bank N<span class=\"_ _9\"></span>yr<span class=\"_ _1\"></span>t loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in Oc<span class=\"_ _1\"></span>tob<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f ref<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>, in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of </span></span>\u20ac2 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er ha<span class=\"_ _9\"></span>s to co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt: A<span class=\"_ _9\"></span>nn<span class=\"_ _9\"></span>ual d<span class=\"_ _9\"></span>ebt s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vic<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>r rat<span class=\"_ _9\"></span>io is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to o<span class=\"_ _9\"></span>r grea<span class=\"_ _9\"></span>ter t<span class=\"_ _9\"></span>han 1.2 du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e life o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>n.Pur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>uant t<span class=\"_ _9\"></span>o ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>n ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wit<span class=\"_ _9\"></span>h ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s, th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e sub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s are r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d to re<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>in t<span class=\"_ _9\"></span>heir c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ces f<span class=\"_ _9\"></span>or us<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r  hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h to ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r ent<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut a p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>or ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>oval f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the l<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, ta<span class=\"_ _9\"></span>kin<span class=\"_ _9\"></span>g int<span class=\"_ _9\"></span>o acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t all th<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>nant w<span class=\"_ _9\"></span>aiv<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is i<span class=\"_ _9\"></span>n co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ianc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th all o<span class=\"_ _9\"></span>f it<span class=\"_ _9\"></span>s ba<span class=\"_ _9\"></span>nki<span class=\"_ _9\"></span>ng\ue61fcov<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ts t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t will c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ply w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s\u2019 lo<span class=\"_ _9\"></span>an cov<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s go<span class=\"_ _9\"></span>ing fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ard a<span class=\"_ _9\"></span>nd no a<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l wai<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>s wil<span class=\"_ _9\"></span>l be needed.Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>5<span class=\"_ _4\"></span> Pro<span class=\"_ _4\"></span>visionsPro<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>or co<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ion f<span class=\"_ _9\"></span>ee o<span class=\"_ _9\"></span>n la<span class=\"_ _9\"></span>nd In ac<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>nce w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the p<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>ons o<span class=\"_ _9\"></span>f the T<span class=\"_ _4\"></span>our<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er C<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on L<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d Not A<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ais<span class=\"_ _9\"></span>ed D<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he T<span class=\"_ _4\"></span>ra<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d Pr<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on Pro<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s Ac<span class=\"_ _1\"></span>t fro<span class=\"_ _9\"></span>m 2010 (the \u2018<span class=\"_ _9\"></span>TL<span class=\"_ _9\"></span>A\u2019), Are<span class=\"_ _9\"></span>na su<span class=\"_ _9\"></span>bm<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to th<span class=\"_ _9\"></span>e Rep<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>lic of C<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>tia an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>eva<span class=\"_ _9\"></span>nt mu<span class=\"_ _9\"></span>nici<span class=\"_ _9\"></span>pali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r the a<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>d of tou<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>st l<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s in rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to la<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>reas i<span class=\"_ _9\"></span>n eig<span class=\"_ _9\"></span>ht c<span class=\"_ _9\"></span>amp<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tes a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e tou<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Cro<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>a. The T<span class=\"_ _9\"></span>L<span class=\"_ _9\"></span>A f<span class=\"_ _9\"></span>ail<span class=\"_ _9\"></span>ed to p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>duc<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sir<span class=\"_ _9\"></span>ed im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t or to r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>olve t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip/us<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e tou<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t lan<span class=\"_ _9\"></span>d. Thi<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>n c<span class=\"_ _9\"></span>aus<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ar-r<span class=\"_ _9\"></span>eac<span class=\"_ _9\"></span>hin<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he for<span class=\"_ _9\"></span>m of l<span class=\"_ _9\"></span>ack o<span class=\"_ _9\"></span>f inves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o tou<span class=\"_ _9\"></span>ris<span class=\"_ _9\"></span>t l<span class=\"_ _9\"></span>and, r<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uce<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l com<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s of C<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>tian t<span class=\"_ _9\"></span>our<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>m du<span class=\"_ _9\"></span>e to la<span class=\"_ _9\"></span>ck of d<span class=\"_ _9\"></span>evel<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d red<span class=\"_ _9\"></span>uce<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e for t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>al mu<span class=\"_ _9\"></span>nici<span class=\"_ _9\"></span>pali<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Cr<span class=\"_ _9\"></span>oat<span class=\"_ _9\"></span>ian g<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>nm<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>refo<span class=\"_ _9\"></span>re a<span class=\"_ _9\"></span>dop<span class=\"_ _9\"></span>ted a n<span class=\"_ _9\"></span>ew le<span class=\"_ _9\"></span>gis<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>o dea<span class=\"_ _9\"></span>l wit<span class=\"_ _9\"></span>h, inte<span class=\"_ _9\"></span>r alia, t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>o<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>lled t<span class=\"_ _9\"></span>our<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t la<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nsh<span class=\"_ _9\"></span>ips b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n the o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>er of s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h lan<span class=\"_ _9\"></span>d and t<span class=\"_ _9\"></span>he ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>r of t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>itie<span class=\"_ _9\"></span>s bu<span class=\"_ _9\"></span>ilt th<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>on. I<span class=\"_ _9\"></span>n May 2020, t<span class=\"_ _9\"></span>he ne<span class=\"_ _9\"></span>w No<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d Co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n L<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d Ac<span class=\"_ _9\"></span>t (t<span class=\"_ _9\"></span>he \u2018N<span class=\"_ _9\"></span>CL<span class=\"_ _9\"></span>A\u2019) rep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he TL<span class=\"_ _1\"></span>A an<span class=\"_ _9\"></span>d all ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>ted r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>ues<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on th<span class=\"_ _9\"></span>e TL<span class=\"_ _9\"></span>A w<span class=\"_ _9\"></span>ere s<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed. P<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ant to t<span class=\"_ _9\"></span>he NC<span class=\"_ _9\"></span>L<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>, th<span class=\"_ _9\"></span>e ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip of t<span class=\"_ _9\"></span>he la<span class=\"_ _9\"></span>nd u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>neat<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>ps<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t wer<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d into t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>tal o<span class=\"_ _9\"></span>f Ar<span class=\"_ _9\"></span>ena i<span class=\"_ _9\"></span>s now al<span class=\"_ _9\"></span>so le<span class=\"_ _9\"></span>ga<span class=\"_ _9\"></span>lly re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip of A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na, wh<span class=\"_ _9\"></span>ile t<span class=\"_ _9\"></span>he Re<span class=\"_ _9\"></span>pub<span class=\"_ _9\"></span>lic of C<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>tia w<span class=\"_ _9\"></span>ill be t<span class=\"_ _9\"></span>he so<span class=\"_ _9\"></span>le ow<span class=\"_ _9\"></span>ner o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e oth<span class=\"_ _9\"></span>er la<span class=\"_ _9\"></span>nd in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>ps<span class=\"_ _9\"></span>. In re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o the t<span class=\"_ _9\"></span>our<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>wne<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p of th<span class=\"_ _9\"></span>e lan<span class=\"_ _9\"></span>d un<span class=\"_ _9\"></span>der<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>eat<span class=\"_ _9\"></span>h the f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t have be<span class=\"_ _9\"></span>en a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to th<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are c<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>al of A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a is no<span class=\"_ _9\"></span>w als<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>ip of A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a, tog<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>er w<span class=\"_ _9\"></span>ith t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>and s<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>und<span class=\"_ _9\"></span>ing s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at make<span class=\"_ _9\"></span>s (tog<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e rele<span class=\"_ _9\"></span>van<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s) the t<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>hno<span class=\"_ _9\"></span>log<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d fu<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>. T<span class=\"_ _3\"></span>o<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t la<span class=\"_ _9\"></span>nd in t<span class=\"_ _9\"></span>he to<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h wa<span class=\"_ _9\"></span>s not as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o the s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l of Ar<span class=\"_ _9\"></span>ena a<span class=\"_ _9\"></span>nd w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>rd us<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>s sha<span class=\"_ _9\"></span>ll be o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>ed by a l<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>al mun<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>pali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>. In re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>o the l<span class=\"_ _9\"></span>and i<span class=\"_ _9\"></span>n c<span class=\"_ _9\"></span>amp<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>es ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Re<span class=\"_ _9\"></span>pub<span class=\"_ _9\"></span>lic of C<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>tia a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he lan<span class=\"_ _9\"></span>d in to<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>l mun<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>pali<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, A<span class=\"_ _9\"></span>rena w<span class=\"_ _9\"></span>ill ex l<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>e be d<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>med l<span class=\"_ _9\"></span>ong<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m (50 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s) les<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ee a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll con<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e/l<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>al mun<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>pali<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s on<span class=\"_ _9\"></span>ce th<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>re env<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he NCL<span class=\"_ _1\"></span>A is co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete. H<span class=\"_ _9\"></span>oweve<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, the go<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>nm<span class=\"_ _9\"></span>ent ha<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>till n<span class=\"_ _9\"></span>ot ad<span class=\"_ _9\"></span>opt<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y leve<span class=\"_ _9\"></span>l reg<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t wou<span class=\"_ _9\"></span>ld gov<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ren<span class=\"_ _9\"></span>t paya<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e by th<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ees f<span class=\"_ _9\"></span>or s<span class=\"_ _9\"></span>uch l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e, nor have t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ced<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he imp<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e Ac<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd ac<span class=\"_ _1\"></span>tual r<span class=\"_ _9\"></span>egi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p over t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>tive p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f lan<span class=\"_ _9\"></span>d in c<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>psi<span class=\"_ _9\"></span>tes<span class=\"_ _9\"></span>/t<span class=\"_ _9\"></span>our<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n com<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>d. Thi<span class=\"_ _9\"></span>s cr<span class=\"_ _9\"></span>eate<span class=\"_ _9\"></span>s unc<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>es in r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>utu<span class=\"_ _9\"></span>re as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns of A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na. W<span class=\"_ _9\"></span>hile t<span class=\"_ _9\"></span>he TL<span class=\"_ _1\"></span>A was s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ill ap<span class=\"_ _9\"></span>plic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble, A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a paid 5<span class=\"_ _9\"></span>0% of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>onc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>on fe<span class=\"_ _9\"></span>e in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>t of the e<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t ca<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>site<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d acc<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d the r<span class=\"_ _9\"></span>ema<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g 50% u<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>l ente<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>to th<span class=\"_ _9\"></span>e envi<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ew NCL<span class=\"_ _1\"></span>A has n<span class=\"_ _9\"></span>ot yet s<span class=\"_ _9\"></span>et th<span class=\"_ _9\"></span>e r<span class=\"_ _9\"></span>ule<span class=\"_ _9\"></span>s for t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>nt pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>, Ar<span class=\"_ _9\"></span>ena m<span class=\"_ _9\"></span>ade a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of co<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n fee i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e mos<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>nt ma<span class=\"_ _9\"></span>nne<span class=\"_ _9\"></span>r ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he mo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t up<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>ate av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble i<span class=\"_ _9\"></span>nfor<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n. Co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n fee li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r 202<span class=\"_ _9\"></span>2 was r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ce sh<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>t und<span class=\"_ _9\"></span>er s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ew way o<span class=\"_ _9\"></span>f ca<span class=\"_ _9\"></span>lcu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on co<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n fee\ue61fa<span class=\"_ _9\"></span>lmo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t dou<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>ed A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a\u2019<span class=\"_ _4\"></span>s year<span class=\"_ _9\"></span>ly e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>red w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>COVID p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d. Th<span class=\"_ _9\"></span>ere w<span class=\"_ _9\"></span>as no p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of con<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ion fee d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing\ue61f2<span class=\"_ _9\"></span>022.2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _237\"> </span><span class=\"ff9b\">5,057<span class=\"_ _ce\"> </span></span>5,399Exchange rate differences<span class=\"_ _1a3\"> </span><span class=\"ff9b ls2 ws5\">274<span class=\"_ _174\"> </span><span class=\"ff9c\">(342)</span></span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er<span class=\"_ _19f\"> </span><span class=\"ff9b\">5,331<span class=\"_ _ce\"> </span></span>5,057No<span class=\"_ _9\"></span>te 16 Fin<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al l<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld t<span class=\"_ _9\"></span>o pri<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>te i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000T<span class=\"_ _3\"></span>ot<span class=\"_ _9\"></span>al liabilit<span class=\"_ _9\"></span>y<span class=\"_ _238\"> </span><span class=\"ff9b ls2 ws5\">139,754<span class=\"_ _183\"> </span><span class=\"ff9c\">142,573</span></span>Du<span class=\"_ _9\"></span>e fro<span class=\"_ _9\"></span>m inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r rei<span class=\"_ _9\"></span>mbu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>tal e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e<span class=\"_ _239\"> </span><span class=\"ff9b\">(18,670)<span class=\"_ _196\"> </span></span>(18,022)121,084<span class=\"_ _183\"> </span><span class=\"ff9c\">124,551</span>Thi<span class=\"_ _9\"></span>s liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y or<span class=\"_ _9\"></span>igin<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ale t<span class=\"_ _9\"></span>o pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure 9<span class=\"_ _9\"></span>99-<span class=\"_ _9\"></span>year c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows<span class=\"_ _9\"></span>, der<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ed fr<span class=\"_ _9\"></span>om\ue61fce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s in P<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>er Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ore, as t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o fu<span class=\"_ _9\"></span>nd all C<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>PEX t<span class=\"_ _9\"></span>o be mad<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>onn<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e roo<span class=\"_ _9\"></span>ms, a re<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>ble i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n eac<span class=\"_ _9\"></span>h pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od fo<span class=\"_ _9\"></span>r any ex<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s of d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>iat<span class=\"_ _9\"></span>ion ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e ove<span class=\"_ _9\"></span>r the a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s pai<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt of C<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>PEX<span class=\"_ _9\"></span>. T<span class=\"_ _9\"></span>his re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>ble i<span class=\"_ _9\"></span>s of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y to t<span class=\"_ _9\"></span>he\ue61finve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s. Thi<span class=\"_ _9\"></span>s liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y is am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>hat b<span class=\"_ _9\"></span>ein<span class=\"_ _9\"></span>g 999 y<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 1<span class=\"_ _4\"></span>7 Ot<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>l l<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>iesA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s <span class=\"_ _23a\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _46\"> </span><span class=\"ff9c\">457</span></span>Lease li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> (see Not<span class=\"_ _4\"></span>e 1<span class=\"_ _3\"></span>8)<span class=\"_ _227\"> </span><span class=\"ff9b ls2 ws5\">261,544<span class=\"_ _183\"> </span><span class=\"ff9c\">245,274</span></span>Sha<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>ts (<span class=\"_ _9\"></span>Note 6<span class=\"_ _9\"></span>b)<span class=\"_ _23b\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _ce\"> </span></span>4,8601Retent<span class=\"_ _9\"></span>ion liabilit<span class=\"_ _9\"></span>y <span class=\"_ _20d\"> </span><span class=\"ff9b\">2,691<span class=\"_ _ba\"> </span></span>1,082O<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r <span class=\"_ _23c\"> </span><span class=\"ff9b\">1,259<span class=\"_ _ce\"> </span></span>1,689265,494<span class=\"_ _183\"> </span><span class=\"ff9c\">253,362</span>1 <span class=\"_ _b\"> </span>Ret<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n in r<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e bu<span class=\"_ _9\"></span>ild<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t wit<span class=\"_ _9\"></span>h Ge<span class=\"_ _9\"></span>ar C<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n UK L<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton h<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l (s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ote 2<span class=\"_ _9\"></span>9).No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p as a l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>eeTh<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s leas<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>ts f<span class=\"_ _9\"></span>or v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ous i<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ms wh<span class=\"_ _9\"></span>ich m<span class=\"_ _9\"></span>ainl<span class=\"_ _9\"></span>y inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s, inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g lan<span class=\"_ _9\"></span>d, of<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge b<span class=\"_ _9\"></span>uild<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s. L<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>es of lan<span class=\"_ _9\"></span>d have le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>ms b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>een 125 and 1<span class=\"_ _4\"></span>99 yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s whil<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l bui<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>, of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s and s<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge have l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wee<span class=\"_ _9\"></span>n 2 an<span class=\"_ _9\"></span>d 95 year<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s obli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s leas<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>\u2019s titl<span class=\"_ _9\"></span>e to t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up al<span class=\"_ _9\"></span>so ha<span class=\"_ _9\"></span>s cer<span class=\"_ _1\"></span>ta<span class=\"_ _9\"></span>in lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms of 12 mont<span class=\"_ _9\"></span>hs or l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wit<span class=\"_ _9\"></span>h low v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e \u2018sho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m lea<span class=\"_ _9\"></span>se\u2019 a<span class=\"_ _9\"></span>nd \u2018lea<span class=\"_ _9\"></span>se of l<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>-val<span class=\"_ _9\"></span>ue as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s\u2019 re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n exem<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dSet o<span class=\"_ _9\"></span>ut b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w are t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s of r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e move<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s dur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d:Furniture,<span class=\"_ _4\"></span> Hot<span class=\"_ _9\"></span>el O<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ces <span class=\"_ _4\"></span> fi<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s and L<span class=\"_ _9\"></span>and <span class=\"_ _4\"></span> buildi<span class=\"_ _4\"></span>ngs<span class=\"_ _4\"></span> an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er <span class=\"_ _4\"></span> eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Cos<span class=\"_ _9\"></span>t:Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022<span class=\"_ _106\"> </span>88,454 <span class=\"_ _15\"> </span>129,032 <span class=\"_ _a1\"> </span>8,640 <span class=\"_ _bf\"> </span>23,873 <span class=\"_ _15\"> </span>249,999 Ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year<span class=\"_ _23d\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _1ae\"> </span>215<span class=\"_ _145\"> </span>50<span class=\"_ _92\"> </span>\u2013<span class=\"_ _91\"> </span>265</span>Re-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>urement of rig<span class=\"_ _9\"></span>ht-of-<span class=\"_ _9\"></span>use as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _23e\"> </span><span class=\"ff9b ls2 ws5\"> 13,028 <span class=\"_ _4e\"> </span> 705 <span class=\"_ _46\"> </span> 501 <span class=\"_ _de\"> </span>\u2013 <span class=\"_ _1f8\"> </span> 14,234 </span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1e5\"> </span><span class=\"ff9b ls2 ws5\"> 1,202 <span class=\"_ _4e\"> </span> 696 <span class=\"_ _1ae\"> </span> 57 <span class=\"_ _de\"> </span>\u2013 <span class=\"_ _9a\"> </span> 1,955 </span>Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022<span class=\"_ _1f7\"> </span> 102,684 <span class=\"_ _1f4\"> </span> 130,648 <span class=\"_ _9a\"> </span> 9,248 <span class=\"_ _16f\"> </span> 23,873 <span class=\"_ _1f4\"> </span> 266,453 Accumulated<span class=\"_ _4\"></span> depreciation<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> impairment:Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022<span class=\"_ _23f\"> </span>5,384 <span class=\"_ _bf\"> </span>13,331 <span class=\"_ _a1\"> </span>2,737 <span class=\"_ _bf\"> </span>12,626 <span class=\"_ _bf\"> </span>34,078 Provision for depr<span class=\"_ _9\"></span>eciation<span class=\"_ _240\"> </span><span class=\"ff9b ls2 ws5\"> 504 <span class=\"_ _9a\"> </span> 2,761 <span class=\"_ _4e\"> </span> 878 <span class=\"_ _9a\"> </span> 2,410 <span class=\"_ _9a\"> </span> 6,553 </span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1f7\"> </span><span class=\"ff9b ls2 ws5\"> 9 <span class=\"_ _46\"> </span> 342 <span class=\"_ _1ae\"> </span> 28 <span class=\"_ _88\"> </span> \u2013 <span class=\"_ _46\"> </span> 379 </span>Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022<span class=\"_ _241\"> </span> 5,897 <span class=\"_ _16f\"> </span> 16,434 <span class=\"_ _9a\"> </span> 3,643 <span class=\"_ _16f\"> </span> 15,036 <span class=\"_ _16f\"> </span> 41,010 Ne<span class=\"_ _9\"></span>t bo<span class=\"_ _9\"></span>ok va<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>ue a<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022<span class=\"_ _d8\"> </span> 96,787 <span class=\"_ _1f4\"> </span> 114,214 <span class=\"_ _9a\"> </span> 5,605 <span class=\"_ _9a\"> </span> 8,837 <span class=\"_ _1f4\"> </span> 225,443 Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _1eb\"> </span>86,693<span class=\"_ _9e\"> </span>130,465<span class=\"_ _e7\"> </span>11,045<span class=\"_ _e7\"> </span>23,873<span class=\"_ _16c\"> </span>252,076Ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year<span class=\"_ _23d\"> </span>\u2013<span class=\"_ _a4\"> </span>212<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>212Dispos<span class=\"_ _9\"></span>al <span class=\"_ _242\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _125\"> </span>(2,381)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _125\"> </span>(2,381)</span>Re-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>urement of rig<span class=\"_ _9\"></span>ht-of-<span class=\"_ _9\"></span>use as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _15d\"> </span><span class=\"ls2 ws5\">3,261<span class=\"_ _a4\"> </span>919<span class=\"_ _d2\"> </span>46<span class=\"_ _92\"> </span>\u2013<span class=\"_ _19d\"> </span>4,226</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ec\"> </span><span class=\"ls2 ws5\">(1,500)<span class=\"_ _e7\"> </span>(2,564)<span class=\"_ _5d\"> </span>(70)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _125\"> </span>(4,134)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _9b\"> </span>88,454 <span class=\"_ _16f\"> </span>129,032 <span class=\"_ _124\"> </span>8,640 <span class=\"_ _e6\"> </span>23,873 <span class=\"_ _61\"> </span>249,999 Accumulate<span class=\"_ _9\"></span>d depreciat<span class=\"_ _9\"></span>ion and impair<span class=\"_ _9\"></span>ment:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _243\"> </span>4,934<span class=\"_ _e7\"> </span>11,184<span class=\"_ _174\"> </span>1,928<span class=\"_ _e7\"> </span>10,236<span class=\"_ _e7\"> </span>28,282Provision for depr<span class=\"_ _9\"></span>eciation<span class=\"_ _244\"> </span><span class=\"ls2 ws5\">461 <span class=\"_ _c2\"> </span>2,699 <span class=\"_ _c2\"> </span>1,117 <span class=\"_ _c2\"> </span>2,390 <span class=\"_ _c2\"> </span>6,667 </span>Dispos<span class=\"_ _9\"></span>al<span class=\"_ _245\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _1ae\"> </span>(290)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _48\"> </span>(290)</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _246\"> </span><span class=\"ls2 ws5\">(11)<span class=\"_ _e8\"> </span>(552)<span class=\"_ _a4\"> </span>(18)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _48\"> </span>(581)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _ca\"> </span>5,384 <span class=\"_ _e6\"> </span>13,331 <span class=\"_ _124\"> </span>2,737 <span class=\"_ _e6\"> </span>12,626 <span class=\"_ _e6\"> </span>34,078Net b<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>k val<span class=\"_ _9\"></span>ue as a<span class=\"_ _9\"></span>t 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _122\"> </span>83,070 <span class=\"_ _16f\"> </span>115,701 <span class=\"_ _c2\"> </span>5,903 <span class=\"_ _180\"> </span>11,247 <span class=\"_ _16f\"> </span>215,921Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f bor<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ali<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d dur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e year e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022 wa<span class=\"_ _9\"></span>s \u00a321<span class=\"_ _4\"></span>5 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d (2021<span class=\"_ _4\"></span>: \u00a321<span class=\"_ _3\"></span>2 t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>).No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dImpairment In 202<span class=\"_ _9\"></span>2, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s of im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t.Set o<span class=\"_ _9\"></span>ut b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w are t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s of l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d un<span class=\"_ _9\"></span>der O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d Ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es) an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s dur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d:2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000A<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _247\"> </span>251,618<span class=\"_ _183\"> </span><span class=\"ff9c\">254,044</span>Additions<span class=\"_ _23c\"> </span><span class=\"ff9b ls2 ws5\">50<span class=\"_ _8d\"> </span><span class=\"ff9c\">\u2013</span></span>Dispos<span class=\"_ _9\"></span>als<span class=\"_ _248\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _180\"> </span><span class=\"ff9c\">(2,088)</span></span>1Accretion of<span class=\"_ _4\"></span> interest9,952<span class=\"_ _ce\"> </span><span class=\"ff9c\">7,473</span>Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation<span class=\"_ _249\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _c9\"> </span><span class=\"ff9c\">(158)</span></span>Paym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _b8\"> </span><span class=\"ff9b\">(14,627)<span class=\"_ _196\"> </span></span>(13,011)Re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y reco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n oth<span class=\"_ _9\"></span>er ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es<span class=\"_ _9f\"> </span><span class=\"ff9b\">3,704<span class=\"_ _ce\"> </span></span>3,565Re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y adju<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t rig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _cc\"> </span><span class=\"ff9b\">14,234<span class=\"_ _ce\"> </span></span>4,226E<span class=\"_ _9\"></span>xch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>te di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ces r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>ss<span class=\"_ _1bf\"> </span><span class=\"ff9b\">1,662<span class=\"_ _1ae\"> </span></span>84Adjustment<span class=\"_ _9\"></span>s for<span class=\"_ _4\"></span> foreign e<span class=\"_ _4\"></span>xchange differences<span class=\"_ _24a\"> </span><span class=\"ff9b ls2 ws5\">458<span class=\"_ _180\"> </span><span class=\"ff9c\">(2,517)</span></span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er<span class=\"_ _c\"> </span>267,051<span class=\"_ _183\"> </span><span class=\"ff9c\">251,618</span>Cur<span class=\"_ _9\"></span>rent<span class=\"_ _24b\"> </span><span class=\"ff9b ls2 ws5\">5,507<span class=\"_ _ce\"> </span><span class=\"ff9c\">6,344</span></span>Non-current<span class=\"_ _ae\"> </span><span class=\"ff9b ls2 ws5\">261,544<span class=\"_ _16b\"> </span><span class=\"ff9c\">245,274</span></span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wi<span class=\"_ _9\"></span>ng c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022 w<span class=\"_ _9\"></span>as \u00a3<span class=\"_ _9\"></span>215 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d (20<span class=\"_ _9\"></span>21<span class=\"_ _4\"></span>: \u00a3212 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d).Set o<span class=\"_ _9\"></span>ut b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w is a s<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s and e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n leas<span class=\"_ _9\"></span>e ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s for a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 40 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s (\u2018lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>es\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>ses f<span class=\"_ _9\"></span>or a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod o<span class=\"_ _9\"></span>f up to 4<span class=\"_ _9\"></span>0 year<span class=\"_ _9\"></span>s (\u2018s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es\u2019<span class=\"_ _9\"></span>).Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31  De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022  \u00a3\u2019<span class=\"_ _4\"></span>000Long-term Sh<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es <span class=\"_ _4\"></span> (&gt;4<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>)(&lt;<span class=\"_ _9\"></span>4<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>)<span class=\"_ _1c1\"> </span><span class=\"ls92 ws78\">To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l</span>Lease li<span class=\"_ _4\"></span>abilities<span class=\"_ _24c\"> </span><span class=\"ff9b ls2 ws5\"> 234,050 <span class=\"_ _17\"> </span> 33,001 <span class=\"_ _fa\"> </span> 267,051 </span>Fi<span class=\"_ _9\"></span>xed le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _24d\"> </span><span class=\"ff9b\"> 9,031 <span class=\"_ _32\"> </span> 5,596 <span class=\"_ _17\"> </span> 14,627 </span>Acc<span class=\"_ _9\"></span>ret<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st <span class=\"_ _24e\"> </span><span class=\"ff9b\"> 8,968 <span class=\"_ _f5\"> </span> 984 <span class=\"_ _1aa\"> </span> 9,952 </span>Depre<span class=\"_ _9\"></span>ciation<span class=\"_ _24f\"> </span><span class=\"ff9b ls2 ws5\"> 3,774 <span class=\"_ _32\"> </span> 2,779 <span class=\"_ _1aa\"> </span> 6,553</span>Y<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31  De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21  \u00a3\u2019<span class=\"_ _4\"></span>000Long-ter<span class=\"_ _9\"></span>m Shor<span class=\"_ _9\"></span>t-t<span class=\"_ _4\"></span>erm lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> (&gt;4<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>)(&lt;4<span class=\"_ _1\"></span>0<span class=\"_ _9\"></span>)<span class=\"_ _125\"> </span><span class=\"ls1a9 ws19b\">To<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>l</span>Lease li<span class=\"_ _4\"></span>abilities<span class=\"_ _250\"> </span><span class=\"ls2 ws5\">216,204<span class=\"_ _98\"> </span>35,414<span class=\"_ _183\"> </span>251,618</span>Fi<span class=\"_ _9\"></span>xed le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _251\"> </span>9,176<span class=\"_ _ce\"> </span>3,835<span class=\"_ _17c\"> </span>13,011Acc<span class=\"_ _9\"></span>ret<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st <span class=\"_ _252\"> </span>7,380<span class=\"_ _48\"> </span>93<span class=\"_ _ba\"> </span>7,473Depre<span class=\"_ _9\"></span>ciation<span class=\"_ _253\"> </span><span class=\"ls2 ws5\">3,611<span class=\"_ _ce\"> </span>3,056<span class=\"_ _ce\"> </span>6,667</span>No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dDet<span class=\"_ _9\"></span>ail<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>gar<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g cer<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>n lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are as b<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>ow:(a) <span class=\"_ _1\"></span>O<span class=\"_ _9\"></span>n 29 Ja<span class=\"_ _9\"></span>nuar<span class=\"_ _1\"></span>y 2020, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na, ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o a 45<span class=\"_ _9\"></span>-yea<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e deve<span class=\"_ _9\"></span>lop<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of a con<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y b<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed ho<span class=\"_ _9\"></span>tel i<span class=\"_ _9\"></span>n Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>b, Croat<span class=\"_ _9\"></span>ia. T<span class=\"_ _9\"></span>he de<span class=\"_ _9\"></span>velo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>, whic<span class=\"_ _9\"></span>h is s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o obt<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ning t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sar<span class=\"_ _1\"></span>y pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>nvolve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e conv<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n of an i<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>ic bu<span class=\"_ _9\"></span>ildi<span class=\"_ _9\"></span>ng in a p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>me lo<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he hi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ic he<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y. Once o<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>d, thi<span class=\"_ _9\"></span>s 1<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>8<span class=\"_ _9\"></span>-r<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>m hote<span class=\"_ _9\"></span>l will i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e a de<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>au<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d bar, wellne<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s and s<span class=\"_ _9\"></span>pa f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s, fit<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s cen<span class=\"_ _9\"></span>tre, eve<span class=\"_ _9\"></span>nt sp<span class=\"_ _9\"></span>ace a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ki<span class=\"_ _9\"></span>ng.(b) Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dis h<span class=\"_ _9\"></span>as a la<span class=\"_ _9\"></span>nd le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ld int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, ex<span class=\"_ _9\"></span>pir<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g in 20<span class=\"_ _9\"></span>95, of Holm<span class=\"_ _9\"></span>es Ho<span class=\"_ _9\"></span>tel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on. B<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>ates<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>view t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t was s<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n 29 Se<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>nt am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to \u00a31<span class=\"_ _3\"></span>,<span class=\"_ _9\"></span>250 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>s has a<span class=\"_ _9\"></span>n opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se to a t<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>al of 1<span class=\"_ _4\"></span>25 year<span class=\"_ _9\"></span>s, ex<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng in 21<span class=\"_ _4\"></span>21<span class=\"_ _3\"></span>. T<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any al<span class=\"_ _9\"></span>so ha<span class=\"_ _9\"></span>s an o<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>n to te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se in 2<span class=\"_ _9\"></span>059<span class=\"_ _3\"></span>.(c) <span class=\"_ _1e\"></span>Ri<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. ha<span class=\"_ _9\"></span>s a lan<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>, exp<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n 21<span class=\"_ _3\"></span>25, fo<span class=\"_ _9\"></span>r Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on R<span class=\"_ _9\"></span>iver<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>, su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>view ever<span class=\"_ _1\"></span>y fi<span class=\"_ _9\"></span>ve year<span class=\"_ _9\"></span>s, b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on C<span class=\"_ _9\"></span>PI. Bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e late<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ren<span class=\"_ _9\"></span>t revi<span class=\"_ _9\"></span>ew, ef<span class=\"_ _9\"></span>fec<span class=\"_ _1\"></span>tive f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m 10 May 201<span class=\"_ _3\"></span>5, th<span class=\"_ _9\"></span>e ann<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to \u00a31<span class=\"_ _3\"></span>,<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>01 thousand.(d) O<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>8 June 2<span class=\"_ _9\"></span>01<span class=\"_ _3\"></span>2, Par<span class=\"_ _9\"></span>k Roy<span class=\"_ _9\"></span>al Hot<span class=\"_ _9\"></span>el Ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. (\u2018<span class=\"_ _9\"></span>Par<span class=\"_ _9\"></span>k Roya<span class=\"_ _9\"></span>l\u2019) c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ple<span class=\"_ _9\"></span>ted t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ld pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y at 628 Wes<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>n Aven<span class=\"_ _9\"></span>ue, Par<span class=\"_ _9\"></span>k Royal, L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>Sit<span class=\"_ _9\"></span>e\u2019), whi<span class=\"_ _9\"></span>ch w<span class=\"_ _9\"></span>as a d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent s<span class=\"_ _9\"></span>ite o<span class=\"_ _9\"></span>n on<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e mai<span class=\"_ _9\"></span>n tho<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>ghf<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>es in<span class=\"_ _9\"></span>to Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on, for \u00a36.0 mill<span class=\"_ _9\"></span>ion. S<span class=\"_ _9\"></span>imul<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ous<span class=\"_ _9\"></span>ly, Park Roy<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>le of t<span class=\"_ _9\"></span>he Si<span class=\"_ _9\"></span>te at a pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e of \u00a3<span class=\"_ _9\"></span>7<span class=\"_ _a\"></span>.0 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>k of th<span class=\"_ _9\"></span>e Site a<span class=\"_ _9\"></span>t an ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>ent of \u00a3<span class=\"_ _9\"></span>30<span class=\"_ _9\"></span>6 th<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>er yea<span class=\"_ _9\"></span>r for 1<span class=\"_ _4\"></span>70 years<span class=\"_ _9\"></span>. Bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he lat<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt rev<span class=\"_ _9\"></span>iew, wit<span class=\"_ _9\"></span>h ef<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t f<span class=\"_ _9\"></span>rom 15 June 2<span class=\"_ _9\"></span>022, th<span class=\"_ _9\"></span>e ann<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>ent amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ts t<span class=\"_ _9\"></span>o \u00a34<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>7 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d.(e) <span class=\"_ _9\"></span>O<span class=\"_ _9\"></span>n 20 Ju<span class=\"_ _9\"></span>ly 201<span class=\"_ _4\"></span>7<span class=\"_ _a\"></span>, Water<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o Hot<span class=\"_ _9\"></span>el Ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e sal<span class=\"_ _9\"></span>e of Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Water<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o for \u00a31<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>.5 milli<span class=\"_ _9\"></span>on s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o a lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k fo<span class=\"_ _9\"></span>r 1<span class=\"_ _3\"></span>9<span class=\"_ _9\"></span>9 yea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e init<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>nt of \u00a3<span class=\"_ _9\"></span>5.6 milli<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>er yea<span class=\"_ _9\"></span>r will hav<span class=\"_ _9\"></span>e ann<span class=\"_ _9\"></span>ual in<span class=\"_ _9\"></span>fla<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to a ca<span class=\"_ _9\"></span>p of 4% and coll<span class=\"_ _9\"></span>ar of 2<span class=\"_ _9\"></span>%. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng are t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Deprecia<span class=\"_ _4\"></span>tion<span class=\"_ _4\"></span> expense <span class=\"_ _c\"> </span><span class=\"ff9b ls2 ws5\">6,553<span class=\"_ _ba\"> </span><span class=\"ff9c\">6,667</span></span>Interest expense on lease<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities<span class=\"_ _254\"> </span><span class=\"ff9b ls2 ws5\">9,737<span class=\"_ _ce\"> </span><span class=\"ff9c\">7,261</span></span>E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>o low<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es)<span class=\"_ _255\"> </span><span class=\"ff9b\">169<span class=\"_ _46\"> </span></span>129E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>o low<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n rent e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s)<span class=\"_ _1ea\"> </span><span class=\"ff9b\">877<span class=\"_ _46\"> </span></span>944Varia<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed in r<span class=\"_ _9\"></span>ent e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s)<span class=\"_ _256\"> </span><span class=\"ff9b\">1,544<span class=\"_ _ce\"> </span></span>1,561T<span class=\"_ _4\"></span>ota<span class=\"_ _9\"></span>l a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss<span class=\"_ _257\"> </span>18,880<span class=\"_ _98\"> </span><span class=\"ff9c\">16,562</span>Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>d tot<span class=\"_ _9\"></span>al c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h out<span class=\"_ _1\"></span>flo<span class=\"_ _9\"></span>ws fo<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s of \u00a31<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>,<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>7 t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d in 202<span class=\"_ _9\"></span>2 (2021<span class=\"_ _3\"></span>: \u00a31<span class=\"_ _4\"></span>5,645 t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d). No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on on t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s vari<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ayme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e mag<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e in re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion to f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in 2022 a<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>:A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022Fi<span class=\"_ _9\"></span>xed V<span class=\"_ _4\"></span>ariable pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Fi<span class=\"_ _9\"></span>xed re<span class=\"_ _9\"></span>nt<span class=\"_ _258\"> </span><span class=\"ff9b\">13,369<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>13,369</span>Varia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ent w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h mini<span class=\"_ _9\"></span>mum p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _259\"> </span><span class=\"ff9b\">1,258<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _180\"> </span>1,258</span>Variable rent only<span class=\"_ _25a\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _180\"> </span>1,544<span class=\"_ _180\"> </span>1,544</span>A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021Fixed<span class=\"_ _4\"></span> Variable payments payments To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Fi<span class=\"_ _9\"></span>xed re<span class=\"_ _9\"></span>nt<span class=\"_ _25b\"> </span>12,253<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _17c\"> </span>12,253Varia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ent w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h mini<span class=\"_ _9\"></span>mum p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _1e3\"> </span>758<span class=\"_ _75\"> </span>5<span class=\"_ _4e\"> </span>763Variable rent only<span class=\"_ _25a\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _ce\"> </span>1,556<span class=\"_ _ce\"> </span>1,556</span>No<span class=\"_ _9\"></span>te 19 Ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r paya<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>les a<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d acc<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>lsA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Current por<span class=\"_ _9\"></span>tion of<span class=\"_ _4\"></span> lease li<span class=\"_ _4\"></span>abilities<span class=\"_ _1cc\"> </span><span class=\"ff9b ls2 ws5\">5,507<span class=\"_ _ce\"> </span><span class=\"ff9c\">6,344</span></span>Cur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ent p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n of sh<span class=\"_ _9\"></span>are ap<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (Not<span class=\"_ _9\"></span>e 6b)<span class=\"_ _25c\"> </span><span class=\"ff9b\">5,519<span class=\"_ _46\"> </span></span>540Employ<span class=\"_ _4\"></span>ees<span class=\"_ _25d\"> </span><span class=\"ff9b ls2 ws5\">4,640<span class=\"_ _ce\"> </span><span class=\"ff9c\">1,666</span></span>VA<span class=\"_ _3\"></span>T an<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>xes<span class=\"_ _21c\"> </span><span class=\"ff9b\">14,514<span class=\"_ _1f8\"> </span></span>11,891Accrue<span class=\"_ _9\"></span>d int<span class=\"_ _4\"></span>erest<span class=\"_ _1d2\"> </span><span class=\"ff9b ls2 ws5\">3,128<span class=\"_ _ce\"> </span><span class=\"ff9c\">3,089</span></span>Co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xes<span class=\"_ _25e\"> </span><span class=\"ff9b\">130<span class=\"_ _48\"> </span></span>56Accrue<span class=\"_ _9\"></span>d expenses<span class=\"_ _25f\"> </span><span class=\"ff9b ls2 ws5\">26,808<span class=\"_ _98\"> </span><span class=\"ff9c\">20,252</span></span>Ad<span class=\"_ _9\"></span>van<span class=\"_ _9\"></span>ce p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>ived<span class=\"_ _260\"> </span><span class=\"ff9b\">8,238<span class=\"_ _ce\"> </span></span>6,021Accrue<span class=\"_ _9\"></span>d rent<span class=\"_ _20b\"> </span><span class=\"ff9b ls2 ws5\">4,402<span class=\"_ _9a\"> </span><span class=\"ff9c\">2,458</span></span>Varia<span class=\"_ _9\"></span>ble i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>der<span class=\"_ _9\"></span>s of I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s<span class=\"_ _261\"> </span><span class=\"ff9b\">4,137<span class=\"_ _46\"> </span></span>8601Related par<span class=\"_ _9\"></span>ties3,712<span class=\"_ _1ac\"> </span><span class=\"ff9c\">\u2013</span>Othe<span class=\"_ _9\"></span>r<span class=\"_ _262\"> </span><span class=\"ff9b ls2 ws5\">109<span class=\"_ _1ac\"> </span><span class=\"ff9c\">\u2013</span></span>80,844<span class=\"_ _98\"> </span><span class=\"ff9c\">53,177</span>1 <span class=\"_ _b\"> </span>Maj<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>is b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nce (\u00a3<span class=\"_ _9\"></span>3,<span class=\"_ _9\"></span>527 th<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>) re<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>o an a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>al fo<span class=\"_ _9\"></span>r co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e bu<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t wi<span class=\"_ _9\"></span>th G<span class=\"_ _9\"></span>ear C<span class=\"_ _9\"></span>o<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n UK L<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019ote<span class=\"_ _9\"></span>l Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>ox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n hot<span class=\"_ _9\"></span>el t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t wer<span class=\"_ _9\"></span>e pa<span class=\"_ _9\"></span>id af<span class=\"_ _1\"></span>ter t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>t dat<span class=\"_ _9\"></span>e (s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ote 2<span class=\"_ _9\"></span>9).No<span class=\"_ _9\"></span>te 20 R<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>uesY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Room<span class=\"_ _9\"></span>s<span class=\"_ _263\"> </span><span class=\"ff9b ls2 ws5\">237,793<span class=\"_ _98\"> </span><span class=\"ff9c\">84,430</span></span>Campsites and mobile<span class=\"_ _4\"></span> homes<span class=\"_ _264\"> </span><span class=\"ff9b ls2 ws5\">22,592<span class=\"_ _98\"> </span><span class=\"ff9c\">16,446</span></span>Foo<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d beve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>age<span class=\"_ _265\"> </span><span class=\"ff9b\">56,711<span class=\"_ _98\"> </span></span>27,814Minor operating (including room cancella<span class=\"_ _4\"></span>tion)<span class=\"_ _266\"> </span><span class=\"ff9b ls2 ws5\">7,401<span class=\"_ _ce\"> </span><span class=\"ff9c\">8,277</span></span>Managemen<span class=\"_ _4\"></span>t fee<span class=\"_ _4\"></span> (<span class=\"_ _4\"></span>see Not<span class=\"_ _4\"></span>e 1<span class=\"_ _3\"></span>3(c<span class=\"_ _4\"></span>)(i)<span class=\"_ _4\"></span>)<span class=\"_ _267\"> </span><span class=\"ff9b ls2 ws5\">2,183<span class=\"_ _46\"> </span><span class=\"ff9c\">529</span></span>Fra<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>his<span class=\"_ _9\"></span>e and r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vati<span class=\"_ _9\"></span>on fe<span class=\"_ _9\"></span>e (se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 1<span class=\"_ _3\"></span>3<span class=\"_ _9\"></span>(c)(<span class=\"_ _9\"></span>i))<span class=\"_ _268\"> </span><span class=\"ff9b\">1,466<span class=\"_ _46\"> </span></span>458Marketing fee<span class=\"_ _269\"> </span><span class=\"ff9b ls2 ws5\">718<span class=\"_ _46\"> </span><span class=\"ff9c\">156</span></span>Othe<span class=\"_ _9\"></span>r<span class=\"_ _26a\"> </span><span class=\"ff9b ls2 ws5\">1,227<span class=\"_ _ce\"> </span><span class=\"ff9c\">3,267</span></span>330,091<span class=\"_ _183\"> </span><span class=\"ff9c\">141,377</span>Note 2<span class=\"_ _4\"></span>1 Operating expensesY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Salaries and relate<span class=\"_ _9\"></span>d expens<span class=\"_ _9\"></span>es<span class=\"_ _26b\"> </span><span class=\"ff9b ls2 ws5\">109,412<span class=\"_ _98\"> </span><span class=\"ff9c\">68,710</span></span>Fra<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>his<span class=\"_ _9\"></span>e, res<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on an<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s (se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 1<span class=\"_ _3\"></span>3<span class=\"_ _9\"></span>(c)(<span class=\"_ _9\"></span>i))<span class=\"_ _26c\"> </span><span class=\"ff9b\">28,419<span class=\"_ _98\"> </span></span>12,186Foo<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d beve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>age <span class=\"_ _26d\"> </span><span class=\"ff9b\">16,471<span class=\"_ _ce\"> </span></span>8,675Insurance and proper<span class=\"_ _1\"></span>ty ta<span class=\"_ _9\"></span>xes<span class=\"_ _26e\"> </span><span class=\"ff9b ls2 ws5\">19,156<span class=\"_ _98\"> </span><span class=\"ff9c\">10,004</span></span>Utilities<span class=\"_ _26f\"> </span><span class=\"ff9b ls2 ws5\">11,570<span class=\"_ _ce\"> </span><span class=\"ff9c\">7,736</span></span>Adminis<span class=\"_ _9\"></span>trat<span class=\"_ _9\"></span>ion cost<span class=\"_ _9\"></span>s<span class=\"_ _270\"> </span><span class=\"ff9b ls2 ws5\">7,905<span class=\"_ _ce\"> </span><span class=\"ff9c\">3,607</span></span>Maintenan<span class=\"_ _9\"></span>ce<span class=\"_ _271\"> </span><span class=\"ff9b ls2 ws5\">6,839<span class=\"_ _ce\"> </span><span class=\"ff9c\">4,693</span></span>L<span class=\"_ _9\"></span>aun<span class=\"_ _9\"></span>dr<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, l<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d clea<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>g<span class=\"_ _272\"> </span><span class=\"ff9b\">5,472<span class=\"_ _ce\"> </span></span>1,941Supplies<span class=\"_ _273\"> </span><span class=\"ff9b ls2 ws5\">4,573<span class=\"_ _ce\"> </span><span class=\"ff9c\">2,186</span></span>IT<span class=\"_ _4\"></span> expenses<span class=\"_ _269\"> </span><span class=\"ff9b ls2 ws5\">2,195<span class=\"_ _9a\"> </span><span class=\"ff9c\">1,639</span></span>Communication,<span class=\"_ _4\"></span> travel and<span class=\"_ _4\"></span> transpor<span class=\"_ _1\"></span>t<span class=\"_ _274\"> </span><span class=\"ff9b ls2 ws5\">1,939<span class=\"_ _ce\"> </span><span class=\"ff9c\">1,141</span></span>Marketing expe<span class=\"_ _9\"></span>nses<span class=\"_ _275\"> </span><span class=\"ff9b ls2 ws5\">1,864<span class=\"_ _ce\"> </span><span class=\"ff9c\">1,523</span></span>Government grants payroll<span class=\"_ _276\"> </span><span class=\"ff9b ls2 ws5\">(183)<span class=\"_ _196\"> </span><span class=\"ff9c\">(12,079)</span></span>Gove<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fix<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _277\"> </span><span class=\"ff9b\">(2,461)<span class=\"_ _17c\"> </span></span>(9,578)Defined<span class=\"_ _4\"></span> contributi<span class=\"_ _4\"></span>on pensi<span class=\"_ _4\"></span>on prem<span class=\"_ _4\"></span>iums<span class=\"_ _278\"> </span><span class=\"ff9b ls2 ws5\">4,588<span class=\"_ _ce\"> </span><span class=\"ff9c\">3,174</span></span>Other e<span class=\"_ _4\"></span>xpenses<span class=\"_ _4\"></span> <span class=\"_ _18f\"> </span><span class=\"ff9b ls2 ws5\">15,328<span class=\"_ _ce\"> </span><span class=\"ff9c\">8,250</span></span>233,087<span class=\"_ _183\"> </span><span class=\"ff9c\">113,808</span>No<span class=\"_ _9\"></span>te 22 Fi<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>esY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s on b<span class=\"_ _9\"></span>ank l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>ns<span class=\"_ _1b8\"> </span><span class=\"ff9b\">24,815<span class=\"_ _98\"> </span></span>24,015Interest on lea<span class=\"_ _4\"></span>se liabil<span class=\"_ _4\"></span>ities<span class=\"_ _19a\"> </span><span class=\"ff9b ls2 ws5\">9,737<span class=\"_ _ce\"> </span><span class=\"ff9c\">7,261</span></span>Foreign exchange dif<span class=\"_ _9\"></span>ferences, net<span class=\"_ _279\"> </span><span class=\"ff9b ls2 ws5\">2,012<span class=\"_ _1ac\"> </span><span class=\"ff9c\">\u2013</span></span>Othe<span class=\"_ _9\"></span>r<span class=\"_ _262\"> </span><span class=\"ff9b ls2 ws5\">693<span class=\"_ _48\"> </span><span class=\"ff9c\">93</span></span>37,257<span class=\"_ _98\"> </span><span class=\"ff9c\">31,369</span>No<span class=\"_ _9\"></span>te 23 Fi<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>eY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e fro<span class=\"_ _9\"></span>m Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Ha<span class=\"_ _9\"></span>ll Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _27a\"> </span><span class=\"ff9b\">887<span class=\"_ _48\"> </span></span>27Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n ba<span class=\"_ _9\"></span>nk d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>osi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _1dc\"> </span><span class=\"ff9b\">375<span class=\"_ _4e\"> </span></span>163Foreign exchange dif<span class=\"_ _9\"></span>ferences, net<span class=\"_ _b1\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _48\"> </span><span class=\"ff9c\">42</span></span>Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me fr<span class=\"_ _9\"></span>om jo<span class=\"_ _9\"></span>int<span class=\"_ _9\"></span>ly co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>olle<span class=\"_ _9\"></span>d en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ies (s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ote 29<span class=\"_ _9\"></span>(b))<span class=\"_ _fe\"> </span><span class=\"ff9b\">117<span class=\"_ _4e\"> </span></span>101Othe<span class=\"_ _9\"></span>r<span class=\"_ _262\"> </span><span class=\"ff9b ls2 ws5\">137<span class=\"_ _1ac\"> </span><span class=\"ff9c\">\u2013</span></span>1,516<span class=\"_ _46\"> </span><span class=\"ff9c\">333</span>No<span class=\"_ _9\"></span>te 24 O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me a<span class=\"_ _9\"></span>nd ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>esa. <span class=\"_\"> </span>Ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>esY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>tal l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s on b<span class=\"_ _9\"></span>uy<span class=\"_ _9\"></span>-b<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>k of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s prev<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>usl<span class=\"_ _9\"></span>y so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs<span class=\"_ _38\"> </span><span class=\"ff9b\">1,499<span class=\"_ _4e\"> </span></span>5431Re-<span class=\"_ _9\"></span>mea<span class=\"_ _9\"></span>sure<span class=\"_ _9\"></span>ment of leas<span class=\"_ _9\"></span>e liabilit<span class=\"_ _9\"></span>y3,704<span class=\"_ _ce\"> </span><span class=\"ff9c\">3,565</span>2Los<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>n dis<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al of fi<span class=\"_ _9\"></span>xed a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s47<span class=\"_ _46\"> </span><span class=\"ff9c\">436</span>Other n<span class=\"_ _4\"></span>on-recurring<span class=\"_ _4\"></span> expen<span class=\"_ _4\"></span>ses (i<span class=\"_ _4\"></span>nclu<span class=\"_ _4\"></span>ding<span class=\"_ _4\"></span> pre-openin<span class=\"_ _4\"></span>g e<span class=\"_ _4\"></span>xpenses<span class=\"_ _4\"></span>)<span class=\"_ _7c\"> </span><span class=\"ff9b ls2 ws5\">1,422<span class=\"_ _46\"> </span><span class=\"ff9c\">305</span></span>Reva<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of sh<span class=\"_ _9\"></span>are ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>b(<span class=\"_ _9\"></span>i))<span class=\"_ _68\"> </span><span class=\"ff9b\">119<span class=\"_ _1ac\"> </span></span>\u2013Loa<span class=\"_ _9\"></span>n ear<span class=\"_ _9\"></span>ly r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent b<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>k cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (s<span class=\"_ _9\"></span>ee No<span class=\"_ _9\"></span>te 1<span class=\"_ _4\"></span>4b)<span class=\"_ _27b\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _46\"> </span></span>505Bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>on ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (s<span class=\"_ _9\"></span>ee No<span class=\"_ _9\"></span>tes 3a a<span class=\"_ _9\"></span>nd 3<span class=\"_ _9\"></span>b)<span class=\"_ _27c\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _ce\"> </span></span>1,0173Ar<span class=\"_ _9\"></span>ena \u2013 l<span class=\"_ _9\"></span>ega<span class=\"_ _9\"></span>l set<span class=\"_ _1\"></span>tle<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt\u2013<span class=\"_ _ce\"> </span><span class=\"ff9c\">3,047</span>6,791<span class=\"_ _ce\"> </span><span class=\"ff9c\">9,418</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>is am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e Wate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he 2<span class=\"_ _9\"></span>% co<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>r (se<span class=\"_ _9\"></span>e No<span class=\"_ _9\"></span>te 18). 2 <span class=\"_ _b\"> </span>Lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>n 20<span class=\"_ _9\"></span>21 mai<span class=\"_ _9\"></span>nly r<span class=\"_ _9\"></span>ela<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he w<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>f a<span class=\"_ _9\"></span>nd d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ls of f<span class=\"_ _9\"></span>ix<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l Br<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ni Pu<span class=\"_ _9\"></span>la.3 <span class=\"_ _b\"> </span>In 2<span class=\"_ _9\"></span>01<span class=\"_ _4\"></span>3, T<span class=\"_ _4\"></span>ehn<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>kol<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>ija d<span class=\"_ _9\"></span>.o.o. (<span class=\"_ _9\"></span>TE<span class=\"_ _9\"></span>) in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d a li<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e aga<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>st A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at TE s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>dl<span class=\"_ _9\"></span>y ha<span class=\"_ _9\"></span>d ma<span class=\"_ _9\"></span>de i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>te K<span class=\"_ _9\"></span>a\u017ee<span class=\"_ _9\"></span>la, Me<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>lin, b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s 1<span class=\"_ _4\"></span>998 a<span class=\"_ _9\"></span>nd 2<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>05 w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n Ka<span class=\"_ _9\"></span>\u017ee<span class=\"_ _9\"></span>la, Me<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>uli<span class=\"_ _9\"></span>n, wa<span class=\"_ _9\"></span>s op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed by T<span class=\"_ _9\"></span>E ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a an<span class=\"_ _9\"></span>d TE. A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na a<span class=\"_ _9\"></span>nd T<span class=\"_ _9\"></span>E have<span class=\"_ _9\"></span> rea<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>ed a s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>his l<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>g-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m l<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>iga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>lte<span class=\"_ _9\"></span>d in a c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to TE i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of H<span class=\"_ _9\"></span>RK 26 m<span class=\"_ _9\"></span>illi<span class=\"_ _9\"></span>on (\u00a3<span class=\"_ _9\"></span>3 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n). A<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>l for t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt wa<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n 2021 u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r pa<span class=\"_ _9\"></span>ya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>. In 20<span class=\"_ _9\"></span>22, t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>as f<span class=\"_ _9\"></span>ull<span class=\"_ _9\"></span>y pa<span class=\"_ _9\"></span>id.<span class=\"_ _9\"></span> b. <span class=\"_ _6\"> </span>O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>meY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Reva<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of sh<span class=\"_ _9\"></span>are ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>b(<span class=\"_ _9\"></span>i))<span class=\"_ _1ed\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _9a\"> </span></span>1,750Reva<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap (not<span class=\"_ _9\"></span>e 30<span class=\"_ _9\"></span>a)<span class=\"_ _27d\"> </span><span class=\"ff9b\">9,692<span class=\"_ _1ac\"> </span></span>\u2013Reva<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s Pa<span class=\"_ _9\"></span>rk P<span class=\"_ _9\"></span>laz<span class=\"_ _9\"></span>a Co<span class=\"_ _9\"></span>unt<span class=\"_ _1\"></span>y Hall Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on (s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ote 7)<span class=\"_ _106\"> </span><span class=\"ff9b\">300<span class=\"_ _4e\"> </span></span>602Gai<span class=\"_ _9\"></span>n on s<span class=\"_ _9\"></span>ale of f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _27e\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _ce\"> </span></span>1,4329,992<span class=\"_ _ce\"> </span><span class=\"ff9c\">3,784</span>No<span class=\"_ _9\"></span>te 25 N<span class=\"_ _9\"></span>et ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld t<span class=\"_ _9\"></span>o pr<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>te i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>sY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Varia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>n (se<span class=\"_ _9\"></span>e Note 2(<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>))<span class=\"_ _264\"> </span><span class=\"ff9b\">11,947<span class=\"_ _ce\"> </span></span>2,567Reim<span class=\"_ _9\"></span>bu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>sem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es (se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 2(k<span class=\"_ _9\"></span>))<span class=\"_ _ab\"> </span><span class=\"ff9b\">(1,164)<span class=\"_ _9d\"> </span></span>(618)10,783<span class=\"_ _ce\"> </span><span class=\"ff9c\">1,949</span>No<span class=\"_ _9\"></span>te 26 I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xesa. <span class=\"_\"> </span>T<span class=\"_ _3\"></span>a<span class=\"_ _9\"></span>x b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>it (ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e) in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Curr<span class=\"_ _4\"></span>en<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span> taxe<span class=\"_ _4\"></span>s<span class=\"_ _238\"> </span><span class=\"ff9b ls2 ws5\">(394)<span class=\"_ _126\"> </span><span class=\"ff9c\">(350)</span></span>Ad<span class=\"_ _9\"></span>jus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>ax o<span class=\"_ _9\"></span>f prev<span class=\"_ _9\"></span>iou<span class=\"_ _9\"></span>s year<span class=\"_ _1c5\"> </span><span class=\"ff9b\">87<span class=\"_ _48\"> </span></span>61Deferre<span class=\"_ _9\"></span>d taxes<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">3,663<span class=\"_ _ce\"> </span><span class=\"ff9c\">5,340</span></span>3,356<span class=\"_ _ce\"> </span><span class=\"ff9c\">5,051</span>b. <span class=\"_ _6\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g a<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>aj<span class=\"_ _9\"></span>or d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x (l<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s) an<span class=\"_ _9\"></span>d a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>rei<span class=\"_ _9\"></span>n du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e\ue61fpe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od:T<span class=\"_ _4\"></span>ax lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ard <span class=\"_ _4\"></span> Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, pla<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d tim<span class=\"_ _9\"></span>ing an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dif<span class=\"_ _9\"></span>ference on and intangible Ta<span class=\"_ _1\"></span>x<span class=\"_ _9\"></span><span class=\"ls2 ws5\"> </span>provisions as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span>  incentives To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022 <span class=\"_ _148\"> </span>8,334<span class=\"_ _c2\"> </span>(11,009)<span class=\"_ _a1\"> </span>5,660<span class=\"_ _83\"> </span>2,985Am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ch<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ed to i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t <span class=\"_ _233\"> </span><span class=\"ff9b\">4,134<span class=\"_ _88\"> </span>274<span class=\"_ _a5\"> </span>(745)<span class=\"_ _a1\"> </span>3,663</span>Cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>ateAdjustment<span class=\"_ _9\"></span>s for<span class=\"_ _4\"></span> exchange rate<span class=\"_ _4\"></span> differences<span class=\"_ _27f\"> </span><span class=\"ff9b ls2 ws5\">460<span class=\"_ _a4\"> </span>(399)<span class=\"_ _1ae\"> </span>278<span class=\"_ _1ae\"> </span>339</span>Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022<span class=\"_ _7b\"> </span>12,928<span class=\"_ _124\"> </span>(11,134)<span class=\"_ _a1\"> </span>5,193<span class=\"_ _83\"> </span>6,987Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021 <span class=\"_ _280\"> </span>4,208<span class=\"_ _174\"> </span>(11,999)<span class=\"_ _124\"> </span>6,043<span class=\"_ _83\"> </span>(1,748)Am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ch<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ed to i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t <span class=\"_ _281\"> </span>3,962<span class=\"_ _1ae\"> </span>1,378<span class=\"_ _92\"> </span>\u2013<span class=\"_ _19d\"> </span>5,340Am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion (s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ote 3(a))<span class=\"_ _175\"> </span>378<span class=\"_ _145\"> </span>(908)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _48\"> </span>(530)Adjustment<span class=\"_ _9\"></span>s for<span class=\"_ _4\"></span> exchange rate<span class=\"_ _4\"></span> differences<span class=\"_ _c5\"> </span><span class=\"ls2 ws5\">(214)<span class=\"_ _75\"> </span>520<span class=\"_ _48\"> </span>(383)<span class=\"_ _5d\"> </span>(77)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _1fe\"> </span>8,334<span class=\"_ _174\"> </span>(11,009)<span class=\"_ _282\"> </span>5,660<span class=\"_ _174\"> </span>2,985 <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>bove d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xes have b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n se<span class=\"_ _9\"></span>t of<span class=\"_ _9\"></span>f w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>y rela<span class=\"_ _9\"></span>te to t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ame j<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>isd<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Deferre<span class=\"_ _9\"></span>d tax as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _283\"> </span><span class=\"ff9b ls2 ws5\">12,909<span class=\"_ _98\"> </span><span class=\"ff9c\">10,221</span></span>Deferred tax liabilities<span class=\"_ _284\"> </span><span class=\"ff9b ls2 ws5\">(5,922)<span class=\"_ _17c\"> </span><span class=\"ff9c\">(7,236)</span></span>6,987<span class=\"_ _ce\"> </span><span class=\"ff9c\">2,985</span>No<span class=\"_ _9\"></span>te 26 I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xes co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>edc. <span class=\"_ _7\"> </span>R<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x be<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>it (ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e) an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t mu<span class=\"_ _9\"></span>lt<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up\u2019s ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate is\ue61fa<span class=\"_ _9\"></span>s\ue61ffo<span class=\"_ _9\"></span>ll<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s:Y<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Prof<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>s<span class=\"_ _206\"> </span><span class=\"ff9b\">11,456<span class=\"_ _1aa\"> </span></span>(57,555)E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x at th<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f the U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ed K<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m 1<span class=\"_ _4\"></span>9% (2021<span class=\"_ _4\"></span>: 1<span class=\"_ _3\"></span>9<span class=\"_ _9\"></span>%)<span class=\"_ _285\"> </span><span class=\"ff9b\">(2,177)<span class=\"_ _15\"> </span></span>10,936Ad<span class=\"_ _9\"></span>jus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f:Ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>f oth<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>es <span class=\"_ _20a\"> </span><span class=\"ff9b\">1,265<span class=\"_ _ce\"> </span></span>2,594Non-<span class=\"_ _9\"></span>deduc<span class=\"_ _9\"></span>tible exp<span class=\"_ _9\"></span>enses<span class=\"_ _1a4\"> </span><span class=\"ff9b ls2 ws5\">(3,825)<span class=\"_ _17c\"> </span><span class=\"ff9c\">(8,269)</span></span>Ut<span class=\"_ _9\"></span>ilis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on of c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h de<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s we<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t previously recorde<span class=\"_ _9\"></span>d<span class=\"_ _22b\"> </span><span class=\"ff9b ls2 ws5\">5,406<span class=\"_ _46\"> </span><span class=\"ff9c\">291</span></span>T<span class=\"_ _3\"></span>e<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h no d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t was r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed <span class=\"_ _286\"> </span>(211)Non-ta<span class=\"_ _9\"></span>xable income<span class=\"_ _287\"> </span><span class=\"ff9b ls2 ws5\">135<span class=\"_ _46\"> </span><span class=\"ff9c\">114</span></span>Unr<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent y<span class=\"_ _9\"></span>ear t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es <span class=\"_ _288\"> </span><span class=\"ff9b\">(1,695)<span class=\"_ _17c\"> </span></span>(5,299)Rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on of d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t on lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m pr<span class=\"_ _9\"></span>evio<span class=\"_ _9\"></span>us ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s<span class=\"_ _1b0\"> </span><span class=\"ff9b\">4,072<span class=\"_ _ce\"> </span></span>3,634Othe<span class=\"_ _9\"></span>r differences <span class=\"_ _289\"> </span><span class=\"ff9b ls2 ws5\">175<span class=\"_ _ce\"> </span><span class=\"ff9c\">1,261</span></span>Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x be<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>fit (ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e) rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt <span class=\"_ _14d\"> </span><span class=\"ff9b\">3,356<span class=\"_ _ba\"> </span></span>5,051d. <span class=\"_ _6\"> </span>Tax la<span class=\"_ _9\"></span>ws a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le to t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>: (i<span class=\"_ _9\"></span>) <span class=\"_ _7\"> </span>T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any is s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the l<span class=\"_ _9\"></span>aws of G<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>sey. The C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>fore t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xed a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>rd r<span class=\"_ _9\"></span>ate of 0<span class=\"_ _9\"></span>%.(ii<span class=\"_ _9\"></span>) <span class=\"_ _1\"></span>Fo<span class=\"_ _9\"></span>reig<span class=\"_ _9\"></span>n su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e sub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>xes i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>eir co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f do<span class=\"_ _9\"></span>micil<span class=\"_ _9\"></span>e in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>t of th<span class=\"_ _9\"></span>eir in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e, as foll<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s: 1<span class=\"_ _4\"></span>. <span class=\"_ _7\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he N<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ds: c<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>s 25.8%.2. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n the U<span class=\"_ _9\"></span>nite<span class=\"_ _9\"></span>d K<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m: cor<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate f<span class=\"_ _9\"></span>or do<span class=\"_ _9\"></span>mic<span class=\"_ _9\"></span>ile<span class=\"_ _9\"></span>d com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>nies a<span class=\"_ _9\"></span>nd fo<span class=\"_ _9\"></span>r no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>omi<span class=\"_ _9\"></span>cile<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>anie<span class=\"_ _9\"></span>s is 1<span class=\"_ _4\"></span>9% (2021<span class=\"_ _3\"></span>: 1<span class=\"_ _3\"></span>9<span class=\"_ _9\"></span>%)<span class=\"_ _4\"></span>.3. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Ger<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>ny: ag<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me r<span class=\"_ _9\"></span>ate 29<span class=\"_ _4\"></span>.7%.4. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Hun<span class=\"_ _9\"></span>gar<span class=\"_ _1\"></span>y: co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x ra<span class=\"_ _9\"></span>te 9%<span class=\"_ _9\"></span>.5. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Cro<span class=\"_ _9\"></span>atia: co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x ra<span class=\"_ _9\"></span>te 18%.6.  T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Ita<span class=\"_ _9\"></span>ly: a<span class=\"_ _9\"></span>ggr<span class=\"_ _9\"></span>ega<span class=\"_ _9\"></span>ted c<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e (IRE<span class=\"_ _9\"></span>S) a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>al ta<span class=\"_ _9\"></span>x (I<span class=\"_ _9\"></span>R<span class=\"_ _9\"></span>AP<span class=\"_ _9\"></span>) ra<span class=\"_ _9\"></span>te 27<span class=\"_ _a\"></span>.9%.7<span class=\"_ _a\"></span>.  <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>a<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n in Au<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ia: cor<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e 25%.8. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Ser<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>a: cor<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate 15%.No<span class=\"_ _9\"></span>te 26 I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xes co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ed <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he UK \u2013 I<span class=\"_ _9\"></span>n Marc<span class=\"_ _9\"></span>h 2021<span class=\"_ _4\"></span>, the U<span class=\"_ _9\"></span>K gove<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt ad<span class=\"_ _9\"></span>opt<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he Sp<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing B<span class=\"_ _9\"></span>udg<span class=\"_ _9\"></span>et 20<span class=\"_ _9\"></span>21 whic<span class=\"_ _9\"></span>h inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>n inc<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e UK co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate f<span class=\"_ _9\"></span>rom 19% to 25% fr<span class=\"_ _9\"></span>om 1 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 20<span class=\"_ _9\"></span>23.  <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he Net<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>s \u2013 In 20<span class=\"_ _9\"></span>20, un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he 20<span class=\"_ _9\"></span>21 ta<span class=\"_ _9\"></span>x pla<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch w<span class=\"_ _9\"></span>as ad<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ted o<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>5 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>020 it w<span class=\"_ _9\"></span>as d<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e red<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n in co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x ra<span class=\"_ _9\"></span>te to 21<span class=\"_ _4\"></span>.7<span class=\"_ _4\"></span>% will b<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ed an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>n at 25%. I<span class=\"_ _9\"></span>n 2021<span class=\"_ _3\"></span>, u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he 2022 t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x pla<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>ich w<span class=\"_ _9\"></span>as a<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>d on 21 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, i<span class=\"_ _9\"></span>t was d<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x ra<span class=\"_ _9\"></span>te wil<span class=\"_ _9\"></span>l inc<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se to 25.8<span class=\"_ _9\"></span>% st<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ting 1 Januar<span class=\"_ _9\"></span>y 2022<span class=\"_ _4\"></span>.e. <span class=\"_ _8\"> </span>Los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>rri<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>rd fo<span class=\"_ _9\"></span>r t<span class=\"_ _9\"></span>ax p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ied f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r ta<span class=\"_ _9\"></span>x p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>d at ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>oxi<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>ly \u00a3<span class=\"_ _9\"></span>208<span class=\"_ _9\"></span>.8 milli<span class=\"_ _9\"></span>on (20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>: \u00a32<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0.8 milli<span class=\"_ _9\"></span>on). The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p did n<span class=\"_ _9\"></span>ot es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>h def<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing to \u00a31<span class=\"_ _4\"></span>52.6 millio<span class=\"_ _9\"></span>n (2021<span class=\"_ _4\"></span>: \u00a3<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>.5 millio<span class=\"_ _9\"></span>n) whi<span class=\"_ _9\"></span>ch m<span class=\"_ _9\"></span>ay be c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ied for<span class=\"_ _9\"></span>ward indefinitely<span class=\"_ _3\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ied f<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es re<span class=\"_ _9\"></span>late to i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>nies i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up, eac<span class=\"_ _9\"></span>h in it<span class=\"_ _9\"></span>s ow<span class=\"_ _9\"></span>n t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x jur<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>dic<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n. Wh<span class=\"_ _9\"></span>en an<span class=\"_ _9\"></span>aly<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>over<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he like<span class=\"_ _9\"></span>liho<span class=\"_ _9\"></span>od t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>n be u<span class=\"_ _9\"></span>tili<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d aga<span class=\"_ _9\"></span>ins<span class=\"_ _9\"></span>t f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. In t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>nal<span class=\"_ _9\"></span>ysi<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hat f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e maj<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>anie<span class=\"_ _9\"></span>s it is n<span class=\"_ _9\"></span>ot hig<span class=\"_ _9\"></span>hly li<span class=\"_ _9\"></span>kely t<span class=\"_ _9\"></span>hat f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ill be a<span class=\"_ _9\"></span>chi<span class=\"_ _9\"></span>eved t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>n be of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et aga<span class=\"_ _9\"></span>ins<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es, m<span class=\"_ _9\"></span>ainl<span class=\"_ _9\"></span>y du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e nat<span class=\"_ _9\"></span>ure of t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e (i.e. hol<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>nie<span class=\"_ _9\"></span>s or t<span class=\"_ _9\"></span>ax e<span class=\"_ _9\"></span>xemp<span class=\"_ _9\"></span>t ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s). Base<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>his u<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n pro<span class=\"_ _9\"></span>fit<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at it c<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d not re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he maj<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any is pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ming t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>nal<span class=\"_ _9\"></span>ysi<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>n ong<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g bas<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>. f.  <span class=\"_ _6\"> </span>T<span class=\"_ _4\"></span>ax i<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>es <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n May 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on co<span class=\"_ _9\"></span>nfi<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mati<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he M<span class=\"_ _9\"></span>inis<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of Eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>my and p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>uant t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e Inves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt Pro<span class=\"_ _9\"></span>mot<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd D<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt Cli<span class=\"_ _9\"></span>mate A<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t in C<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>tia, A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a be<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>me el<span class=\"_ _9\"></span>igib<span class=\"_ _9\"></span>le to c<span class=\"_ _9\"></span>laim i<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ve all<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s. Inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>ligi<span class=\"_ _9\"></span>ble fo<span class=\"_ _9\"></span>r in<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s are inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s do<span class=\"_ _9\"></span>ne i<span class=\"_ _9\"></span>n Are<span class=\"_ _9\"></span>na O<span class=\"_ _9\"></span>ne 99 G<span class=\"_ _9\"></span>lam<span class=\"_ _9\"></span>pin<span class=\"_ _9\"></span>g Ca<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>e, Are<span class=\"_ _9\"></span>na Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d Ka\u017e<span class=\"_ _9\"></span>ela C<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>psi<span class=\"_ _9\"></span>te, Hote<span class=\"_ _9\"></span>l Br<span class=\"_ _9\"></span>ioni, Ver<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ela B<span class=\"_ _9\"></span>eac<span class=\"_ _9\"></span>h se<span class=\"_ _9\"></span>lf-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng ap<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>exes<span class=\"_ _9\"></span>, amo<span class=\"_ _9\"></span>ng ot<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.  <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na ha<span class=\"_ _9\"></span>s the r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht to us<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>ax c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>l 2027<span class=\"_ _3\"></span>. The e<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent p<span class=\"_ _9\"></span>roj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>s sub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to su<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n by th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>evan<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>itu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d of us<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ax c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na will n<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ent r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ular a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he ta<span class=\"_ _9\"></span>x au<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch it w<span class=\"_ _9\"></span>ill ev<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t the c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s for t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>se of t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>et. No<span class=\"_ _9\"></span>te 27 Ea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s pe<span class=\"_ _9\"></span>r sh<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>reTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e and s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>a us<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>ic ea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ning<span class=\"_ _9\"></span>s pe<span class=\"_ _9\"></span>r sh<span class=\"_ _9\"></span>are co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s:Y<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Prof<span class=\"_ _9\"></span>it (<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>s) at<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>bu<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e to eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y h<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>der<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>nt<span class=\"_ _a0\"> </span><span class=\"ff9b\">10,159<span class=\"_ _196\"> </span></span>(52,129)Weigh<span class=\"_ _9\"></span>ted av<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>age n<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er of o<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>inar<span class=\"_ _1\"></span>y sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g<span class=\"_ _a7\"> </span><span class=\"ff9b\">42,523<span class=\"_ _17c\"> </span></span>42,539Potent<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y dilu<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s 399<span class=\"_ _3\"></span>,<span class=\"_ _9\"></span>294 in 2<span class=\"_ _9\"></span>022 ha<span class=\"_ _9\"></span>d an im<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ial ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>ic ea<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s pe<span class=\"_ _9\"></span>r sha<span class=\"_ _9\"></span>re (20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>: 1<span class=\"_ _4\"></span>77<span class=\"_ _a\"></span>,027 w<span class=\"_ _9\"></span>ere n<span class=\"_ _9\"></span>ot con<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>der<span class=\"_ _9\"></span>ed, s<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>e the<span class=\"_ _9\"></span>ir ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>s ant<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>lut<span class=\"_ _9\"></span>ive).Note 2<span class=\"_ _4\"></span>8 SegmentsFor m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d into O<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d Hote<span class=\"_ _9\"></span>l Op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s and M<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>nd C<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al Ser<span class=\"_ _1\"></span>vic<span class=\"_ _9\"></span>es Ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s (for f<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>th<span class=\"_ _9\"></span>er d<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ails s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ote 1<span class=\"_ _4\"></span>3(c)(<span class=\"_ _9\"></span>i)). Ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d Hot<span class=\"_ _9\"></span>el Op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are f<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>th<span class=\"_ _9\"></span>er di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto fo<span class=\"_ _9\"></span>ur re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>: the Net<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>rla<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s, Ge<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>many<span class=\"_ _4\"></span>, Cro<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>a and t<span class=\"_ _9\"></span>he U<span class=\"_ _9\"></span>nite<span class=\"_ _9\"></span>d Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m. Ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ual h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s in Hu<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y, Ser<span class=\"_ _9\"></span>bia, It<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>y and A<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ia. Th<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of eac<span class=\"_ _9\"></span>h of t<span class=\"_ _9\"></span>he afo<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d se<span class=\"_ _9\"></span>gme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e mon<span class=\"_ _9\"></span>itor<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>ly fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose o<span class=\"_ _9\"></span>f res<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>rce a<span class=\"_ _9\"></span>lloc<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>ce as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>sm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Se<span class=\"_ _9\"></span>gme<span class=\"_ _9\"></span>nt p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>s eval<span class=\"_ _9\"></span>uate<span class=\"_ _9\"></span>d ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on EBI<span class=\"_ _9\"></span>TDA, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ame b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is as f<span class=\"_ _9\"></span>or fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial repor<span class=\"_ _9\"></span>ting purp<span class=\"_ _9\"></span>oses in the consolidat<span class=\"_ _4\"></span>ed income statement.Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022Management Th<span class=\"_ _9\"></span>e Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ed an<span class=\"_ _9\"></span>d Ce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al 12Netherlands Germany<span class=\"_ _4\"></span> Kingdom Croatia OtherSe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>s Adjustme<span class=\"_ _9\"></span>ntsConsolidated \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000RevenueThi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _136\"> </span><span class=\"ff9b\">41,573<span class=\"_ _32\"> </span>17,724<span class=\"_ _17\"> </span>190,105<span class=\"_ _1aa\"> </span>69,237<span class=\"_ _180\"> </span>6,344<span class=\"_ _125\"> </span>5,108<span class=\"_ _18b\"> </span>330,091</span>Inter-seg<span class=\"_ _9\"></span>ment<span class=\"_ _28a\"> </span><span class=\"ff9b ls2 ws5\">16<span class=\"_ _19d\"> </span>302<span class=\"_ _19d\"> </span>168<span class=\"_ _140\"> </span>32,365<span class=\"_ _127\"> </span>(32,851)</span>T<span class=\"_ _3\"></span>otal revenue<span class=\"_ _1ab\"> </span><span class=\"ff9b ls2 ws5\">41,573<span class=\"_ _1aa\"> </span>17,740<span class=\"_ _17\"> </span>190,407<span class=\"_ _32\"> </span>69,405<span class=\"_ _180\"> </span>6,344<span class=\"_ _9a\"> </span>37,473<span class=\"_ _127\"> </span>(32,851)<span class=\"_ _16f\"> </span>330,091</span>Segment<span class=\"_ _4\"></span> EB<span class=\"_ _4\"></span>ITD<span class=\"_ _4\"></span>A<span class=\"_ _c3\"> </span><span class=\"ff9b ls2 ws5\">11,163<span class=\"_ _180\"> </span>6,368<span class=\"_ _1aa\"> </span>56,218<span class=\"_ _32\"> </span>21,426<span class=\"_ _83\"> </span>(629)<span class=\"_ _76\"> </span>37<span class=\"_ _28b\"> </span>94,583</span>Depreciation,<span class=\"_ _4\"></span> amor<span class=\"_ _9\"></span>tisation<span class=\"_ _28c\"> </span><span class=\"ff9b ls2 ws5\">(40,006)</span>Financial expenses<span class=\"_ _1bc\"> </span><span class=\"ff9b ls2 ws5\">(37,257)</span>Financial income<span class=\"_ _28d\"> </span><span class=\"ff9b ls2 ws5\">1,516</span>Net e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s for li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _220\"> </span><span class=\"ff9b ls2 ws5\">(10,783)</span>Othe<span class=\"_ _9\"></span>r income (<span class=\"_ _4\"></span>expenses),<span class=\"_ _4\"></span> net<span class=\"_ _18f\"> </span><span class=\"ff9b ls2 ws5\">3,201</span>Sha<span class=\"_ _9\"></span>re in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult of j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s<span class=\"_ _28e\"> </span><span class=\"ff9b\">202</span>Prof<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax<span class=\"_ _28f\"> </span><span class=\"ff9b\">11,456</span>1 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ar<span class=\"_ _1\"></span>t\u2019ote<span class=\"_ _9\"></span>l Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t in H<span class=\"_ _9\"></span>ung<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y, 88 R<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>ms H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in B<span class=\"_ _9\"></span>elg<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e, Ser<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>ia, Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>a &amp; Ca<span class=\"_ _9\"></span>rg<span class=\"_ _9\"></span>ill H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in Ro<span class=\"_ _9\"></span>me, I<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ly, and F<span class=\"_ _9\"></span>R<span class=\"_ _9\"></span>AN<span class=\"_ _9\"></span>Z fer<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Mo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>in Re<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>n Na<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ld, A<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>a.2 <span class=\"_ _b\"> </span>Consist of<span class=\"_ _4\"></span> inter-company el<span class=\"_ _4\"></span>iminations.Th<span class=\"_ _9\"></span>e Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ed 2Netherlands Germany<span class=\"_ _4\"></span> Kingdom Croatia O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er Adjustme<span class=\"_ _9\"></span>ntsConsolidated \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Geogr<span class=\"_ _9\"></span>aphic<span class=\"_ _9\"></span>al informatio<span class=\"_ _9\"></span>n1Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent assets194,833<span class=\"_ _32\"> </span>72,537<span class=\"_ _17\"> </span>949,931<span class=\"_ _17\"> </span>241,312<span class=\"_ _1aa\"> </span>59,307<span class=\"_ _126\"> </span>55,512<span class=\"_ _16b\"> </span>1,573,4321 <span class=\"_ _b\"> </span>No<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>his p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t of p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, plan<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t, r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s.2 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>is in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of Ma<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d Ce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al Se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s.Note 2<span class=\"_ _4\"></span>8 Segments<span class=\"_ _4\"></span> continuedY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21Managemen<span class=\"_ _4\"></span>t Th<span class=\"_ _9\"></span>e United an<span class=\"_ _9\"></span>d Ce<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>al 12Netherlands Germany Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m Croatia OtherSer<span class=\"_ _9\"></span>vices Adjustment<span class=\"_ _9\"></span>sConsolidated \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000RevenueThi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _290\"> </span>10,352<span class=\"_ _ce\"> </span>6,618<span class=\"_ _17c\"> </span>75,277<span class=\"_ _98\"> </span>44,618<span class=\"_ _4e\"> </span>853<span class=\"_ _174\"> </span>3,659<span class=\"_ _62\"> </span>141,377Inter-seg<span class=\"_ _9\"></span>ment<span class=\"_ _229\"> </span><span class=\"ls2 ws5\">14,308<span class=\"_ _9d\"> </span>(14,308)</span>T<span class=\"_ _3\"></span>otal revenue<span class=\"_ _d\"> </span><span class=\"ls2 ws5\">10,352<span class=\"_ _ce\"> </span>6,618<span class=\"_ _17c\"> </span>75,277<span class=\"_ _98\"> </span>44,618<span class=\"_ _4e\"> </span>853<span class=\"_ _e7\"> </span>17,967<span class=\"_ _9d\"> </span>(14,308)<span class=\"_ _16c\"> </span>141,377</span>Segment<span class=\"_ _4\"></span> EB<span class=\"_ _4\"></span>ITD<span class=\"_ _4\"></span>A<span class=\"_ _52\"> </span><span class=\"ls2 ws5\">1,071<span class=\"_ _9a\"> </span>6,671<span class=\"_ _17c\"> </span>11,221<span class=\"_ _98\"> </span>14,556<span class=\"_ _174\"> </span>(853)<span class=\"_ _a1\"> </span>(7,601)<span class=\"_ _291\"> </span>25,065</span>Depreciation,<span class=\"_ _4\"></span> amor<span class=\"_ _9\"></span>tisation and impair<span class=\"_ _9\"></span>ment<span class=\"_ _292\"> </span><span class=\"ls2 ws5\">(43,283)</span>Financial expenses<span class=\"_ _293\"> </span><span class=\"ls2 ws5\">(31,369)</span>Financial income<span class=\"_ _294\"> </span><span class=\"ls2 ws5\">333</span>Net e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s for li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _295\"> </span><span class=\"ls2 ws5\">(1,949)</span>Othe<span class=\"_ _9\"></span>r income (<span class=\"_ _4\"></span>expenses),<span class=\"_ _4\"></span> net<span class=\"_ _18f\"> </span><span class=\"ls2 ws5\">(5,634)</span>Sha<span class=\"_ _9\"></span>re in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult of j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s<span class=\"_ _296\"> </span>(718)Prof<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax<span class=\"_ _297\"> </span>(57,555)1 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ar<span class=\"_ _1\"></span>t\u2019ote<span class=\"_ _9\"></span>l Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t in H<span class=\"_ _9\"></span>ung<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y, 88 R<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>ms H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in B<span class=\"_ _9\"></span>elg<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e, Ser<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>ia, Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>a &amp; Ca<span class=\"_ _9\"></span>rg<span class=\"_ _9\"></span>ill H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in Ro<span class=\"_ _9\"></span>me, I<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ly, and F<span class=\"_ _9\"></span>R<span class=\"_ _9\"></span>AN<span class=\"_ _9\"></span>Z fer<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Mo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>in Re<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>n Na<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ld, A<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>a.2 <span class=\"_ _b\"> </span>Consist of<span class=\"_ _4\"></span> inter-company el<span class=\"_ _4\"></span>iminations.Th<span class=\"_ _9\"></span>e United 2Netherlands Germany Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m Croatia O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> Adjustment<span class=\"_ _9\"></span>sConsolidated \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Geogr<span class=\"_ _9\"></span>aphic<span class=\"_ _9\"></span>al informatio<span class=\"_ _9\"></span>n1Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent assets188,701<span class=\"_ _98\"> </span>71,402<span class=\"_ _183\"> </span>869,324<span class=\"_ _183\"> </span>217,779<span class=\"_ _17c\"> </span>64,442<span class=\"_ _83\"> </span>53,878<span class=\"_ _298\"> </span>1,465,5261 <span class=\"_ _b\"> </span>No<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>his p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t of p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, plan<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t, r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s.2 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>is in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of Ma<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d Ce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al Se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 29 Re<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies a. <span class=\"_ _8\"> </span>Balances<span class=\"_ _4\"></span> with rela<span class=\"_ _4\"></span>ted p<span class=\"_ _4\"></span>artiesA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>a)<span class=\"_ _1c3\"> </span><span class=\"ff9b\">5,573<span class=\"_ _ba\"> </span></span>5,222Shor<span class=\"_ _9\"></span>t-term receivables<span class=\"_ _4\"></span> <span class=\"_ _192\"> </span><span class=\"ff9b ls2 ws5\">100<span class=\"_ _1ae\"> </span><span class=\"ff9c\">56</span></span>Paya<span class=\"_ _9\"></span>ble to G<span class=\"_ _9\"></span>C Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t M<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent L<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ted<span class=\"_ _242\"> </span><span class=\"ff9b\">(185)<span class=\"_ _9d\"> </span></span>(125)Paya<span class=\"_ _9\"></span>ble to G<span class=\"_ _9\"></span>ear C<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion U<span class=\"_ _9\"></span>K Li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d (se<span class=\"_ _9\"></span>e Note<span class=\"_ _9\"></span>s 1<span class=\"_ _4\"></span>7 and 1<span class=\"_ _4\"></span>9)<span class=\"_ _299\"> </span><span class=\"ff9b\">(6,218)<span class=\"_ _17c\"> </span></span>(1,082)b.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>T<span class=\"_ _4\"></span>ransactions with related<span class=\"_ _4\"></span> partiesA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Co<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th GC P<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed<span class=\"_ _29a\"> </span><span class=\"ff9b\">(300)<span class=\"_ _4e\"> </span></span>(60)Co<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th G<span class=\"_ _9\"></span>ear C<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on UK L<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d<span class=\"_ _29b\"> </span><span class=\"ff9b\">(47,872)<span class=\"_ _196\"> </span></span>(27,735)Ren<span class=\"_ _9\"></span>t inc<span class=\"_ _9\"></span>ome f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m su<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>-le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ice s<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ce<span class=\"_ _29c\"> </span><span class=\"ff9b\">67<span class=\"_ _46\"> </span></span>173Managem<span class=\"_ _4\"></span>ent f<span class=\"_ _4\"></span>ee r<span class=\"_ _4\"></span>even<span class=\"_ _4\"></span>ue from<span class=\"_ _4\"></span> joi<span class=\"_ _4\"></span>ntly<span class=\"_ _4\"></span> contro<span class=\"_ _4\"></span>lled<span class=\"_ _4\"></span> entiti<span class=\"_ _4\"></span>es<span class=\"_ _29d\"> </span><span class=\"ff9b ls2 ws5\">822<span class=\"_ _46\"> </span><span class=\"ff9c\">271</span></span>Interest income from jointly<span class=\"_ _4\"></span> controlled entities<span class=\"_ _29e\"> </span><span class=\"ff9b ls2 ws5\">118<span class=\"_ _46\"> </span><span class=\"ff9c\">101</span></span>c. <span class=\"_ _7\"> </span>S<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>es (i) <span class=\"_ _7\"> </span><span class=\"ff9b ls2 ws5\">Co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>ote<span class=\"_ _9\"></span>l Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>ox<span class=\"_ _9\"></span>ton<span class=\"ff9c\"> \u2013 F<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>prov<span class=\"_ _9\"></span>al by t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ent s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>eho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s, on 7 A<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ril 2<span class=\"_ _9\"></span>020 t<span class=\"_ _9\"></span>he </span></span>Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a bu<span class=\"_ _9\"></span>ild<span class=\"_ _9\"></span>ing co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t wi<span class=\"_ _9\"></span>th G<span class=\"_ _9\"></span>ear C<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on UK L<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d (\u2018Gea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>\u2019) fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>n and c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on ho<span class=\"_ _9\"></span>tel o<span class=\"_ _9\"></span>n a \u2018tu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>key<span class=\"_ _9\"></span>\u2019 bas<span class=\"_ _9\"></span>is (t<span class=\"_ _9\"></span>he \u2018b<span class=\"_ _9\"></span>uild<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>). Unde<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e bui<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t Gear a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y for t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign a<span class=\"_ _9\"></span>nd co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he mai<span class=\"_ _9\"></span>n wor<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s for t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>esi<span class=\"_ _9\"></span>gn a<span class=\"_ _9\"></span>nd bu<span class=\"_ _9\"></span>ild of a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on fo<span class=\"_ _9\"></span>r a lum<span class=\"_ _9\"></span>p su<span class=\"_ _9\"></span>m of \u00a31<span class=\"_ _3\"></span>6<span class=\"_ _9\"></span>0 millio<span class=\"_ _9\"></span>n (excl<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ve of VA<span class=\"_ _3\"></span>T<span class=\"_ _9\"></span>) (t<span class=\"_ _9\"></span>he \u2018C<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t Su<span class=\"_ _9\"></span>m\u2019). O<span class=\"_ _9\"></span>f thi<span class=\"_ _9\"></span>s am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t, c.\u00a3<span class=\"_ _9\"></span>24.6 millio<span class=\"_ _9\"></span>n is ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>nal s<span class=\"_ _9\"></span>ums<span class=\"_ _9\"></span>, pr<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>ril<span class=\"_ _9\"></span>y in res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of FF&amp;E a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>it ou<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>el wh<span class=\"_ _9\"></span>ich a<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ile<span class=\"_ _9\"></span>d and s<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>ut as p<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l sum<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>uild<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t.  T<span class=\"_ _9\"></span>his m<span class=\"_ _9\"></span>ight ca<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e tot<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t paya<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e to Gea<span class=\"_ _9\"></span>r UK un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the b<span class=\"_ _9\"></span>uil<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t to be g<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>ter or l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t Su<span class=\"_ _9\"></span>m. On to<span class=\"_ _9\"></span>p of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t S<span class=\"_ _9\"></span>um, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up n<span class=\"_ _9\"></span>ovat<span class=\"_ _9\"></span>ed ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain e<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to G<span class=\"_ _9\"></span>ear at c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to a c<span class=\"_ _9\"></span>ap o<span class=\"_ _9\"></span>f \u00a36 milli<span class=\"_ _9\"></span>on (excl<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ive of VA<span class=\"_ _3\"></span>T<span class=\"_ _9\"></span>).  Ge<span class=\"_ _9\"></span>ar is r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d to co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete t<span class=\"_ _9\"></span>he w<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ks t<span class=\"_ _9\"></span>o be exe<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>uild<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t by 2024.  <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ear ma<span class=\"_ _9\"></span>kes mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hly a<span class=\"_ _9\"></span>ppl<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>ns f<span class=\"_ _9\"></span>or pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in li<span class=\"_ _9\"></span>ne wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>uil<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _1\"></span>y cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual nor<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>ll be v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d by A<span class=\"_ _9\"></span>ECOM ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e Empl<span class=\"_ _9\"></span>oyer<span class=\"_ _9\"></span>\u2019s age<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>nage<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s, wh<span class=\"_ _9\"></span>o is ap<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>oint<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he Em<span class=\"_ _9\"></span>ploy<span class=\"_ _9\"></span>er bu<span class=\"_ _9\"></span>t has a d<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>o ac<span class=\"_ _9\"></span>t f<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>ly i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Emp<span class=\"_ _9\"></span>loyer<span class=\"_ _9\"></span>\u2019s Age<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ill als<span class=\"_ _9\"></span>o be r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>or as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng any a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons by G<span class=\"_ _9\"></span>ear f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s of tim<span class=\"_ _9\"></span>e, var<span class=\"_ _9\"></span>iat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s or ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal s<span class=\"_ _9\"></span>cop<span class=\"_ _9\"></span>e of wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k or ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al lo<span class=\"_ _9\"></span>ss a<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>/<span class=\"_ _4\"></span>or ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>uil<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>\u2019s obl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he bu<span class=\"_ _9\"></span>ildi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t are s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d by a co<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>rat<span class=\"_ _9\"></span>e gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>e fr<span class=\"_ _9\"></span>om Re<span class=\"_ _9\"></span>d Sea H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s Li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d, an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate of Eu<span class=\"_ _9\"></span>ro Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>fore a r<span class=\"_ _9\"></span>ela<span class=\"_ _9\"></span>ted p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y of th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>, in th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt of 10% of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t Sum (t<span class=\"_ _9\"></span>he \u2018cor<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>e\u2019<span class=\"_ _9\"></span>). The co<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>por<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pire<span class=\"_ _9\"></span>s on t<span class=\"_ _9\"></span>he la<span class=\"_ _9\"></span>ter of<span class=\"_ _9\"></span>: (i<span class=\"_ _9\"></span>) th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pir<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>wo<span class=\"_ _9\"></span>-ye<span class=\"_ _9\"></span>ar de<span class=\"_ _9\"></span>fec<span class=\"_ _1\"></span>ts rec<span class=\"_ _1\"></span>tif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s pr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he w<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ks; a<span class=\"_ _9\"></span>nd (<span class=\"_ _9\"></span>ii) t<span class=\"_ _9\"></span>he is<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he lat<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>\u2019s app<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>al or fi<span class=\"_ _9\"></span>nal te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>nic<span class=\"_ _9\"></span>al au<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>.  <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f ente<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>to th<span class=\"_ _9\"></span>e bui<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t, th<span class=\"_ _9\"></span>e Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t M<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent A<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d 21 June 2<span class=\"_ _9\"></span>01<span class=\"_ _3\"></span>8 w<span class=\"_ _9\"></span>as te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>ted. (ii) <span class=\"_ _9\"></span><span class=\"ff9b ls2 ws5\">S<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e sp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>e<span class=\"ff9c\"> \u2013 A me<span class=\"_ _9\"></span>mbe<span class=\"_ _9\"></span>r of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up h<span class=\"_ _9\"></span>as agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d to su<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>-l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e a sm<span class=\"_ _9\"></span>all ar<span class=\"_ _9\"></span>ea of of<span class=\"_ _1\"></span>fice s<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ce to m<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ber<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>r af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>iliat<span class=\"_ _9\"></span>es </span></span>of th<span class=\"_ _9\"></span>e Red S<span class=\"_ _9\"></span>ea Gr<span class=\"_ _9\"></span>oup a<span class=\"_ _9\"></span>t it<span class=\"_ _9\"></span>s C<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y Hall c<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ice i<span class=\"_ _9\"></span>n Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n. T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>nt pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e by th<span class=\"_ _9\"></span>e Red S<span class=\"_ _9\"></span>ea Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>o PPHE Hot<span class=\"_ _9\"></span>el Gro<span class=\"_ _9\"></span>up is ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t at w<span class=\"_ _9\"></span>hich t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>lor<span class=\"_ _9\"></span>d is le<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>ng su<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ce to PPHE H<span class=\"_ _9\"></span>otel G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p. (iii) <span class=\"_ _a\"></span><span class=\"ff9b ls2 ws2d\">Pre-<span class=\"_ _9\"></span>Construc<span class=\"_ _9\"></span>tion and<span class=\"_ _4\"></span> Maintenance<span class=\"_ _4\"></span> Contrac<span class=\"_ _9\"></span>t<span class=\"ff9c ls43 ws5\"> \u2013 The Gro<span class=\"_ _9\"></span>up f<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly us<span class=\"_ _9\"></span>es GC P<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed (GC<span class=\"_ _9\"></span>) to un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span> </span></span>pre<span class=\"_ _9\"></span>lim<span class=\"_ _9\"></span>inar<span class=\"_ _1\"></span>y as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sme<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ais<span class=\"_ _9\"></span>al wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k, an<span class=\"_ _9\"></span>d pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>e ini<span class=\"_ _9\"></span>tial e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her, GC provi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ad<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>hoc m<span class=\"_ _9\"></span>aint<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nce w<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>k wh<span class=\"_ _9\"></span>en re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s var<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>us si<span class=\"_ _9\"></span>tes<span class=\"_ _9\"></span>. Acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>ly<span class=\"_ _4\"></span>, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s ente<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a<span class=\"_ _9\"></span>n agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wit<span class=\"_ _9\"></span>h GC<span class=\"_ _9\"></span> for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n of p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>ainte<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nce s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>s by GC to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p for a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d ann<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>r of \u00a360,<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0.No<span class=\"_ _9\"></span>te 29 Re<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ed(i<span class=\"_ _9\"></span>v) <span class=\"_ _a\"></span>T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns i<span class=\"_ _9\"></span>n the o<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nar<span class=\"_ _1\"></span>y cou<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>se of b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss, i<span class=\"_ _9\"></span>n co<span class=\"_ _9\"></span>nne<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>se of h<span class=\"_ _9\"></span>otel f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies (s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h as ove<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>ight r<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>m st<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>s and foo<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d bev<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>s) are b<span class=\"_ _9\"></span>ein<span class=\"_ _9\"></span>g cha<span class=\"_ _9\"></span>rg<span class=\"_ _9\"></span>ed at m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket pr<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ons o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>lly.(v) <span class=\"_ _1e\"></span><span class=\"ff9b ls1c ws18\">Londra &amp;<span class=\"_ _4\"></span> Cargill project management<span class=\"_ _4\"></span> agreement<span class=\"ff9c ls2 ws5\"> \u2013 On 26 Aug<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t 202<span class=\"_ _9\"></span>2, the Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a<span class=\"_ _9\"></span>n agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wit<span class=\"_ _9\"></span>h GC Pr<span class=\"_ _9\"></span>ojec<span class=\"_ _1\"></span>t </span></span>Man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt Li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>on of p<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up i<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>velo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f Hote<span class=\"_ _9\"></span>l Lo<span class=\"_ _9\"></span>ndr<span class=\"_ _9\"></span>a &amp; C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ill in R<span class=\"_ _9\"></span>ome, It<span class=\"_ _9\"></span>aly f<span class=\"_ _9\"></span>or a fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d tot<span class=\"_ _9\"></span>al fe<span class=\"_ _9\"></span>e of \u00a364<span class=\"_ _9\"></span>0,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 to b<span class=\"_ _9\"></span>e pa<span class=\"_ _9\"></span>id in m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>hly i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>alme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e dur<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f the p<span class=\"_ _9\"></span>roj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual f<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ame<span class=\"_ _9\"></span>wor<span class=\"_ _9\"></span>k is t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>e as fo<span class=\"_ _9\"></span>r all su<span class=\"_ _9\"></span>ch p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>or pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>nage<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o wit<span class=\"_ _9\"></span>h GC Pr<span class=\"_ _9\"></span>ojec<span class=\"_ _1\"></span>t Manage<span class=\"_ _9\"></span>ment Li<span class=\"_ _9\"></span>mited.Su<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y of t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>or E<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve a<span class=\"_ _9\"></span>nd No<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>Exe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ive D<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e yea<span class=\"_ _9\"></span>r e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022:Ba<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y Pensio<span class=\"_ _4\"></span>n O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er an<span class=\"_ _9\"></span>d fe<span class=\"_ _9\"></span>es Bo<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> contributions benefits To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Chairman and Executive D<span class=\"_ _4\"></span>irec<span class=\"_ _9\"></span>tors<span class=\"_ _d6\"> </span><span class=\"ff9b ls2 ws5\">1,148<span class=\"_ _91\"> </span>531<span class=\"_ _8d\"> </span>64<span class=\"_ _145\"> </span>13<span class=\"_ _125\"> </span>1,756</span>Non-E<span class=\"_ _9\"></span>xecutive Directors <span class=\"_ _29f\"> </span><span class=\"ff9b ls2 ws5\">284<span class=\"_ _92\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _1ae\"> </span></span>284</span>1,432<span class=\"_ _1ae\"> </span>531<span class=\"_ _145\"> </span>64<span class=\"_ _8d\"> </span>13<span class=\"_ _125\"> </span>2,040Su<span class=\"_ _9\"></span>mmar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>mun<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on fo<span class=\"_ _9\"></span>r E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>ve an<span class=\"_ _9\"></span>d No<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ive D<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e year e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>:Sal<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y Bas<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y sa<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e Pen<span class=\"_ _4\"></span>sion O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er an<span class=\"_ _9\"></span>d fee<span class=\"_ _9\"></span>s options <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>contribu<span class=\"_ _9\"></span>tions be<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>fit<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Chairman and Executive D<span class=\"_ _4\"></span>irec<span class=\"_ _9\"></span>tors<span class=\"_ _2a0\"> </span><span class=\"ls2 ws5\">953<span class=\"_ _d2\"> </span>47<span class=\"_ _a4\"> </span>115<span class=\"_ _145\"> </span>16<span class=\"_ _19d\"> </span>1,131</span>Non-E<span class=\"_ _9\"></span>xecutive Directors <span class=\"_ _2a1\"> </span><span class=\"ls2 ws5\">269<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>269</span>1,222<span class=\"_ _d2\"> </span>47<span class=\"_ _a4\"> </span>115<span class=\"_ _145\"> </span>16<span class=\"_ _19d\"> </span>1,400Di<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>\u2019 in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in e<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>oyee s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve pl<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nA<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the E<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d sha<span class=\"_ _9\"></span>re op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns to p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se 70,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 or<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es (2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>: 29<span class=\"_ _4\"></span>,3<span class=\"_ _9\"></span>08). 25,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons wer<span class=\"_ _9\"></span>e\ue61ffu<span class=\"_ _9\"></span>lly exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ble w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h an exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ce of \u00a31<span class=\"_ _3\"></span>4.<span class=\"_ _9\"></span>30 (2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>: 25,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d 23,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns we<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully e<span class=\"_ _9\"></span>xerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h a \u00a3nil e<span class=\"_ _9\"></span>xerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ice (2021<span class=\"_ _4\"></span>: 4,30<span class=\"_ _9\"></span>8). No s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e opt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s wer<span class=\"_ _9\"></span>e gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed to N<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>ve Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Boa<span class=\"_ _9\"></span>rd. No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>sTh<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s, com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ba<span class=\"_ _9\"></span>nk bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s, c<span class=\"_ _9\"></span>ash a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e main p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>ese f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s is t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s ope<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>iou<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>hich a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tly f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns.Changes in<span class=\"_ _4\"></span> financial liabilities arising<span class=\"_ _4\"></span> from financing activitiesRe-mea<span class=\"_ _9\"></span>sure-A<span class=\"_ _9\"></span>s at 1 Re-mea<span class=\"_ _9\"></span>sure-ment ag<span class=\"_ _4\"></span>ainst Re-mea<span class=\"_ _9\"></span>sure-Foreign<span class=\"_ _4\"></span> A<span class=\"_ _9\"></span>s at 31 January <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>C<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h <span class=\"_ _3\"></span> ment through right-of-use ment ag<span class=\"_ _4\"></span>ainst exchange<span class=\"_ _4\"></span> Ne<span class=\"_ _9\"></span>w le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>/ December 2022 <span class=\"_ _3\"></span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> equity <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>movement<span class=\"_ _4\"></span> lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s, n<span class=\"_ _9\"></span>et O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 2022 <span class=\"_ _3\"></span> \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ff9b ls2 ws5\">729,284<span class=\"_ _12f\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _183\"> </span>16,091<span class=\"_ _195\"> </span>100,415<span class=\"_ _12d\"> </span>(28,159)<span class=\"_ _17\"> </span>817,631</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _1c8\"> </span><span class=\"ff9b ls2 ws5\">245,274<span class=\"_ _96\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _12f\"> </span></span>3,704<span class=\"_ _9d\"> </span>14,234<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>307<span class=\"_ _76\"> </span>50<span class=\"_ _1c8\"> </span>(2,024)<span class=\"_ _17\"> </span>261,545</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of\ue61fI<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _98\"> </span><span class=\"ff9b\">124,551<span class=\"_ _115\"> </span>(3,388)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _ba\"> </span>(78)<span class=\"_ _17\"> </span>121,085</span>Derivative financia<span class=\"_ _4\"></span>l instr<span class=\"_ _9\"></span>uments<span class=\"_ _f7\"> </span><span class=\"ff9b ls2 ws5\">457<span class=\"_ _98\"> </span>(109)<span class=\"_ _174\"> </span>(9,814)<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _282\"> </span>(71)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _169\"> </span>\u2013<span class=\"_ _17\"> </span>(30,539)</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _eb\"> </span><span class=\"ff9b ls2 ws5\">4,860<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _1c8\"> </span>(4,860)<span class=\"_ _8d\"> </span>\u2013</span>Curre<span class=\"_ _9\"></span>nt share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _2a2\"> </span><span class=\"ff9b ls2 ws5\">540<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _88\"> </span></span>119<span class=\"_ _d7\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _76\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _298\"> </span>4,860<span class=\"_ _180\"> </span>5,519</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing loa<span class=\"_ _9\"></span>ns\ue61fan<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s<span class=\"_ _8f\"> </span><span class=\"ff9b\">38,840<span class=\"_ _12d\"> </span>(21,330)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _17c\"> </span>3,187<span class=\"_ _16c\"> </span>(2,440)<span class=\"_ _115\"> </span>28,844<span class=\"_ _1aa\"> </span>47,101</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y6,344<span class=\"_ _115\"> </span>(4,890)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>151<span class=\"_ _167\"> </span>\u2013<span class=\"_ _2a3\"> </span>3,901<span class=\"_ _180\"> </span>5,5061,150,150<span class=\"_ _12d\"> </span>(29,717)<span class=\"_ _c9\"> </span>(5,991)<span class=\"_ _9d\"> </span>14,234<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _183\"> </span>19,665<span class=\"_ _16c\"> </span>98,025<span class=\"_ _298\"> </span>2,484<span class=\"_ _f\"> </span>1,227,8481 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.Changes in<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities arising<span class=\"_ _4\"></span> from financing<span class=\"_ _4\"></span> activitiesRe-Re-measurement A<span class=\"_ _9\"></span>s at 1 measurement against For<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n A<span class=\"_ _9\"></span>s at 31 Januar<span class=\"_ _9\"></span>y <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>Cash<span class=\"ls2 ws5\"> </span>through profit right-<span class=\"_ _9\"></span>of-use exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge New l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s/ December 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> an<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> moveme<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>, net O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-bear<span class=\"_ _9\"></span>ing loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _2a4\"> </span><span class=\"ls2 ws5\">721,006<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _bf\"> </span>(18,013)<span class=\"_ _98\"> </span>38,886<span class=\"_ _bf\"> </span>(12,595)<span class=\"_ _16b\"> </span>729,284</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _94\"> </span><span class=\"ls2 ws5\">243,650<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _85\"> </span>3,565<span class=\"_ _85\"> </span>4,226<span class=\"_ _e7\"> </span>(2,250)<span class=\"_ _180\"> </span>(2,088)<span class=\"_ _180\"> </span>(1,829)<span class=\"_ _183\"> </span>245,274</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in respec<span class=\"_ _9\"></span>t <span class=\"ls2 ws5\"> </span>of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to  pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s<span class=\"_ _47\"> </span><span class=\"ls2 ws5\">126,155<span class=\"_ _180\"> </span>(1,390)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _e8\"> </span>(214)<span class=\"_ _183\"> </span>124,551</span>Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d2\"> </span><span class=\"ls2 ws5\">880<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _a4\"> </span>(53)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _e8\"> </span>(370)<span class=\"_ _4e\"> </span>457</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share <span class=\"ls2 ws5\"> </span>app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _ef\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _9a\"> </span>6,435<span class=\"_ _99\"> </span>(1,575)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _282\"> </span>4,860</span>Cur<span class=\"_ _9\"></span>rent share ap<span class=\"_ _9\"></span>prec<span class=\"_ _9\"></span>iation rig<span class=\"_ _9\"></span>hts<span class=\"_ _bb\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _46\"> </span>715<span class=\"_ _10e\"> </span>(175)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _a5\"> </span>540</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing <span class=\"ls2 ws5\"> </span>loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ls2 ws5\">36,369<span class=\"_ _c7\"> </span>(9,486)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(844)<span class=\"_ _180\"> </span>(2,388)<span class=\"_ _17c\"> </span>15,189<span class=\"_ _c7\"> </span>38,840</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y10,393<span class=\"_ _180\"> </span>(6,825)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(267)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _282\"> </span>3,043<span class=\"_ _282\"> </span>6,3441,138,453<span class=\"_ _1aa\"> </span>(10,551)<span class=\"_ _19d\"> </span>1,815<span class=\"_ _85\"> </span>4,226<span class=\"_ _16c\"> </span>(21,427)<span class=\"_ _17c\"> </span>34,410<span class=\"_ _9d\"> </span>3,224<span class=\"_ _be\"> </span>1,150,1501 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedTh<span class=\"_ _9\"></span>e main r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>w inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk, c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ris<span class=\"_ _9\"></span>k an<span class=\"_ _9\"></span>d liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. T<span class=\"_ _9\"></span>he Bo<span class=\"_ _9\"></span>ard o<span class=\"_ _9\"></span>f Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s revi<span class=\"_ _9\"></span>ews a<span class=\"_ _9\"></span>nd ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s for m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ging e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>mma<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>low. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _3\"></span>s a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es in r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>et ou<span class=\"_ _9\"></span>t in No<span class=\"_ _9\"></span>te 2.a. <span class=\"_\"> </span>Int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk f<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>es p<span class=\"_ _9\"></span>rim<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily to t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s long<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th a fl<span class=\"_ _9\"></span>oati<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y is t<span class=\"_ _9\"></span>o mana<span class=\"_ _9\"></span>ge it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s usi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d-<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>. T<span class=\"_ _3\"></span>o m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>s to exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, at s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>cif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>als, t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ts c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d by ref<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>o an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>upo<span class=\"_ _9\"></span>n not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>re, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up us<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s. Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>is rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s cas<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow is n<span class=\"_ _9\"></span>ot sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly s<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ive to p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ble c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in ma<span class=\"_ _9\"></span>rket i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. Poss<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s do, how<span class=\"_ _9\"></span>ever<span class=\"_ _4\"></span>, af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y as t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps ar<span class=\"_ _9\"></span>e des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d to he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t obl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to mit<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k th<span class=\"_ _9\"></span>at c<span class=\"_ _9\"></span>an p<span class=\"_ _9\"></span>oten<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly cr<span class=\"_ _1\"></span>ys<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>allis<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e ref<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nce, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s:  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>7 F<span class=\"_ _9\"></span>ebr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022, PPHE Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to a for<span class=\"_ _1\"></span>wa<span class=\"_ _9\"></span>rd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ith B<span class=\"_ _9\"></span>ank H<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. (B<span class=\"_ _9\"></span>HI) in </span></span>ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure o<span class=\"_ _9\"></span>f the \u00a31<span class=\"_ _4\"></span>80 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th BH<span class=\"_ _9\"></span>I to fu<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n (th<span class=\"_ _9\"></span>e \u2018Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>). The i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a n<span class=\"_ _9\"></span>otio<span class=\"_ _9\"></span>nal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>80 mi<span class=\"_ _9\"></span>llion, a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>% pe<span class=\"_ _9\"></span>r year s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g Sep<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2024 in lin<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s st<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 20 Ju<span class=\"_ _9\"></span>ne 2024 PPHE Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>ee mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>h Son<span class=\"_ _9\"></span>ia an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t of 1.4<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>65% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g not<span class=\"_ _9\"></span>iona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap w<span class=\"_ _9\"></span>ill mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e on 8 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 203<span class=\"_ _9\"></span>0 in l<span class=\"_ _9\"></span>ine w<span class=\"_ _9\"></span>ith t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>l mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y da<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g a six-<span class=\"_ _9\"></span>year e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n).  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt as t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap m<span class=\"_ _9\"></span>atc<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan (<span class=\"_ _9\"></span>i.e.<span class=\"_ _4\"></span>, noti<span class=\"_ _9\"></span>onal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt, m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt), th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hed a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o of 1<span class=\"_ _3\"></span>:<span class=\"_ _4\"></span>1 for t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nsh<span class=\"_ _9\"></span>ips a<span class=\"_ _9\"></span>s the u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k of th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap is i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ntic<span class=\"_ _9\"></span>al t<span class=\"_ _9\"></span>o the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ri<span class=\"_ _9\"></span>sk c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a31<span class=\"_ _3\"></span>8.4 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d is inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>her n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>.4 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>rde<span class=\"_ _9\"></span>d as ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r comprehens<span class=\"_ _4\"></span>ive<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 25 Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2022, Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls (<span class=\"_ _9\"></span>UK<span class=\"_ _9\"></span>) lt<span class=\"_ _9\"></span>d, a who<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany, enter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto t<span class=\"_ _9\"></span>wo f<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate </span></span>sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th S<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r UK Plc i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o par<span class=\"_ _1\"></span>tial<span class=\"_ _9\"></span>ly he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _4\"></span>65.6 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d \u00a320<span class=\"_ _9\"></span>8.6 mil<span class=\"_ _9\"></span>lion l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>ns th<span class=\"_ _9\"></span>at are e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ed in J<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>e 2026. T<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wap h<span class=\"_ _9\"></span>as a no<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>00 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2026 un<span class=\"_ _9\"></span>til 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2031 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td wi<span class=\"_ _9\"></span>ll rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h So<span class=\"_ _9\"></span>nia a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll pay a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d ra<span class=\"_ _9\"></span>te of in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>94<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nd inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ha<span class=\"_ _9\"></span>s a noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0<span class=\"_ _9\"></span>0 milli<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eby o<span class=\"_ _9\"></span>n a qu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>sis s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>26 unti<span class=\"_ _9\"></span>l 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>31 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h Eur<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e of int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>95% on th<span class=\"_ _9\"></span>e noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e a ma<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y ear<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n at 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>026. Al<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d into t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps to s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve as an e<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nomi<span class=\"_ _9\"></span>c he<span class=\"_ _9\"></span>dge a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps d<span class=\"_ _9\"></span>o not q<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>FRS 9 du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>. Acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ingl<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>se inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps a<span class=\"_ _9\"></span>re ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022, t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s have a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a39<span class=\"_ _4\"></span>.8 millio<span class=\"_ _9\"></span>n and a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a39<span class=\"_ _4\"></span>.7 million f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r end<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me in the consolidated income<span class=\"_ _4\"></span> st<span class=\"_ _9\"></span>atement.   <span class=\"_ _fa\"> </span>Th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ned a<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ve are v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e mod<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te va<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>us i<span class=\"_ _9\"></span>npu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t qua<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, a<span class=\"_ _9\"></span>nd i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s Level 2 o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue hie<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>hy<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o has ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>us yea<span class=\"_ _9\"></span>rs t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>hat d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>bove. <span class=\"_ _1b\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f all of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et of \u00a3<span class=\"_ _9\"></span>30.5 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n (2021<span class=\"_ _4\"></span>: liabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of \u00a3457 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>). No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedIn<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>siti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>tyTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>mon<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y to a r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>y po<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes o<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d, af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t of h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing. W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h all ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pro<span class=\"_ _9\"></span>fit b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x is af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s, as fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s:Ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax \u00a3<span class=\"_ _9\"></span>\u20190<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>01Increase in floatin<span class=\"_ _4\"></span>g interest rateGBP<span class=\"_ _bb\"> </span><span class=\"ls9 wsa\">EUR<span class=\"_ _126\"> </span><span class=\"ls2 ws5\">US Do<span class=\"_ _9\"></span>ll<span class=\"_ _9\"></span>ar</span></span>1%<span class=\"_ _22d\"> </span><span class=\"ff9b ls2 ws5\">910<span class=\"_ _8c\"> </span>89<span class=\"_ _104\"> </span>159</span>2%<span class=\"_ _25b\"> </span><span class=\"ff9b ls2 ws5\">1,820<span class=\"_ _104\"> </span>177<span class=\"_ _bb\"> </span>318</span>5%<span class=\"_ _2a5\"> </span><span class=\"ff9b ls2 ws5\">4,550<span class=\"_ _104\"> </span>443<span class=\"_ _bb\"> </span>795</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d mo<span class=\"_ _9\"></span>vem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t in f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ana<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s is b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>y ob<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t env<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t, s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly h<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span> vol<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>an in p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ior y<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>.b. <span class=\"_ _6\"> </span>C<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>nly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>hy thi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. It has p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>cie<span class=\"_ _9\"></span>s in pl<span class=\"_ _9\"></span>ace to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mad<span class=\"_ _9\"></span>e to cu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th an a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit hi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. The C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany<span class=\"_ _9\"></span>\u2019s pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at sa<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>o cus<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>rs a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h adv<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, in ca<span class=\"_ _9\"></span>sh o<span class=\"_ _9\"></span>r by maj<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it c<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s). Since t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es on<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ird p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>, the<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or co<span class=\"_ _9\"></span>llate<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>ts w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h thi<span class=\"_ _9\"></span>rd p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Fur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mor<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as no d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y on a<span class=\"_ _9\"></span>ny of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mon<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>red o<span class=\"_ _9\"></span>n an o<span class=\"_ _9\"></span>ngo<span class=\"_ _9\"></span>ing b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s. Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>oni<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t me<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>nd we<span class=\"_ _9\"></span>ek<span class=\"_ _9\"></span>ly re<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>n in<span class=\"_ _9\"></span>div<span class=\"_ _9\"></span>idu<span class=\"_ _9\"></span>al ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ces of r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re eq<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es s<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>e a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of a<span class=\"_ _9\"></span>ll tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns i<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure to b<span class=\"_ _9\"></span>ad d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up, whic<span class=\"_ _9\"></span>h co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent in s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>isk a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om de<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ult of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, wit<span class=\"_ _9\"></span>h a ma<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>um ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h at b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>s.c. <span class=\"_\"> </span>Liquidit<span class=\"_ _9\"></span>y risk <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>s to mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ain a b<span class=\"_ _9\"></span>alan<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of f<span class=\"_ _9\"></span>und<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>lex<span class=\"_ _9\"></span>ibi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h the u<span class=\"_ _9\"></span>se of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k over<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ba<span class=\"_ _9\"></span>nk lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s poli<span class=\"_ _9\"></span>cy i<span class=\"_ _9\"></span>s to ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>diu<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>ank f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>o conve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>em in<span class=\"_ _9\"></span>to lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>gs w<span class=\"_ _9\"></span>hen r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>d a st<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ng liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>th a<span class=\"_ _9\"></span>n over<span class=\"_ _9\"></span>all c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ba<span class=\"_ _9\"></span>lanc<span class=\"_ _9\"></span>e of \u00a31<span class=\"_ _3\"></span>6<span class=\"_ _9\"></span>3.6 mill<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le b<span class=\"_ _9\"></span>elow s<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y prof<span class=\"_ _9\"></span>ile of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s finan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 2021 bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n contr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>tual un<span class=\"_ _9\"></span>disco<span class=\"_ _9\"></span>unted paym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s.A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>an 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 2 <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 3 to 5 &gt; 5 yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings19,319<span class=\"_ _9a\"> </span>56,534<span class=\"_ _9a\"> </span>59,962<span class=\"_ _16f\"> </span>545,414<span class=\"_ _16f\"> </span>322,947<span class=\"_ _115\"> </span>1,004,176Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld 2to\ue61fpr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s3,285<span class=\"_ _125\"> </span>9,855<span class=\"_ _9a\"> </span>13,140<span class=\"_ _9a\"> </span>39,420<span class=\"_ _16f\"> </span>121,084<span class=\"_ _16f\"> </span>186,7843Lease li<span class=\"_ _4\"></span>ability3,248<span class=\"_ _125\"> </span>9,919<span class=\"_ _9a\"> </span>13,498<span class=\"_ _9a\"> </span>39,848<span class=\"_ _16f\"> </span>890,068<span class=\"_ _16f\"> </span>956,581T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _2a6\"> </span><span class=\"ff9b\">13,565<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>13,565</span>Other liabilities<span class=\"_ _149\"> </span><span class=\"ff9b ls2 ws5\">37,707<span class=\"_ _9a\"> </span>37,630<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>18,062<span class=\"_ _9a\"> </span>93,399</span>77,124<span class=\"_ _16f\"> </span>113,938<span class=\"_ _9a\"> </span>86,600<span class=\"_ _16f\"> </span>624,682<span class=\"_ _115\"> </span>1,352,161<span class=\"_ _be\"> </span>2,254,505A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ear 2 <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ear 3 t<span class=\"_ _9\"></span>o 5 &gt; 5 yea<span class=\"_ _9\"></span>rs To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings15,863<span class=\"_ _e7\"> </span>47,249<span class=\"_ _f5\"> </span>46,130<span class=\"_ _16c\"> </span>492,447<span class=\"_ _16c\"> </span>299,642<span class=\"_ _9e\"> </span>901,331Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to 2pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s493<span class=\"_ _174\"> </span>1,477<span class=\"_ _19d\"> </span>9,198<span class=\"_ _e7\"> </span>39,420<span class=\"_ _9e\"> </span>124,551<span class=\"_ _16c\"> </span>175,139Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d8\"> </span><span class=\"ls2 ws5\">57<span class=\"_ _a4\"> </span>171<span class=\"_ _fb\"> </span>229<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>457</span>3Lease li<span class=\"_ _4\"></span>ability3,653<span class=\"_ _e7\"> </span>18,019<span class=\"_ _f5\"> </span>12,962<span class=\"_ _e7\"> </span>36,170<span class=\"_ _16c\"> </span>605,497<span class=\"_ _9e\"> </span>676,301T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _ca\"> </span>16,650<span class=\"_ _94\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,650Other liabilities<span class=\"_ _2a7\"> </span><span class=\"ls2 ws5\">23,097<span class=\"_ _e7\"> </span>24,035<span class=\"_ _174\"> </span>4,860<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,304<span class=\"_ _e7\"> </span>68,296</span>59,813<span class=\"_ _e7\"> </span>90,951<span class=\"_ _f5\"> </span>73,379<span class=\"_ _16c\"> </span>568,037<span class=\"_ _1f4\"> </span>1,045,994<span class=\"_ _18\"> </span>1,838,1741 <span class=\"_ _b\"> </span>Se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 14 for f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on.2 <span class=\"_ _b\"> </span>Pre<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g to di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt d<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he 9<span class=\"_ _9\"></span>99-<span class=\"_ _9\"></span>yea<span class=\"_ _9\"></span>r te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>.3 <span class=\"_ _b\"> </span>Le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th u<span class=\"_ _9\"></span>pw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ew<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>s in on<span class=\"_ _9\"></span>e le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e CPI<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PI in t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>, fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hav<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>en e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>als a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ent U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed CP<span class=\"_ _9\"></span>Is<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PIs, r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly, exc<span class=\"_ _9\"></span>ept P<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Wa<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span> 50 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on W<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of 199 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s as s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. A<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o, th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s do n<span class=\"_ _9\"></span>ot t<span class=\"_ _9\"></span>ake i<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>o acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>r of 2%<span class=\"_ _9\"></span>. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p\u2019s mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt be<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ab<span class=\"_ _9\"></span>ove t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>ev<span class=\"_ _9\"></span>ant c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>w ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s to w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p wo<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>d be r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ly exposed in the ordinary course of business.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedd.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Capital management <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _1\"></span>y obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s capi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t main<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ins a s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ong c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd h<span class=\"_ _9\"></span>ealt<span class=\"_ _9\"></span>hy c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to su<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t it<span class=\"_ _9\"></span>s bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mis<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>der v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ure a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>akes a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to it i<span class=\"_ _9\"></span>n lig<span class=\"_ _9\"></span>ht of c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>itio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up mo<span class=\"_ _9\"></span>nito<span class=\"_ _9\"></span>rs c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a gea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng r<span class=\"_ _9\"></span>atio, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is net b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l plu<span class=\"_ _9\"></span>s net b<span class=\"_ _9\"></span>ank d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>y is to keep t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en 5<span class=\"_ _9\"></span>0% an<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>%. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin ne<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. C<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve.2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Interest-bearing bank loans and<span class=\"_ _4\"></span> borrowings<span class=\"_ _2a8\"> </span><span class=\"ff9b ls2 ws5\">864,732<span class=\"_ _183\"> </span><span class=\"ff9c\">768,124</span></span>Le<span class=\"_ _9\"></span>ss \u2013 c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>ash e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _19c\"> </span><span class=\"ff9b\">(163,589)<span class=\"_ _1b\"> </span></span>(136,802)Le<span class=\"_ _9\"></span>ss \u2013 l<span class=\"_ _9\"></span>ong<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh<span class=\"_ _2a9\"> </span><span class=\"ff9b\">(9,272)<span class=\"_ _17c\"> </span></span>(8,121)Le<span class=\"_ _9\"></span>ss \u2013 s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _b4\"> </span><span class=\"ff9b\">(9,229)<span class=\"_ _17c\"> </span></span>(5,204)Le<span class=\"_ _9\"></span>ss \u2013 i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es<span class=\"_ _226\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _12f\"> </span></span>(22)Net debt<span class=\"_ _208\"> </span><span class=\"ff9b ls2 ws5\">682,642<span class=\"_ _183\"> </span><span class=\"ff9c\">617,975</span></span>Equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _210\"> </span><span class=\"ff9b ls2 ws5\">503,245<span class=\"_ _183\"> </span><span class=\"ff9c\">447,211</span></span>Hedging reser<span class=\"_ _1\"></span>ve<span class=\"_ _2aa\"> </span><span class=\"ff9b ls2 ws5\">(20,398)<span class=\"_ _1c1\"> </span><span class=\"ff9c\">434</span></span>T<span class=\"_ _3\"></span>otal capital<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">482,847<span class=\"_ _183\"> </span><span class=\"ff9c\">447,645</span></span>Capital and net debt<span class=\"_ _211\"> </span><span class=\"ff9b ls2 ws5\">1,165,489<span class=\"_ _fa\"> </span><span class=\"ff9c\">1,065,620</span></span>Gearing r<span class=\"_ _9\"></span>atio<span class=\"_ _2ab\"> </span><span class=\"ff9b ls2 ws5\">58,6%<span class=\"_ _165\"> </span><span class=\"ff9c\">58.0%</span></span>e. <span class=\"_ _8\"> </span>Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue o<span class=\"_ _9\"></span>f f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>t whic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d in a cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n willi<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an in a f<span class=\"_ _9\"></span>orc<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n sa<span class=\"_ _9\"></span>le. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng me<span class=\"_ _9\"></span>tho<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>ere us<span class=\"_ _9\"></span>ed to e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>s:  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>eir c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s la<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>ly d<span class=\"_ _9\"></span>ue to t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies als<span class=\"_ _9\"></span>o ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t as th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>c cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s ref<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t the m<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns f<span class=\"_ _9\"></span>rom b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s is es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed by d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>utu<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tes c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t on s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s, cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Fair<span class=\"_ _4\"></span> value<span class=\"_ _4\"></span> hier<span class=\"_ _4\"></span>arch<span class=\"_ _4\"></span>y <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng hie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>hy for d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g an<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s by a va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he low<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t lev<span class=\"_ _9\"></span>el in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t tha<span class=\"_ _9\"></span>t is sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue so d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d: <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>: <span class=\"ff9c fc3 ls20 ws10\">quoted (<span class=\"_ _4\"></span>unadjusted) prices in<span class=\"_ _4\"></span> ac<span class=\"_ _9\"></span>tive<span class=\"_ _4\"></span> markets for identical<span class=\"_ _4\"></span> asset<span class=\"_ _9\"></span>s or l<span class=\"_ _4\"></span>iabiliti<span class=\"_ _4\"></span>es.</span> <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 2: <span class=\"ff9c fc3\">ot<span class=\"_ _9\"></span>her te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h all in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch have s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nifi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue ar<span class=\"_ _9\"></span>e obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly </span>or indirectly. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 3: <span class=\"ff9c fc3\">te<span class=\"_ _9\"></span>chn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h us<span class=\"_ _9\"></span>e inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h have a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t are n<span class=\"_ _9\"></span>ot ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le </span>market data.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>Fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>itie<span class=\"_ _9\"></span>s is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om q<span class=\"_ _9\"></span>uote<span class=\"_ _9\"></span>d mar<span class=\"_ _9\"></span>ket p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces i<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive ma<span class=\"_ _9\"></span>rket<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. A mar<span class=\"_ _9\"></span>ket i<span class=\"_ _9\"></span>s reg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive if q<span class=\"_ _9\"></span>uot<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>re rea<span class=\"_ _9\"></span>dil<span class=\"_ _9\"></span>y and r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ular<span class=\"_ _9\"></span>ly av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m an exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, de<span class=\"_ _9\"></span>aler, broker, indu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up, pr<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>ng se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice or reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y age<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, and t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y occ<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>n an ar<span class=\"_ _9\"></span>m\u2019s len<span class=\"_ _9\"></span>gt<span class=\"_ _9\"></span>h bas<span class=\"_ _9\"></span>is. Th<span class=\"_ _9\"></span>e quo<span class=\"_ _9\"></span>ted m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket pr<span class=\"_ _9\"></span>ice u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt b<span class=\"_ _9\"></span>id pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e. The<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in   Leve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s into d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s. De<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>lue c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>por<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>us inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it q<span class=\"_ _9\"></span>uali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>par<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>ves<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny to Cla<span class=\"_ _9\"></span>l (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>b) whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s valu<span class=\"_ _9\"></span>ed by u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e Blac<span class=\"_ _9\"></span>k\u2013<span class=\"_ _9\"></span>Sc<span class=\"_ _9\"></span>hole<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>ds 4<span class=\"_ _9\"></span>6 In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Ha<span class=\"_ _9\"></span>ll Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n w<span class=\"_ _9\"></span>hich w<span class=\"_ _9\"></span>ere v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ed by e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>nal v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ator u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng a dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>e. Th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he us<span class=\"_ _9\"></span>e of o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le mar<span class=\"_ _9\"></span>ket d<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>a wh<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>t is ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le an<span class=\"_ _9\"></span>d rel<span class=\"_ _9\"></span>y as li<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e as po<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>le on e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s. If a<span class=\"_ _9\"></span>ll sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>np<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>n ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt are o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, the i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in Le<span class=\"_ _9\"></span>vel 2. If on<span class=\"_ _9\"></span>e or mo<span class=\"_ _9\"></span>re of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ket dat<span class=\"_ _9\"></span>a, th<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in L<span class=\"_ _9\"></span>evel 3. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>eld t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue: Liabilities31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _2ac\"> </span><span class=\"ff9b ls2 ws5\">5,519<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _180\"> </span>5,519<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _156\"> </span><span class=\"ff9b\">30,539<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>30,539<span class=\"_ _8d\"> </span>\u2013</span>Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2ad\"> </span><span class=\"ff9b\">16,100<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>16,100<span class=\"_ _8d\"> </span>\u2013</span> <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p hel<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e: Liabilities31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _2ae\"> </span>457<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _4e\"> </span>457<span class=\"_ _8d\"> </span>\u2013Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _137\"> </span><span class=\"ls2 ws5\">5,400<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _ce\"> </span>5,400<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies<span class=\"_ _a7\"> </span>22<span class=\"_ _1ae\"> </span>22<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8d\"> </span>\u2013Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2a6\"> </span>15,800<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _98\"> </span>15,800<span class=\"_ _8d\"> </span>\u2013No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>022 a<span class=\"_ _9\"></span>nd 2021<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n Level 1 a<span class=\"_ _9\"></span>nd L<span class=\"_ _9\"></span>evel 2 f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs i<span class=\"_ _9\"></span>nto or o<span class=\"_ _9\"></span>ut o<span class=\"_ _9\"></span>f Leve<span class=\"_ _9\"></span>l 3 fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e who<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tes th<span class=\"_ _9\"></span>eir f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>re as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:Ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt  Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue  3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>itiesBank bor<span class=\"_ _9\"></span>rowings<span class=\"_ _268\"> </span><span class=\"ffa4 ls2 ws5\">864,732<span class=\"_ _16b\"> </span><span class=\"ffa3\">768,124<span class=\"_ _16f\"> </span></span>811,179<span class=\"_ _183\"> </span><span class=\"ffa3\">784,167</span></span>Note 3<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span> Subsequent e<span class=\"_ _4\"></span>v<span class=\"_ _4\"></span>entsa <span class=\"_ _f\"> </span>E<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>n Hos<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y R<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>l Es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate Fu<span class=\"_ _9\"></span>nd <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ter t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up an<span class=\"_ _9\"></span>nou<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>d t<span class=\"_ _9\"></span>hat it i<span class=\"_ _9\"></span>s in ad<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>d di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ns w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h a pote<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ial co<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ton<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>or wi<span class=\"_ _9\"></span>th a v<span class=\"_ _9\"></span>iew to lau<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>hing a n<span class=\"_ _9\"></span>ew Eur<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ean H<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>ali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y Rea<span class=\"_ _9\"></span>l Es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate Fu<span class=\"_ _9\"></span>nd (\u201cth<span class=\"_ _9\"></span>e Fund\u201d<span class=\"_ _9\"></span>) of up to \u20ac<span class=\"_ _9\"></span>250 mi<span class=\"_ _9\"></span>llion e<span class=\"_ _9\"></span>q<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o reg<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>al.    <span class=\"_ _fa\"> </span>Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up i<span class=\"_ _9\"></span>nten<span class=\"_ _9\"></span>ds t<span class=\"_ _9\"></span>o par<span class=\"_ _1\"></span>tic<span class=\"_ _9\"></span>ipa<span class=\"_ _9\"></span>te in t<span class=\"_ _9\"></span>he Fun<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r an am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t up to \u20ac<span class=\"_ _9\"></span>50 mill<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>n ca<span class=\"_ _9\"></span>sh a<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>/<span class=\"_ _4\"></span>or as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d \u20ac75 millio<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y com<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>ll be r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e cor<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ton<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>. It is t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>hat in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>omi<span class=\"_ _9\"></span>ng year, addi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs w<span class=\"_ _9\"></span>ill b<span class=\"_ _9\"></span>e ab<span class=\"_ _9\"></span>le to pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>pate f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>main<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _3\"></span>25 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y, follo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g the r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eipt o<span class=\"_ _9\"></span>f reg<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>al.  <span class=\"_ _fa\"> </span>It i<span class=\"_ _9\"></span>s the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>ntio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng PPHE Ro<span class=\"_ _9\"></span>me a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntly u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>erg<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g ref<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt and r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>oni<span class=\"_ _9\"></span>ng ahe<span class=\"_ _9\"></span>ad of i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s op<span class=\"_ _9\"></span>eni<span class=\"_ _9\"></span>ng as It<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>y\u2019s fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ar<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>otel, wil<span class=\"_ _9\"></span>l be co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>but<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto th<span class=\"_ _9\"></span>e Fun<span class=\"_ _9\"></span>d as a s<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set b<span class=\"_ _9\"></span>y the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p. Thi<span class=\"_ _9\"></span>s hote<span class=\"_ _9\"></span>l will b<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er it<span class=\"_ _9\"></span>s h<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>ali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt pl<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>rm.b <span class=\"_ _b\"> </span>Final Dividend <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he B<span class=\"_ _9\"></span>oar<span class=\"_ _9\"></span>d is pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>osi<span class=\"_ _9\"></span>ng a f<span class=\"_ _9\"></span>inal d<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ayme<span class=\"_ _9\"></span>nt of 12 penc<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>r sha<span class=\"_ _9\"></span>re (20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>: Nil p<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ce pe<span class=\"_ _9\"></span>r sh<span class=\"_ _9\"></span>are). Sub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r app<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>al at t<span class=\"_ _9\"></span>he A<span class=\"_ _9\"></span>nnua<span class=\"_ _9\"></span>l Gen<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>al Me<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ing, to b<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>ld on 2<span class=\"_ _9\"></span>3 May 2023, t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>d will b<span class=\"_ _9\"></span>e pa<span class=\"_ _9\"></span>id on 31 May 202<span class=\"_ _9\"></span>3 to sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>rs o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e reg<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ter at 28 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 2023. T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es wi<span class=\"_ _9\"></span>ll go ex-<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nd o<span class=\"_ _9\"></span>n 27 Ap<span class=\"_ _9\"></span>ril 2<span class=\"_ _9\"></span>023.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-2-2": {
   "value": "Note 2 Summary of significant accounting policiesa.  Basis of preparation  The consolidated financial statements of the Group have been prepared on a historical cost basis, except for derivative financial instruments and investments in marketable securities which are measured at fair value. The consolidated financial statements are presented in Pound Sterling and all values are rounded to the nearest thousand (\u00a3\u2019000) except where otherwise indicated.  Statement of compliance:  The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) which comprise standards and interpretations issued by the International Accounting Standards Board (IASB) and\ue61fInternational Financial Reporting Standards Interpretations Committee (IFRIC) and adopted by the European Union.  The accounting policies used in preparing the consolidated financial statements for the years ended 31 December 2022 and 2021\ue61fare set out below. These accounting policies have been consistently applied to the periods presented, except where otherwise\ue61findicated.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-3-2": {
   "value": "b.  Basis of consolidation  The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at 31 December\ue61f2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with\ue61fthe\ue61finvestee and has the ability to affect those returns through its power over the investee.   The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All inter-company balances and transactions, income and expenses, and profits and losses resulting from intra-Group transactions are eliminated in full. Subsidiaries are fully consolidated from the date of acquisition, being the date on\ue61fwhich the Group obtains control, and continue to be consolidated until the date on which such control ceases.Note 2 Summary of significant accounting policies continued  Non-controlling interests represent the portion of profit or loss and net assets not held by the Group and are presented separately\ue61fin\ue61fthe income statement and within equity in the consolidated statement of financial position, separately from parent\ue61fshareholders\u2019 equity.  A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.   If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-5-2": {
   "value": "c.  Significant accounting judgments, estimates and assumptions  The preparation of the Group\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that require a\ue61fmaterial adjustment to the carrying amount of the asset or liability affected in future periods. Judgments  In the process of applying the Group\u2019s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognised in the consolidated financial statements.  Acquisition of companies that are not business combinations  At the acquisition date of companies and groups of assets, the Company determines whether the transaction constitutes an acquisition of a business in a business combination transaction pursuant to IFRS 3. If the acquisition does not constitute a business as defined in IFRS 3, the cost of purchase is allocated only to the identifiable assets and liabilities of the acquired company on the basis of their relative fair values at the date of purchase and including any minority interest according to its share of the fair value of\ue61fnet identifiable assets at the acquisition date.  In determining whether a business was acquired, the Company evaluates whether the acquired integrated set of activities and assets include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The following criteria which indicate acquisition of a business are considered: the variety of assets acquired; the extent to which ancillary services to operate the property are provided; and the complexity of the management of the property.  Estimates and assumptions  The key assumptions made in the consolidated financial statements concerning uncertainties at the reporting date and the critical estimates computed by the Group for which there is a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. The Group bases its assumptions and estimates on parameters available when the consolidated financial statements are prepared. However, these parameters may change due to market changes or other circumstances beyond the control of the Group. Such changes are reflected in the assumptions and estimates when they occur.   Impairment of non-financial assets  Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of\ue61fits fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key\ue61fassumptions used to determine the recoverable amount for the different CGUs, are disclosed and further explained in Notes\ue61f4 and 5.Note 2 Summary of significant accounting policies continued  Deferred tax assets  Deferred tax assets are recognised for unused carried forward tax losses and temporary differences to the extent that it is probable that taxable profit will be available against which the losses can be utilised. The amount of deferred tax assets that can be recognised is based upon the likely timing and level of future taxable profits together with future tax planning strategies. Additional information is provided in Note 26.  Fair value measurement of financial instruments  When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the discounted cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. See Note 30 for further disclosures.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-7-2": {
   "value": "d. <span class=\"_ _1e\"> </span>Bus<span class=\"_ _9\"></span>iness combinations<span class=\"_ _4\"></span> and goodwill <span class=\"_ _1c\"> </span>B<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>omb<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>or us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f an ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n is mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red a<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate of th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed, m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n date f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d the a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of a<span class=\"_ _9\"></span>ny non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>olli<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>ree. For e<span class=\"_ _9\"></span>ach b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>bin<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up el<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>het<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r to mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>e non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>rolli<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>ree e<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>er at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e or at t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>llin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019s pro<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>te sh<span class=\"_ _9\"></span>are of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>e\u2019s iden<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le ne<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed ar<span class=\"_ _9\"></span>e expensed<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> incl<span class=\"_ _4\"></span>uded<span class=\"_ _4\"></span> in a<span class=\"_ _4\"></span>dmin<span class=\"_ _4\"></span>istrativ<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> expenses. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p det<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat it h<span class=\"_ _9\"></span>as ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red a b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s whe<span class=\"_ _9\"></span>n t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>et of a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de a<span class=\"_ _9\"></span>n inp<span class=\"_ _9\"></span>ut a<span class=\"_ _9\"></span>nd a su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ive pr<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t tog<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her s<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ute to t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y to c<span class=\"_ _9\"></span>reate o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d pro<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ed su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ive if i<span class=\"_ _9\"></span>t is c<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tic<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y to co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>duc<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d the i<span class=\"_ _9\"></span>np<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e an o<span class=\"_ _9\"></span>rga<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>ce wi<span class=\"_ _9\"></span>th th<span class=\"_ _9\"></span>e nec<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>ki<span class=\"_ _9\"></span>lls, k<span class=\"_ _9\"></span>now<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e or ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e to p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>at pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s or it s<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ute<span class=\"_ _9\"></span>s to th<span class=\"_ _9\"></span>e abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>uci<span class=\"_ _9\"></span>ng ou<span class=\"_ _9\"></span>tp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd is c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d uni<span class=\"_ _9\"></span>que o<span class=\"_ _9\"></span>r sc<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ce or c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nnot b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t, e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t or d<span class=\"_ _9\"></span>elay i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to\ue61fco<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>duc<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>res a b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s, it as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ate cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tual t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms, e<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nom<span class=\"_ _9\"></span>ic cir<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns as a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on d<span class=\"_ _9\"></span>ate. Thi<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on of e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives i<span class=\"_ _9\"></span>n ho<span class=\"_ _9\"></span>st c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>ree. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f the b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bin<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on is a<span class=\"_ _9\"></span>chi<span class=\"_ _9\"></span>eved i<span class=\"_ _9\"></span>n st<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n da<span class=\"_ _9\"></span>te fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>irer<span class=\"_ _9\"></span>\u2019s pr<span class=\"_ _9\"></span>evio<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ly he<span class=\"_ _9\"></span>ld eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ee is r<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>t the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on da<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>ny co<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n to be tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>er wi<span class=\"_ _9\"></span>ll be r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>t the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on da<span class=\"_ _9\"></span>te. Co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>s not re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>nd it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>lem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>or wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. Con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>gen<span class=\"_ _9\"></span>t con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed as a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t or lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>at is a f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>pe of IFR<span class=\"_ _9\"></span>S 9 Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial In<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>rda<span class=\"_ _9\"></span>nce w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h IFRS 9<span class=\"_ _4\"></span>. Ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>ent c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>s not wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e sc<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>e of IFRS 9 i<span class=\"_ _9\"></span>s meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e at eac<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate wi<span class=\"_ _9\"></span>th c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill is i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>ally m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t bei<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he exc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate o<span class=\"_ _9\"></span>f the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d for n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>llin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e net i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>fia<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d and l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ed. I<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e net a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>s in exc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>er it h<span class=\"_ _9\"></span>as co<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly id<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d all of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed an<span class=\"_ _9\"></span>d all of t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d rev<span class=\"_ _9\"></span>iew<span class=\"_ _9\"></span>s the p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ced<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es us<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d at th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ate. If t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sm<span class=\"_ _9\"></span>ent s<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ll res<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n an ex<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f net as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d over t<span class=\"_ _9\"></span>he ag<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>der<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red, t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e gain i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ter i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, goo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t les<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>ny acc<span class=\"_ _9\"></span>umu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s. Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent tes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing, g<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill ac<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n a bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>s, fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ate, all<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d to eac<span class=\"_ _9\"></span>h of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s c<span class=\"_ _9\"></span>ash<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t are ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>t fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion, ir<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>tive o<span class=\"_ _9\"></span>f whe<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er ot<span class=\"_ _9\"></span>her a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>r liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>e are as<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. W<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e go<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>will f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ms p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f a ca<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing u<span class=\"_ _9\"></span>nit a<span class=\"_ _9\"></span>nd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t unit i<span class=\"_ _9\"></span>s dis<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose<span class=\"_ _9\"></span>d of, the g<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ed of i<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n det<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al of t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion. G<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ed of i<span class=\"_ _9\"></span>n thi<span class=\"_ _9\"></span>s cir<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rela<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on d<span class=\"_ _9\"></span>isp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>f and t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing u<span class=\"_ _9\"></span>nit r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d.e.<span class=\"_ _4\"></span> <span class=\"_ _8\"> </span>Business combinations<span class=\"_ _4\"></span> inv<span class=\"_ _4\"></span>olving entities<span class=\"_ _4\"></span> under c<span class=\"_ _4\"></span>ommon control <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for b<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>omb<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hat in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>omm<span class=\"_ _9\"></span>on c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on m<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>od p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d that the transac<span class=\"_ _9\"></span>tion has subst<span class=\"_ _9\"></span>ance.f. <span class=\"_ _b\"> </span>I<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>tes a<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d joi<span class=\"_ _9\"></span>nt ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oci<span class=\"_ _9\"></span>ate is a<span class=\"_ _9\"></span>n ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ov<span class=\"_ _9\"></span>er wh<span class=\"_ _9\"></span>ich t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nt inf<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e. Signi<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nt inf<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e is th<span class=\"_ _9\"></span>e po<span class=\"_ _9\"></span>wer to p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tic<span class=\"_ _9\"></span>ipa<span class=\"_ _9\"></span>te in t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>nd o<span class=\"_ _9\"></span>per<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ee, bu<span class=\"_ _9\"></span>t is not c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ol over t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>olic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>A j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure i<span class=\"_ _9\"></span>s a t<span class=\"_ _9\"></span>yp<span class=\"_ _9\"></span>e of joi<span class=\"_ _9\"></span>nt ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y the p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t have joi<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ol of t<span class=\"_ _9\"></span>he ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>gem<span class=\"_ _9\"></span>ent h<span class=\"_ _9\"></span>ave ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>et as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e join<span class=\"_ _9\"></span>t vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e. Join<span class=\"_ _9\"></span>t con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l is th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>ly ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d sh<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ing of c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f an ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>, whi<span class=\"_ _9\"></span>ch ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s on<span class=\"_ _9\"></span>ly w<span class=\"_ _9\"></span>hen de<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s ab<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>ele<span class=\"_ _9\"></span>vant a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>e una<span class=\"_ _9\"></span>nimo<span class=\"_ _9\"></span>us c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e par<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s sh<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>rol.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d join<span class=\"_ _9\"></span>t vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ted fo<span class=\"_ _9\"></span>r us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y me<span class=\"_ _9\"></span>tho<span class=\"_ _9\"></span>d. Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y m<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>hod, th<span class=\"_ _9\"></span>e\ue61finves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>e or jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>re is c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ied i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al po<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n at co<span class=\"_ _9\"></span>st p<span class=\"_ _9\"></span>lus p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in\ue61ft<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s sha<span class=\"_ _9\"></span>re of n<span class=\"_ _9\"></span>et as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>te or jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>re.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent r<span class=\"_ _9\"></span>efl<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>f op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons o<span class=\"_ _9\"></span>f as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d joi<span class=\"_ _9\"></span>nt ven<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s shar<span class=\"_ _9\"></span>e of cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>ve inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e of as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tes o<span class=\"_ _9\"></span>r join<span class=\"_ _9\"></span>t vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>hen<span class=\"_ _9\"></span>siv<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>ere has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed di<span class=\"_ _9\"></span>rec<span class=\"_ _1\"></span>tly i<span class=\"_ _9\"></span>n the e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt ven<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e of any c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s thi<span class=\"_ _9\"></span>s, wh<span class=\"_ _9\"></span>en a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e, in th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s in eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. Unre<span class=\"_ _9\"></span>alis<span class=\"_ _9\"></span>ed g<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s res<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g fro<span class=\"_ _9\"></span>m tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ons be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>te or j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure ar<span class=\"_ _9\"></span>e eli<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>ted t<span class=\"_ _9\"></span>o the e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tent o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>n the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt ven<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he ag<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ega<span class=\"_ _9\"></span>te of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s sha<span class=\"_ _9\"></span>re of p<span class=\"_ _9\"></span>rofi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s of an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r a joi<span class=\"_ _9\"></span>nt vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e is sh<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>n on t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ace of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>e EBIT a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>rofi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>nd no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol<span class=\"_ _9\"></span>ling i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt ven<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate a<span class=\"_ _9\"></span>nd jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>res a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>e rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d as t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. Wh<span class=\"_ _9\"></span>ere n<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re ma<span class=\"_ _9\"></span>de to b<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>olic<span class=\"_ _9\"></span>ies i<span class=\"_ _9\"></span>n line w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ter a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y me<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>od, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>er it i<span class=\"_ _9\"></span>s ne<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>e an im<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ent l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s on i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>te or jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>re. At eac<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nes w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive ev<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oci<span class=\"_ _9\"></span>ate or j<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>t vent<span class=\"_ _9\"></span>ure i<span class=\"_ _9\"></span>s imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>ed. I<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>re is s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h evi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nce, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of im<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t as t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>cove<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e and i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng va<span class=\"_ _9\"></span>lue, an<span class=\"_ _9\"></span>d the<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he los<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>s \u2018Sh<span class=\"_ _9\"></span>are i<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>ult o<span class=\"_ _9\"></span>f as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>e and j<span class=\"_ _9\"></span>oint v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s\u2019 in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>U<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n los<span class=\"_ _9\"></span>s of s<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>flu<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e over t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r join<span class=\"_ _9\"></span>t con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l over t<span class=\"_ _9\"></span>he jo<span class=\"_ _9\"></span>int ve<span class=\"_ _9\"></span>ntu<span class=\"_ _9\"></span>re, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>ses a<span class=\"_ _9\"></span>ny ret<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ned i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t at it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e. Any di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate o<span class=\"_ _9\"></span>r joi<span class=\"_ _9\"></span>nt vent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>f sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>nfl<span class=\"_ _9\"></span>uen<span class=\"_ _9\"></span>ce or j<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>t cont<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>l and t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e ret<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>roc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m dis<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>l is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e income statement.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dg. <span class=\"_ _6\"> </span>Foreign<span class=\"_ _4\"></span> currenc<span class=\"_ _9\"></span>y translation <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any is Pou<span class=\"_ _9\"></span>nd Ste<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>ing. T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>date<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d in Poun<span class=\"_ _9\"></span>d\ue61fSter<span class=\"_ _9\"></span>lin<span class=\"_ _9\"></span>g.  <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p dete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>es it<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>wn f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>ms in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of ea<span class=\"_ _9\"></span>ch e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y are\ue61fm<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>hat f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y. <span class=\"_ _1c\"> </span>T<span class=\"_ _4\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s in fo<span class=\"_ _9\"></span>reig<span class=\"_ _9\"></span>n cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>cie<span class=\"_ _9\"></span>s are i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>ally r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed at t<span class=\"_ _9\"></span>he exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>es pr<span class=\"_ _9\"></span>evai<span class=\"_ _9\"></span>ling o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Mo<span class=\"_ _9\"></span>net<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es de<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>ted i<span class=\"_ _9\"></span>n for<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n cur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to fu<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>y at th<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tes p<span class=\"_ _9\"></span>rev<span class=\"_ _9\"></span>ailin<span class=\"_ _9\"></span>g on\ue61ft<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate. Pro<span class=\"_ _9\"></span>fit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s are i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed in t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hos<span class=\"_ _9\"></span>e f<span class=\"_ _9\"></span>unc<span class=\"_ _1\"></span>tion<span class=\"_ _9\"></span>al cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>y is not Pou<span class=\"_ _9\"></span>nd Ste<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>ing ar<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sla<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t exch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tes p<span class=\"_ _9\"></span>rev<span class=\"_ _9\"></span>ailin<span class=\"_ _9\"></span>g on t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate. In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e and e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>s are t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he aver<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>. Equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ite<span class=\"_ _9\"></span>ms ar<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sla<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t the h<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. E<span class=\"_ _9\"></span>xc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>ng on t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on ar<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n oth<span class=\"_ _9\"></span>er co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>reh<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>sive inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e and c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d as a s<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y (f<span class=\"_ _9\"></span>ore<span class=\"_ _9\"></span>ign c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nsl<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>ser<span class=\"_ _1\"></span>ve). Suc<span class=\"_ _9\"></span>h tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>s dis<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ed of. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>ill an<span class=\"_ _9\"></span>d fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue ad<span class=\"_ _9\"></span>jus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>ng o<span class=\"_ _9\"></span>n the a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>itio<span class=\"_ _9\"></span>n of a fo<span class=\"_ _9\"></span>reig<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>re tr<span class=\"_ _9\"></span>eate<span class=\"_ _9\"></span>d as a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e for<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on an<span class=\"_ _9\"></span>d tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sla<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t the c<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te. <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>xc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>t of loa<span class=\"_ _9\"></span>ns de<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>ted i<span class=\"_ _9\"></span>n for<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>y w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h we<span class=\"_ _9\"></span>re gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted by t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany t<span class=\"_ _9\"></span>o it<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>es are r<span class=\"_ _9\"></span>efl<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>orei<span class=\"_ _9\"></span>gn c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sla<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve in e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, as th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e, in sub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nce, a pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s net inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>rei<span class=\"_ _9\"></span>gn op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing e<span class=\"_ _9\"></span>xch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tes i<span class=\"_ _9\"></span>n rela<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n to Poun<span class=\"_ _9\"></span>d Ster<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>ng wer<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>evail<span class=\"_ _9\"></span>ing at r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting d<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>In Po<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>d In Pou<span class=\"_ _9\"></span>nd SterlingSter<span class=\"_ _9\"></span>lin<span class=\"_ _9\"></span>gEuro<span class=\"_ _1d1\"> </span><span class=\"ff9b\">0.885<span class=\"_ _ce\"> </span></span>0.838Hungarian Forint<span class=\"_ _1c2\"> </span><span class=\"ff9b ls2 ws5\">0.002<span class=\"_ _ce\"> </span><span class=\"ff9c\">0.002</span></span>Croatian K<span class=\"_ _4\"></span>una<span class=\"_ _1d2\"> </span><span class=\"ff9b ls2 ws5\">0.117<span class=\"_ _ce\"> </span><span class=\"ff9c\">0.112</span></span>US Dollar<span class=\"_ _1d3\"> </span><span class=\"ff9b ls2 ws5\">0.830<span class=\"_ _ce\"> </span><span class=\"ff9c\">0.740</span></span> <span class=\"_ _1c\"> </span>Per<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ge in<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e (dec<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se) in e<span class=\"_ _9\"></span>xcha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>e rat<span class=\"_ _9\"></span>es at ye<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>nd co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>d to t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>evio<span class=\"_ _9\"></span>us ye<span class=\"_ _9\"></span>ar:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>%%Euro<span class=\"_ _1d4\"> </span><span class=\"ff9b\">5.6<span class=\"_ _11e\"> </span></span>(6.6)Hungarian Forint<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">(3.5)<span class=\"_ _9c\"> </span><span class=\"ff9c\">(6.7)</span></span>Croatian K<span class=\"_ _4\"></span>una<span class=\"_ _1d6\"> </span><span class=\"ff9b ls2 ws5\">2.5<span class=\"_ _11e\"> </span><span class=\"ff9c\">(6.3)</span></span>US Dollar<span class=\"_ _1d7\"> </span><span class=\"ff9b ls2 ws5\">12.2<span class=\"_ _8f\"> </span><span class=\"ff9c\">1.2</span></span>No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dh. <span class=\"_ _8\"> </span>Int<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d se<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tel<span class=\"_ _9\"></span>y are me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t. T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t of in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ngib<span class=\"_ _9\"></span>le a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d in a bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>on is t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>ir f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue at t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ate of a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n. Fol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>ing in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ngi<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ed at c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t le<span class=\"_ _9\"></span>ss a<span class=\"_ _9\"></span>ny acc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on a<span class=\"_ _9\"></span>nd any a<span class=\"_ _9\"></span>ccu<span class=\"_ _9\"></span>mul<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g the s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>aigh<span class=\"_ _9\"></span>t-lin<span class=\"_ _9\"></span>e met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d over t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or im<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t whe<span class=\"_ _9\"></span>neve<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s an in<span class=\"_ _9\"></span>dic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>angi<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>ed. T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d and t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion m<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>hod a<span class=\"_ _9\"></span>re rev<span class=\"_ _9\"></span>iew<span class=\"_ _9\"></span>ed at lea<span class=\"_ _9\"></span>st a<span class=\"_ _9\"></span>t eac<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d. Ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>sef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe or t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>rn o<span class=\"_ _9\"></span>f con<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>mpt<span class=\"_ _9\"></span>ion of f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic be<span class=\"_ _9\"></span>nef<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for by c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>ngin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>isa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od or m<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d, as ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iat<span class=\"_ _9\"></span>e, and ar<span class=\"_ _9\"></span>e tre<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e fo<span class=\"_ _9\"></span>r int<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>ris<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion of a<span class=\"_ _9\"></span>n int<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>gib<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>et dis<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d the c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d. i.<span class=\"_ _4\"></span> <span class=\"_ _f\"> </span>Property,<span class=\"_ _4\"></span> plant<span class=\"_ _4\"></span> and equipment <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, plan<span class=\"_ _9\"></span>t and e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t are me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>mul<span class=\"_ _9\"></span>ated d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n and i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. De<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>rai<span class=\"_ _9\"></span>ght-<span class=\"_ _9\"></span>lin<span class=\"_ _9\"></span>e met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d, over t<span class=\"_ _9\"></span>he sh<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ter of t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>sef<span class=\"_ _9\"></span>ul l<span class=\"_ _9\"></span>ife of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s or t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:Ye<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>sHotel bui<span class=\"_ _4\"></span>ldings<span class=\"_ _1bc\"> </span><span class=\"ls2 ws5\">50 to 95</span>Furniture and equipment<span class=\"_ _1d8\"> </span><span class=\"ls2 ws5\">2 to 25</span> <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, p<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent as t<span class=\"_ _9\"></span>hey a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed. C<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed th<span class=\"_ _9\"></span>at sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly in<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t con<span class=\"_ _9\"></span>cer<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ed ar<span class=\"_ _9\"></span>e ad<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019s cost a<span class=\"_ _9\"></span>s an i<span class=\"_ _9\"></span>mpr<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>nd de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>rove<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>n it<span class=\"_ _9\"></span>em of p<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, pla<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, an<span class=\"_ _9\"></span>d any si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t par<span class=\"_ _1\"></span>t ini<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed, i<span class=\"_ _9\"></span>s der<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d up<span class=\"_ _9\"></span>on d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>al o<span class=\"_ _9\"></span>r wh<span class=\"_ _9\"></span>en no fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re ec<span class=\"_ _9\"></span>ono<span class=\"_ _9\"></span>mic b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s us<span class=\"_ _9\"></span>e or di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al. A<span class=\"_ _9\"></span>ny gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng on d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (cal<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e bet<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e net di<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>al p<span class=\"_ _9\"></span>roc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et) i<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wh<span class=\"_ _9\"></span>en the asset is derecognised. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s\u2019 re<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l valu<span class=\"_ _9\"></span>es, u<span class=\"_ _9\"></span>sef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s of de<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n ar<span class=\"_ _9\"></span>e revi<span class=\"_ _9\"></span>ewe<span class=\"_ _9\"></span>d at eac<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l year e<span class=\"_ _9\"></span>nd, an<span class=\"_ _9\"></span>d adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d prospec<span class=\"_ _9\"></span>tively<span class=\"_ _3\"></span>, if appropriate.j. <span class=\"_ _f\"> </span>Im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt o<span class=\"_ _9\"></span>f no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts <span class=\"_ _1c\"> </span>At e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g date, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up r<span class=\"_ _9\"></span>evie<span class=\"_ _9\"></span>ws t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of i<span class=\"_ _9\"></span>ts n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ne wh<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is any ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>hos<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>ed. If a<span class=\"_ _9\"></span>ny su<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n exi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>, the r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t is es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed. Wh<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>t\ue61fis no<span class=\"_ _9\"></span>t pos<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e to es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>e the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of an in<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ual a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of\ue61fth<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ash<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g unit t<span class=\"_ _9\"></span>o whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Re<span class=\"_ _9\"></span>cove<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e high<span class=\"_ _9\"></span>er of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>\u2019s fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>nd it<span class=\"_ _9\"></span>s v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e in us<span class=\"_ _9\"></span>e. In as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng va<span class=\"_ _9\"></span>lue in u<span class=\"_ _9\"></span>se, th<span class=\"_ _9\"></span>e\ue61fes<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>d fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>ws a<span class=\"_ _9\"></span>re dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>lue u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a pre<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>x di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ime v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f mon<span class=\"_ _9\"></span>ey an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e ris<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>c to th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et (or c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>it) i<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t is con<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>der<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d and t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et (c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng uni<span class=\"_ _9\"></span>t) i<span class=\"_ _9\"></span>s red<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ed to i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt. Imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as an e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>dia<span class=\"_ _9\"></span>tely.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re an i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ss s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly reve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s, th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set (c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>gen<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>) is inc<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d to t<span class=\"_ _9\"></span>he rev<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate o<span class=\"_ _9\"></span>f it<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cover<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt, b<span class=\"_ _9\"></span>ut n<span class=\"_ _9\"></span>ot in exc<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>hat wo<span class=\"_ _9\"></span>uld h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en d<span class=\"_ _9\"></span>eter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d had n<span class=\"_ _9\"></span>o imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt los<span class=\"_ _9\"></span>s b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>usl<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (ca<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing u<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>). A rever<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>al of an i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ss i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as income\ue61fimmediat<span class=\"_ _4\"></span>ely<span class=\"_ _4\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dk. <span class=\"_ _8\"> </span>Financial instruments <span class=\"_ _1c\"> </span>i) <span class=\"_ _3a\"> </span>Financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t or f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>\u2019s cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow ch<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el fo<span class=\"_ _9\"></span>r man<span class=\"_ _9\"></span>agi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>t it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue p<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>, in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ase o<span class=\"_ _9\"></span>f a\ue61ffi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et no<span class=\"_ _9\"></span>t at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>or a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et t<span class=\"_ _9\"></span>o be cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t, i<span class=\"_ _9\"></span>t nee<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s to give r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e to c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re \u2018sol<span class=\"_ _9\"></span>ely pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t\u2019 (S<span class=\"_ _9\"></span>PPI) on t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing. T<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d to as t<span class=\"_ _9\"></span>he SPPI te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d is\ue61fp<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d at an i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t level. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l for ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s refe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to how i<span class=\"_ _9\"></span>t man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n or<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>o ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>lt f<span class=\"_ _9\"></span>rom c<span class=\"_ _9\"></span>olle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>elli<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial assets,<span class=\"_ _4\"></span> or bo<span class=\"_ _4\"></span>th. <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>r sal<span class=\"_ _9\"></span>es of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>live<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>in a ti<span class=\"_ _9\"></span>mef<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ame e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>she<span class=\"_ _9\"></span>d by re<span class=\"_ _9\"></span>gu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on or c<span class=\"_ _9\"></span>onve<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ce (re<span class=\"_ _9\"></span>gula<span class=\"_ _9\"></span>r way t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s) are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de d<span class=\"_ _9\"></span>ate, i.e. the da<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e or s<span class=\"_ _9\"></span>ell t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>f sub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ies: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (deb<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s); and</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.</span></span> <span class=\"_ _1c\"> </span>Financial<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> at amortis<span class=\"_ _4\"></span>ed c<span class=\"_ _4\"></span>ost (<span class=\"_ _3\"></span>debt instruments<span class=\"_ _4\"></span>) <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t if bo<span class=\"_ _9\"></span>th of t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>et: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set i<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n a bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of h<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s; an<span class=\"_ _9\"></span>d <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l ter<span class=\"_ _9\"></span>ms o<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et giv<span class=\"_ _9\"></span>e ris<span class=\"_ _9\"></span>e on s<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed da<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at are SPPI o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al </span></span>amount\ue61foutst<span class=\"_ _9\"></span>anding. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te (EIR<span class=\"_ _9\"></span>) met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Gain<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ied o<span class=\"_ _9\"></span>r im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>ed. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng, fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s, or f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue. Fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re cla<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>y are a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se of s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>r rep<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g in t<span class=\"_ _9\"></span>he nea<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m. D<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>es, ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hey ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on if d<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g so eliminates<span class=\"_ _4\"></span>, or si<span class=\"_ _4\"></span>gnificantly reduces, an accounting<span class=\"_ _4\"></span> mismatch. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h net c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in\ue61ff<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Div<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s on li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight o<span class=\"_ _9\"></span>f pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>ish<span class=\"_ _9\"></span>ed. Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (or<span class=\"_ _4\"></span>, whe<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble, a pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of a f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f a Gro<span class=\"_ _9\"></span>up of s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s) is p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed (<span class=\"_ _9\"></span>i.e. remove<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n) whe<span class=\"_ _9\"></span>n: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t have ex<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>red; or</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or h<span class=\"_ _9\"></span>as as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>d an o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ows i<span class=\"_ _9\"></span>n ful<span class=\"_ _9\"></span>l wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>elay to a t<span class=\"_ _9\"></span>hir<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r a \u2018pas<span class=\"_ _9\"></span>s-<span class=\"_ _9\"></span>thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h\u2019 arr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt; an<span class=\"_ _9\"></span>d eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r (a) the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, or (<span class=\"_ _9\"></span>b) th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y all t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>isk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, bu<span class=\"_ _9\"></span>t has t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a pa<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h ar<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, i<span class=\"_ _9\"></span>t eval<span class=\"_ _9\"></span>uate<span class=\"_ _9\"></span>s if, and t<span class=\"_ _9\"></span>o wha<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt, it h<span class=\"_ _9\"></span>as ret<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d the r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s and r<span class=\"_ _9\"></span>ewa<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s of ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n it has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et, no<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>ng invo<span class=\"_ _9\"></span>lve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. In t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>se, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up als<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on a b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup has\ue61fr<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>nvolve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>akes t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of a gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>e over t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>wer of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>gina<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d the m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>um am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>o rep<span class=\"_ _9\"></span>ay. <span class=\"_ _1c\"> </span>Impairment<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es an a<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s (ECL<span class=\"_ _9\"></span>) for a<span class=\"_ _9\"></span>ll de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s no<span class=\"_ _9\"></span>t hel<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. ECL<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t and al<span class=\"_ _9\"></span>l the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive, dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d at a<span class=\"_ _9\"></span>n app<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal EIR<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s will i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>e of col<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l hel<span class=\"_ _9\"></span>d or ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit e<span class=\"_ _9\"></span>nha<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>ECL<span class=\"_ _1\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>wo s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>es. F<span class=\"_ _9\"></span>or cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res f<span class=\"_ _9\"></span>or w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the<span class=\"_ _9\"></span>re ha<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k sin<span class=\"_ _9\"></span>ce ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, ECL<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t res<span class=\"_ _9\"></span>ult f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>fau<span class=\"_ _9\"></span>lt eve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e pos<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ex<span class=\"_ _9\"></span>t 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs (a 1<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h ECL<span class=\"_ _9\"></span>). For th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k si<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, a los<span class=\"_ _9\"></span>s\ue61fal<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re, irr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of th<span class=\"_ _9\"></span>e ti<span class=\"_ _9\"></span>ming of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t (a life<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>e ECL). <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s a si<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>ch in c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ECL<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The<span class=\"_ _9\"></span>ref<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ck c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges in\ue61fc<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k, b<span class=\"_ _9\"></span>ut in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ead r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n lif<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>me ECL<span class=\"_ _9\"></span>s at e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g date.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set t<span class=\"_ _9\"></span>o be i<span class=\"_ _9\"></span>n def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>l or ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nal in<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is u<span class=\"_ _9\"></span>nlikel<span class=\"_ _9\"></span>y to\ue61fre<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>ull. A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is w<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of recovering the contrac<span class=\"_ _9\"></span>tual cas<span class=\"_ _9\"></span>h flows. <span class=\"_ _1c\"> </span>ii) <span class=\"_ _25\"> </span>Financial liabilities <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, as m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es) or a<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n an ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e, as\ue61fap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ate. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ll fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue an<span class=\"_ _9\"></span>d, in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, ne<span class=\"_ _9\"></span>t of dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly att<span class=\"_ _9\"></span>ribut<span class=\"_ _9\"></span>able transac<span class=\"_ _9\"></span>tion cos<span class=\"_ _9\"></span>ts. <span class=\"_ _1c\"> </span>The Group<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s finan<span class=\"_ _4\"></span>cial l<span class=\"_ _4\"></span>iabilities<span class=\"_ _4\"></span> include trade and o<span class=\"_ _4\"></span>ther payables<span class=\"_ _4\"></span>, loans<span class=\"_ _4\"></span> and borrowings including<span class=\"_ _4\"></span> bank ov<span class=\"_ _4\"></span>erdraf<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s,<span class=\"_ _4\"></span> and derivative financial instrument<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>ir cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on, as d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w: <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Financial li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> at fair<span class=\"_ _4\"></span> value through<span class=\"_ _4\"></span> profit or<span class=\"_ _4\"></span> loss include financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> held for<span class=\"_ _4\"></span> trading and financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> designated up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>ey are i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he pu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>e of re<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n the n<span class=\"_ _9\"></span>ear te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m. Thi<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ateg<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y als<span class=\"_ _9\"></span>o inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s as d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d by IFRS 9<span class=\"_ _4\"></span>. Sep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng unl<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>ey are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies h<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>itia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e init<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>ate of rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, an<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y if t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ia in IF<span class=\"_ _9\"></span>RS 9 are s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as not d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d any fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Loans and borr<span class=\"_ _4\"></span>owings <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>leva<span class=\"_ _9\"></span>nt to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r init<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>bea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>st u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e EIR met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d. Gai<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as w<span class=\"_ _9\"></span>ell as t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e EIR amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t is c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g into a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>ny dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt or p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>miu<span class=\"_ _9\"></span>m on ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n and f<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s or co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re an i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al par<span class=\"_ _1\"></span>t of t<span class=\"_ _9\"></span>he EIR<span class=\"_ _9\"></span>. The EI<span class=\"_ _9\"></span>R amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ally a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lies t<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>gs.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ts s<span class=\"_ _9\"></span>old to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>te inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 201<span class=\"_ _4\"></span>0, the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>mins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>as co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>ayin<span class=\"_ _9\"></span>g cus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. Ou<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>,01<span class=\"_ _3\"></span>9 r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s, 535 ro<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>s (\u2018I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s\u2019<span class=\"_ _9\"></span>) wer<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er a 99<span class=\"_ _9\"></span>9-ye<span class=\"_ _9\"></span>ar le<span class=\"_ _9\"></span>ase. T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nted f<span class=\"_ _9\"></span>or as a<span class=\"_ _9\"></span>n inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>che<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s, in r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>pfr<span class=\"_ _9\"></span>ont c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>aid fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s, rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of ne<span class=\"_ _9\"></span>t inco<span class=\"_ _9\"></span>me f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>c reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to a s<span class=\"_ _9\"></span>tre<span class=\"_ _9\"></span>am of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows). Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d upf<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>nt ar<span class=\"_ _9\"></span>e acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ted fo<span class=\"_ _9\"></span>r as a f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e bei<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e over th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase (<span class=\"_ _9\"></span>i.e. 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s). Chan<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _4\"></span>. Sinc<span class=\"_ _9\"></span>e Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 201<span class=\"_ _4\"></span>4, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s bo<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>t bac<span class=\"_ _9\"></span>k 52 Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Upo<span class=\"_ _9\"></span>n bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ck of a\ue61funi<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to t<span class=\"_ _9\"></span>hat u<span class=\"_ _9\"></span>nit i<span class=\"_ _9\"></span>s der<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d any di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e and t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n prof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>ntir<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l is ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s acc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>epr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ace<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully re<span class=\"_ _9\"></span>imb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f 4% of reven<span class=\"_ _9\"></span>ues i<span class=\"_ _9\"></span>s pai<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>n ann<span class=\"_ _9\"></span>ual b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s (\u2018FF&amp;E re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d is ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d for i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he FF&amp;E re<span class=\"_ _9\"></span>ser<span class=\"_ _1\"></span>ve is a t<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ng dif<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s a re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le or li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r in ea<span class=\"_ _9\"></span>ch r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e year.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ob<span class=\"_ _9\"></span>ligat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>d or c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pire<span class=\"_ _9\"></span>s. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y is r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>ed by a<span class=\"_ _9\"></span>not<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>me le<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er on s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>lly di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t ter<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>, or th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>e su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed, s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h an exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge or m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n is t<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>ed as t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on of a new l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y. The d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>iii) <span class=\"_ _1\"></span>Of<span class=\"_ _9\"></span>fset<span class=\"_ _9\"></span>ting<span class=\"_ _4\"></span> of financial<span class=\"_ _4\"></span> instruments <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he net a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>s rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion if\ue61ft<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is a cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>tly e<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rcea<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght t<span class=\"_ _9\"></span>o of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on to s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le on a n<span class=\"_ _9\"></span>et b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s, to realise<span class=\"_ _4\"></span> the asset<span class=\"_ _9\"></span>s and<span class=\"_ _4\"></span> set<span class=\"_ _9\"></span>tle the<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities simultaneously<span class=\"_ _3\"></span>.l. In<span class=\"_ _4\"></span>ventories <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>nvent<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ies i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude c<span class=\"_ _9\"></span>hi<span class=\"_ _9\"></span>na, foo<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d beve<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he low<span class=\"_ _9\"></span>er of c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d net re<span class=\"_ _9\"></span>alis<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le va<span class=\"_ _9\"></span>lue. C<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>des p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se cos<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n a fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-i<span class=\"_ _9\"></span>n, fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>out b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is.  <span class=\"_ _1c\"> </span>N<span class=\"_ _9\"></span>et rea<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le val<span class=\"_ _9\"></span>ue is t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ated s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ce in t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nar<span class=\"_ _1\"></span>y cour<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>e of bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s the e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s n<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y to ma<span class=\"_ _9\"></span>ke th<span class=\"_ _9\"></span>e\ue61fsal<span class=\"_ _9\"></span>e.m. <span class=\"_ _4\"></span>Ca<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh a<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>k an<span class=\"_ _9\"></span>d in ha<span class=\"_ _9\"></span>nd an<span class=\"_ _9\"></span>d sh<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s wit<span class=\"_ _9\"></span>h an o<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>gina<span class=\"_ _9\"></span>l mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>nth<span class=\"_ _9\"></span>s or\ue61fle<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s.n. <span class=\"_ _24\"> </span>Derivative financial inst<span class=\"_ _9\"></span>ruments and hedge accounting <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ted b<span class=\"_ _9\"></span>y IFRS 9<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has e<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>ted to c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>e to ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unti<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of IA<span class=\"_ _9\"></span>S 39 ins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of I<span class=\"_ _9\"></span>FRS 9<span class=\"_ _3\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>s inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e flu<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>uati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Su<span class=\"_ _9\"></span>ch d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ini<span class=\"_ _9\"></span>tiall<span class=\"_ _9\"></span>y rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e on t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ate on w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h a de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t is ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o and a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>ntly r<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e. Der<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rie<span class=\"_ _9\"></span>d as a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e is p<span class=\"_ _9\"></span>osi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e and a<span class=\"_ _9\"></span>s liabil<span class=\"_ _4\"></span>ities when the<span class=\"_ _4\"></span> fair value<span class=\"_ _4\"></span> is negativ<span class=\"_ _4\"></span>e. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ny ga<span class=\"_ _9\"></span>ins o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e on d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at do n<span class=\"_ _9\"></span>ot qu<span class=\"_ _9\"></span>alif<span class=\"_ _1\"></span>y for he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g are t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>n dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly to t<span class=\"_ _9\"></span>he income statement. <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g, he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed as c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low h<span class=\"_ _9\"></span>edg<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to va<span class=\"_ _9\"></span>ria<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in\ue61fc<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h\ue61ffl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>s eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r at<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le to a p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ular r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oci<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>h a re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y or a hig<span class=\"_ _9\"></span>hly p<span class=\"_ _9\"></span>rob<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le forecast\ue61ftransac<span class=\"_ _9\"></span>tion. <span class=\"_ _1c\"> </span>At t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on of a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hi<span class=\"_ _9\"></span>p, the Gro<span class=\"_ _9\"></span>up fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mall<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d doc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip t<span class=\"_ _9\"></span>o whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup wis<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>s to ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y hed<span class=\"_ _9\"></span>ge a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>gy f<span class=\"_ _9\"></span>or un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge. Th<span class=\"_ _9\"></span>e do<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed it<span class=\"_ _9\"></span>em o<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n, the na<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk b<span class=\"_ _9\"></span>ein<span class=\"_ _9\"></span>g he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d how t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up w<span class=\"_ _9\"></span>ill as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s the e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ven<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s of ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s fair v<span class=\"_ _9\"></span>alue i<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re to c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>em\u2019s fair v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e or c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>ws at<span class=\"_ _1\"></span>tr<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>d r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. Su<span class=\"_ _9\"></span>ch h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ges a<span class=\"_ _9\"></span>re ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e high<span class=\"_ _9\"></span>ly ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>n ach<span class=\"_ _9\"></span>ievi<span class=\"_ _9\"></span>ng of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue or c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>re as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on a<span class=\"_ _9\"></span>n ong<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g bas<span class=\"_ _9\"></span>is to d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>hey a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>ally h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en hi<span class=\"_ _9\"></span>ghl<span class=\"_ _9\"></span>y ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey we<span class=\"_ _9\"></span>re d<span class=\"_ _9\"></span>esi<span class=\"_ _9\"></span>gnat<span class=\"_ _9\"></span>ed.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt in a c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ehe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me, whil<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. Am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>aken to o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r co<span class=\"_ _9\"></span>mpr<span class=\"_ _9\"></span>ehe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me are t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on af<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>ts p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>uch a<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e or fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se is r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dp. <span class=\"_ _6\"> </span>A<span class=\"_ _9\"></span>lt<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve Per<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e Me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es EB<span class=\"_ _9\"></span>I<span class=\"_ _9\"></span>T<span class=\"_ _9\"></span>DAR <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>gs b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>, dep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, amor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>sat<span class=\"_ _9\"></span>ion, i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt los<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>al ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es, s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e of as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>te an<span class=\"_ _9\"></span>d exce<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l ite<span class=\"_ _9\"></span>ms p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d exp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se (<span class=\"_ _9\"></span>EBITDAR<span class=\"_ _9\"></span>) co<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>nd to r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue le<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t of re<span class=\"_ _9\"></span>venu<span class=\"_ _9\"></span>es (op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>es). EBIT<span class=\"_ _9\"></span>DAR, to<span class=\"_ _9\"></span>get<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r wit<span class=\"_ _9\"></span>h EBIT<span class=\"_ _9\"></span>DA, is u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as a key p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tor.  EB<span class=\"_ _9\"></span>I<span class=\"_ _9\"></span>T<span class=\"_ _9\"></span>DA <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>gs b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>, dep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n and a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>sat<span class=\"_ _9\"></span>ion, i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt los<span class=\"_ _9\"></span>s, e<span class=\"_ _9\"></span>xcep<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal i<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>s pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d as ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me a<span class=\"_ _9\"></span>nd ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e (EBIT<span class=\"_ _9\"></span>DA) co<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>nd to g<span class=\"_ _9\"></span>ros<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d hot<span class=\"_ _9\"></span>els<span class=\"_ _9\"></span>. EBI<span class=\"_ _9\"></span>T  <span class=\"_ _1c\"> </span>E<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>gs b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, ta<span class=\"_ _9\"></span>x an<span class=\"_ _9\"></span>d exc<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al ite<span class=\"_ _9\"></span>ms p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse (<span class=\"_ _9\"></span>EBIT<span class=\"_ _9\"></span>) c<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ond t<span class=\"_ _9\"></span>o gro<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng pro<span class=\"_ _9\"></span>fit a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r the o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s of h<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ding b<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>h lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d and o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. q. Leases <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p acc<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for a co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t as a le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms c<span class=\"_ _9\"></span>onvey t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to co<span class=\"_ _9\"></span>ntro<span class=\"_ _9\"></span>l th<span class=\"_ _9\"></span>e us<span class=\"_ _9\"></span>e of an id<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t for a\ue61fpe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od of t<span class=\"_ _9\"></span>ime i<span class=\"_ _9\"></span>n exc<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>e for c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on.  <span class=\"_ _1c\"> </span>The Group<span class=\"_ _4\"></span> as<span class=\"_ _4\"></span> lessee <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p app<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s a sin<span class=\"_ _9\"></span>gle r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>roac<span class=\"_ _9\"></span>h fo<span class=\"_ _9\"></span>r all le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>s, exc<span class=\"_ _9\"></span>ept f<span class=\"_ _9\"></span>or s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s of low<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s to make l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s and r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s rep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht to us<span class=\"_ _9\"></span>e\ue61fth<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Right-of<span class=\"_ _4\"></span>-use assets <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es r<span class=\"_ _9\"></span>ight-<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>-u<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e (i.e. the d<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>he un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>yin<span class=\"_ _9\"></span>g as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t is ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le for\ue61fu<span class=\"_ _9\"></span>se). Rig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s any a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>umu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s, and a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>or any re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent of l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e cos<span class=\"_ _9\"></span>t of r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of le<span class=\"_ _9\"></span>ase l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, ini<span class=\"_ _9\"></span>tial d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red, a<span class=\"_ _9\"></span>nd le<span class=\"_ _9\"></span>ase p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s mad<span class=\"_ _9\"></span>e at or b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt da<span class=\"_ _9\"></span>te le<span class=\"_ _9\"></span>ss a<span class=\"_ _9\"></span>ny leas<span class=\"_ _9\"></span>e in<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved. R<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t-of<span class=\"_ _9\"></span>-u<span class=\"_ _9\"></span>se as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>d on a s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ight-<span class=\"_ _9\"></span>lin<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>is ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e sho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r of t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>efu<span class=\"_ _9\"></span>l live<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, as\ue61ffo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s:Ye<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>sL<span class=\"_ _9\"></span>and <span class=\"_ _1d9\"> </span><span class=\"ff9b\">50 to 200</span>Hotel bui<span class=\"_ _4\"></span>ldings<span class=\"_ _1da\"> </span><span class=\"ff9b ls2 ws5\">5 to 95</span>O<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rag<span class=\"_ _9\"></span>e <span class=\"_ _1db\"> </span><span class=\"ff9b\">1 to 12</span>Furniture and equipment<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">2 to 25</span> <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f own<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e end o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m o<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e cos<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>fle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se of a p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, dep<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ful l<span class=\"_ _9\"></span>ife of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>. The r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are al<span class=\"_ _9\"></span>so s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. Refe<span class=\"_ _9\"></span>r to t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n sec<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n (<span class=\"_ _9\"></span>j), Im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent of n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>ease liabilities <span class=\"_ _1c\"> </span>At t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>omm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>s lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f leas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to be m<span class=\"_ _9\"></span>ade o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m. Th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>xed p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s) le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s any lea<span class=\"_ _9\"></span>se inc<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e, var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le le<span class=\"_ _9\"></span>ase p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>d on a<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ex or a r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e, and am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to be p<span class=\"_ _9\"></span>aid u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er re<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>ual val<span class=\"_ _9\"></span>ue gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s al<span class=\"_ _9\"></span>so in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>he exe<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>ise p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ce of a p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>nab<span class=\"_ _9\"></span>ly ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain t<span class=\"_ _9\"></span>o be exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of p<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>lti<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se, if t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m re<span class=\"_ _9\"></span>fle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nate. Varia<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at do n<span class=\"_ _9\"></span>ot de<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nd o<span class=\"_ _9\"></span>n an in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>x or a r<span class=\"_ _9\"></span>ate ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as r<span class=\"_ _9\"></span>ent e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he eve<span class=\"_ _9\"></span>nt or co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>rig<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>rs t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of lea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p us<span class=\"_ _9\"></span>es it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>al b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e at th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se co<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate be<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>s not re<span class=\"_ _9\"></span>adil<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nab<span class=\"_ _9\"></span>le. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e, the am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of le<span class=\"_ _9\"></span>ase liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s is in<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d to re<span class=\"_ _9\"></span>fle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t and r<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uce<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ma<span class=\"_ _9\"></span>de. In a<span class=\"_ _9\"></span>ddi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es is r<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d if t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, a chan<span class=\"_ _9\"></span>ge i<span class=\"_ _9\"></span>n the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m, a c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (e.<span class=\"_ _4\"></span>g. ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es to f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n an i<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>x or r<span class=\"_ _9\"></span>ate u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d to de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ne su<span class=\"_ _9\"></span>ch l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s) or a c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sm<span class=\"_ _9\"></span>ent of a<span class=\"_ _9\"></span>n opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to pu<span class=\"_ _9\"></span>rch<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e the u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>lyi<span class=\"_ _9\"></span>ng as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n Ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es (s<span class=\"_ _9\"></span>ee Not<span class=\"_ _9\"></span>e 1<span class=\"_ _3\"></span>7<span class=\"_ _9\"></span>). <span class=\"_ _1c\"> </span>Var<span class=\"_ _4\"></span>iable<span class=\"_ _4\"></span> lease<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>yments<span class=\"_ _4\"></span> that<span class=\"_ _4\"></span> depend<span class=\"_ _4\"></span> on an<span class=\"_ _4\"></span> inde<span class=\"_ _4\"></span>x: <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s the i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ex r<span class=\"_ _9\"></span>ate pr<span class=\"_ _9\"></span>eva<span class=\"_ _9\"></span>iling o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e to c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>e the f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se\ue61fp<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny is th<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ee, th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re le<span class=\"_ _9\"></span>ase p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ind<span class=\"_ _9\"></span>ex are d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d (wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut a c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge in t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt ra<span class=\"_ _9\"></span>te ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y) an<span class=\"_ _9\"></span>d rec<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d as an a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y and t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t-o<span class=\"_ _9\"></span>f-<span class=\"_ _9\"></span>use a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>, onl<span class=\"_ _9\"></span>y whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s a cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>e in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ash f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ws re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>x (tha<span class=\"_ _9\"></span>t is, w<span class=\"_ _9\"></span>hen th<span class=\"_ _9\"></span>e adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>o the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>akes e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t).  <span class=\"_ _1c\"> </span>Var<span class=\"_ _4\"></span>iable<span class=\"_ _4\"></span> lease<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>yments: <span class=\"_ _1c\"> </span>Var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le le<span class=\"_ _9\"></span>ase p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t do not d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>d on a<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ex o<span class=\"_ _9\"></span>r inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate b<span class=\"_ _9\"></span>ut a<span class=\"_ _9\"></span>re ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on p<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce o<span class=\"_ _9\"></span>r us<span class=\"_ _9\"></span>age a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s an ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e as i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny is t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ee, an<span class=\"_ _9\"></span>d are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me as ea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ned w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny is t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>or. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>on an<span class=\"_ _9\"></span>d ter<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns: <span class=\"_ _1c\"> </span>A n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s bot<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s cove<span class=\"_ _9\"></span>red b<span class=\"_ _9\"></span>y an op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n to ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e whe<span class=\"_ _9\"></span>n it i<span class=\"_ _9\"></span>s reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>y cer<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>ain t<span class=\"_ _9\"></span>hat th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n will b<span class=\"_ _9\"></span>e exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d and t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds co<span class=\"_ _9\"></span>vere<span class=\"_ _9\"></span>d by a le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>en it i<span class=\"_ _9\"></span>s rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>nab<span class=\"_ _9\"></span>ly ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>ll not b<span class=\"_ _9\"></span>e exer<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e event o<span class=\"_ _9\"></span>f any ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d exer<span class=\"_ _9\"></span>cis<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n or in t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>xerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e revi<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>se te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m usi<span class=\"_ _9\"></span>ng a rev<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt ra<span class=\"_ _9\"></span>te as of\ue61fth<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>e in ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e tot<span class=\"_ _9\"></span>al ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he ri<span class=\"_ _9\"></span>ght-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>se as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et un<span class=\"_ _9\"></span>til it i<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>duc<span class=\"_ _9\"></span>ed to z<span class=\"_ _9\"></span>ero, an<span class=\"_ _9\"></span>d any f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r red<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Lease modifications: <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f a leas<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not re<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>ce t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>cop<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>nd d<span class=\"_ _9\"></span>oes n<span class=\"_ _9\"></span>ot re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>t in a s<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate le<span class=\"_ _9\"></span>ase, t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a revi<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d di<span class=\"_ _9\"></span>sco<span class=\"_ _9\"></span>unt r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e as of t<span class=\"_ _9\"></span>he mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>ds t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge in th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y as a<span class=\"_ _9\"></span>n adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>o the r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f a leas<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion r<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uce<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e sco<span class=\"_ _9\"></span>pe o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>s a gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ial or f<span class=\"_ _9\"></span>ull r<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>se as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y. The Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ac<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g to th<span class=\"_ _9\"></span>e rev<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms, a<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>evi<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt r<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on da<span class=\"_ _9\"></span>te an<span class=\"_ _9\"></span>d rec<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ds t<span class=\"_ _9\"></span>he ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y as a<span class=\"_ _9\"></span>n ad<span class=\"_ _9\"></span>jus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>ght-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>S<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>rm le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s of l<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>-va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p app<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e sho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m lea<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n exem<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on to i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sh<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ure a<span class=\"_ _9\"></span>nd e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent (<span class=\"_ _9\"></span>i.e. tho<span class=\"_ _9\"></span>se le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es th<span class=\"_ _9\"></span>at have a le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m of 1<span class=\"_ _4\"></span>2 mo<span class=\"_ _9\"></span>nth<span class=\"_ _9\"></span>s or le<span class=\"_ _9\"></span>ss f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e and d<span class=\"_ _9\"></span>o not c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n a pur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on). It als<span class=\"_ _9\"></span>o ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se of l<span class=\"_ _9\"></span>ow-<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ue as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion e<span class=\"_ _9\"></span>xem<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>n to le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es of of<span class=\"_ _1\"></span>fice e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t tha<span class=\"_ _9\"></span>t are c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d to be l<span class=\"_ _9\"></span>ow va<span class=\"_ _9\"></span>lue. Le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s on s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s of lo<span class=\"_ _9\"></span>w-v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e on a s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>rai<span class=\"_ _9\"></span>ght-<span class=\"_ _9\"></span>line b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is over t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dr<span class=\"_ _4\"></span>. <span class=\"_ _b\"> </span>E<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>loye<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Share-based pa<span class=\"_ _4\"></span>yments <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he B<span class=\"_ _9\"></span>oar<span class=\"_ _9\"></span>d has ad<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ted a s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>re op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n pla<span class=\"_ _9\"></span>n, und<span class=\"_ _9\"></span>er w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h emp<span class=\"_ _9\"></span>loye<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd Di<span class=\"_ _9\"></span>rec<span class=\"_ _1\"></span>tor<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive re<span class=\"_ _9\"></span>mun<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n the for<span class=\"_ _9\"></span>m\ue61fof\ue61fs<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns, w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eby e<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>oyee<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s as co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n for e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s (equity-set<span class=\"_ _9\"></span>tled trans<span class=\"_ _9\"></span>actions).<span class=\"_ _4\"></span>  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y-<span class=\"_ _9\"></span>set<span class=\"_ _1\"></span>tle<span class=\"_ _9\"></span>d tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th e<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>loyee<span class=\"_ _9\"></span>s is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d by ref<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue at t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te on w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>ey are gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e is de<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ned b<span class=\"_ _9\"></span>y usi<span class=\"_ _9\"></span>ng an a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g mo<span class=\"_ _9\"></span>del, f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r det<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ls of w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h are gi<span class=\"_ _9\"></span>ven i<span class=\"_ _9\"></span>n Note 12. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y-<span class=\"_ _9\"></span>set<span class=\"_ _1\"></span>tle<span class=\"_ _9\"></span>d tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, tog<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h a cor<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g inc<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y, over th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>formance and/<span class=\"_ _4\"></span>or ser<span class=\"_ _9\"></span>vice c<span class=\"_ _4\"></span>onditions are<span class=\"_ _4\"></span> fulfilled. The<span class=\"_ _4\"></span> cumulative<span class=\"_ _4\"></span> expense recognised for equity-set<span class=\"_ _9\"></span>tled transac<span class=\"_ _9\"></span>tions at each<span class=\"_ _4\"></span> re<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>ng dat<span class=\"_ _9\"></span>e unt<span class=\"_ _9\"></span>il th<span class=\"_ _9\"></span>e ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng da<span class=\"_ _9\"></span>te ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt to wh<span class=\"_ _9\"></span>ich t<span class=\"_ _9\"></span>he ve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d ha<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s bes<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>te of th<span class=\"_ _9\"></span>e num<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at wil<span class=\"_ _9\"></span>l ulti<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>ely ve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e or c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it fo<span class=\"_ _9\"></span>r a pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od re<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt in c<span class=\"_ _9\"></span>umu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ve ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed at t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>inni<span class=\"_ _9\"></span>ng an<span class=\"_ _9\"></span>d en<span class=\"_ _9\"></span>d of th<span class=\"_ _9\"></span>at pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od. <span class=\"_ _1c\"> </span>N<span class=\"_ _9\"></span>o ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse i<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or aw<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t do n<span class=\"_ _9\"></span>ot ult<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ely ve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, exc<span class=\"_ _9\"></span>ept f<span class=\"_ _9\"></span>or eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>set<span class=\"_ _1\"></span>tle<span class=\"_ _9\"></span>d tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng is c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al up<span class=\"_ _9\"></span>on a ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t or no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on, wh<span class=\"_ _9\"></span>ich a<span class=\"_ _9\"></span>re tr<span class=\"_ _9\"></span>eate<span class=\"_ _9\"></span>d as ve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g, ir<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of w<span class=\"_ _9\"></span>het<span class=\"_ _9\"></span>her o<span class=\"_ _9\"></span>r not t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ket or no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng condition is<span class=\"_ _4\"></span> satisfied, provided that<span class=\"_ _4\"></span> all<span class=\"_ _4\"></span> other per<span class=\"_ _9\"></span>formance and/<span class=\"_ _3\"></span>or ser<span class=\"_ _9\"></span>vice conditions are<span class=\"_ _4\"></span> satisfied. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of an e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion aw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d are m<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e mini<span class=\"_ _9\"></span>mu<span class=\"_ _9\"></span>m exp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d is t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e as if t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s had no<span class=\"_ _9\"></span>t be<span class=\"_ _9\"></span>en mo<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, if t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>inal t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he aw<span class=\"_ _9\"></span>ard a<span class=\"_ _9\"></span>re me<span class=\"_ _9\"></span>t. A<span class=\"_ _9\"></span>n ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nal ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>ny mod<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>at inc<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e tot<span class=\"_ _9\"></span>al f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion, o<span class=\"_ _9\"></span>r is ot<span class=\"_ _9\"></span>her<span class=\"_ _1\"></span>wis<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>nef<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ial to t<span class=\"_ _9\"></span>he em<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>oyee, as me<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at\ue61ft<span class=\"_ _9\"></span>he dat<span class=\"_ _9\"></span>e of mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re an e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>-s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>led a<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>d is c<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ed, it i<span class=\"_ _9\"></span>s tre<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as if i<span class=\"_ _9\"></span>t ves<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te of c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n, and a<span class=\"_ _9\"></span>ny ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e not yet rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e awa<span class=\"_ _9\"></span>rd is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d im<span class=\"_ _9\"></span>med<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>ly. This in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s any aw<span class=\"_ _9\"></span>ard w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>ves<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ol of eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r the e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y or t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>oyee a<span class=\"_ _9\"></span>re not m<span class=\"_ _9\"></span>et. H<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>ver<span class=\"_ _4\"></span>, if a new a<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>d is s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>itu<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>ed aw<span class=\"_ _9\"></span>ard, a<span class=\"_ _9\"></span>nd d<span class=\"_ _9\"></span>esi<span class=\"_ _9\"></span>gna<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>s a\u2248<span class=\"_ _9\"></span>rep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt aw<span class=\"_ _9\"></span>ard o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e date t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t it is g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d, the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>lled a<span class=\"_ _9\"></span>nd n<span class=\"_ _9\"></span>ew aw<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s are t<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>s if th<span class=\"_ _9\"></span>ey we<span class=\"_ _9\"></span>re a mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal aw<span class=\"_ _9\"></span>ard, a<span class=\"_ _9\"></span>s des<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>us p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>agr<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>h.  Pen<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>on <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has a d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>ion p<span class=\"_ _9\"></span>lan w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he em<span class=\"_ _9\"></span>ploy<span class=\"_ _9\"></span>er is li<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e onl<span class=\"_ _9\"></span>y for t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>oyer<span class=\"_ _9\"></span>\u2019s par<span class=\"_ _1\"></span>t of th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>on tow<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s an i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>s pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ion p<span class=\"_ _9\"></span>lan. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p will ha<span class=\"_ _9\"></span>ve no le<span class=\"_ _9\"></span>gal o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to p<span class=\"_ _9\"></span>ay fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. The c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns in t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>lan ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s an ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d no ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nal pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n is re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.s. P<span class=\"_ _4\"></span>rovisio<span class=\"_ _4\"></span>ns <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has a p<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>ligat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n (le<span class=\"_ _9\"></span>gal o<span class=\"_ _9\"></span>r con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive) as a r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult of a p<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t eve<span class=\"_ _9\"></span>nt, it i<span class=\"_ _9\"></span>s pro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble th<span class=\"_ _9\"></span>at an o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>low of r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>our<span class=\"_ _9\"></span>ces e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng ec<span class=\"_ _9\"></span>ono<span class=\"_ _9\"></span>mic b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s will b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tle t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd a re<span class=\"_ _9\"></span>liab<span class=\"_ _9\"></span>le e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>te c<span class=\"_ _9\"></span>an be mad<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n. Wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ts s<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e or all o<span class=\"_ _9\"></span>f a prov<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ion to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>imb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, for e<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er a<span class=\"_ _9\"></span>n ins<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t, th<span class=\"_ _9\"></span>e reim<span class=\"_ _9\"></span>bu<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s a se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>, bu<span class=\"_ _9\"></span>t onl<span class=\"_ _9\"></span>y whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rei<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is vi<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>uall<span class=\"_ _9\"></span>y cer<span class=\"_ _1\"></span>ta<span class=\"_ _9\"></span>in. Th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>o a pro<span class=\"_ _9\"></span>vis<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent, n<span class=\"_ _9\"></span>et of a<span class=\"_ _9\"></span>ny reim<span class=\"_ _9\"></span>bu<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>f the e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he ti<span class=\"_ _9\"></span>me va<span class=\"_ _9\"></span>lue of m<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ey is mat<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ial, pr<span class=\"_ _9\"></span>ovis<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d usi<span class=\"_ _9\"></span>ng a c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t pre<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>hat re<span class=\"_ _9\"></span>fl<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iat<span class=\"_ _9\"></span>e, the r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ks s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>fic to t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Whe<span class=\"_ _9\"></span>n dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>s us<span class=\"_ _9\"></span>ed, t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>cre<span class=\"_ _9\"></span>ase i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e prov<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ue to t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ge of t<span class=\"_ _9\"></span>ime is\ue61fre<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d as a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>ce co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dt. <span class=\"_ _25\"> </span>Borrowing costs for qualify<span class=\"_ _9\"></span>ing assets <span class=\"_ _1c\"> </span>B<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly at<span class=\"_ _1\"></span>tr<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on, co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n or p<span class=\"_ _9\"></span>rod<span class=\"_ _9\"></span>uc<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et th<span class=\"_ _9\"></span>at ne<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>s a sub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>al pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od of t<span class=\"_ _9\"></span>ime t<span class=\"_ _9\"></span>o get r<span class=\"_ _9\"></span>ead<span class=\"_ _9\"></span>y for i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s inte<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>r sal<span class=\"_ _9\"></span>e are c<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ali<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t. A<span class=\"_ _9\"></span>ll oth<span class=\"_ _9\"></span>er b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ed in t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in w<span class=\"_ _9\"></span>hich t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _4\"></span>. Bor<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t of in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>n en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s in co<span class=\"_ _9\"></span>nne<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing of f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ds<span class=\"_ _9\"></span>. All o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt in t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in w<span class=\"_ _9\"></span>hich t<span class=\"_ _9\"></span>hey are\ue61fincurred.u. T<span class=\"_ _3\"></span>axation <span class=\"_ _1c\"> </span>Current<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span> tax <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t and p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>or p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>overe<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om or p<span class=\"_ _9\"></span>aid t<span class=\"_ _9\"></span>o the t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n aut<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x la<span class=\"_ _9\"></span>ws us<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d to com<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>te t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t are t<span class=\"_ _9\"></span>hos<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e ena<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d or su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ivel<span class=\"_ _9\"></span>y ena<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d at th<span class=\"_ _9\"></span>e rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g dat<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d gen<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome. <span class=\"_ _1c\"> </span>Deferred income<span class=\"_ _4\"></span> tax <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>ax i<span class=\"_ _9\"></span>s pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y met<span class=\"_ _9\"></span>hod o<span class=\"_ _9\"></span>n te<span class=\"_ _9\"></span>mpo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s at t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng da<span class=\"_ _9\"></span>te be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ax b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es of as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>heir c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>es. D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d for al<span class=\"_ _9\"></span>l ta<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e temporar<span class=\"_ _9\"></span>y dif<span class=\"_ _9\"></span>ferences, e<span class=\"_ _4\"></span>xcept: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e def<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f goo<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>will o<span class=\"_ _9\"></span>r fr<span class=\"_ _9\"></span>om an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y in a tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>at is n<span class=\"_ _9\"></span>ot </span></span>a\ue61fbu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd, at t<span class=\"_ _9\"></span>he ti<span class=\"_ _9\"></span>me of t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion, af<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r the a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it no<span class=\"_ _9\"></span>r t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss; a<span class=\"_ _9\"></span>nd <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xab<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>ated w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s, as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tes a<span class=\"_ _9\"></span>nd joi<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>lle<span class=\"_ _9\"></span>d ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies, </span></span>wh<span class=\"_ _9\"></span>ere t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>imin<span class=\"_ _9\"></span>g of th<span class=\"_ _9\"></span>e reve<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>al of t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>lle<span class=\"_ _9\"></span>d and i<span class=\"_ _9\"></span>t is p<span class=\"_ _9\"></span>rob<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s will n<span class=\"_ _9\"></span>ot reve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>se in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ore<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>eab<span class=\"_ _9\"></span>le f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>m re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ng to i<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed di<span class=\"_ _9\"></span>rec<span class=\"_ _1\"></span>tly i<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>r oth<span class=\"_ _9\"></span>er co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>reh<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>sive inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y or ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>ve inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e and n<span class=\"_ _9\"></span>ot in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d for al<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>duc<span class=\"_ _1\"></span>tib<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s, th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ard of u<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d any u<span class=\"_ _9\"></span>nus<span class=\"_ _9\"></span>ed ta<span class=\"_ _9\"></span>x lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s. De<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tent t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t is p<span class=\"_ _9\"></span>rob<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le th<span class=\"_ _9\"></span>at t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t will b<span class=\"_ _9\"></span>e avai<span class=\"_ _9\"></span>lab<span class=\"_ _9\"></span>le ag<span class=\"_ _9\"></span>ains<span class=\"_ _9\"></span>t w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tib<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>y for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d of un<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>ax l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>e uti<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>ed, exc<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>set r<span class=\"_ _9\"></span>ela<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g to th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>duc<span class=\"_ _1\"></span>tib<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m t<span class=\"_ _9\"></span>he ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>set </span></span>or lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in a t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>s not a b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>bin<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d, at th<span class=\"_ _9\"></span>e tim<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, af<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ne<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng pro<span class=\"_ _9\"></span>fit n<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xab<span class=\"_ _9\"></span>le p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s; and <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of d<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>ciat<span class=\"_ _9\"></span>ed wi<span class=\"_ _9\"></span>th i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>es, a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d join<span class=\"_ _9\"></span>tly c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>roll<span class=\"_ _9\"></span>ed </span></span>ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies, d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>at it is p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s wil<span class=\"_ _9\"></span>l rever<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he for<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>eea<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e and t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>ble p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it wi<span class=\"_ _9\"></span>ll be av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>e util<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>s rev<span class=\"_ _9\"></span>iewe<span class=\"_ _9\"></span>d at ea<span class=\"_ _9\"></span>ch r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>at it is n<span class=\"_ _9\"></span>o lo<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>r pro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t suf<span class=\"_ _1\"></span>fic<span class=\"_ _9\"></span>ien<span class=\"_ _9\"></span>t ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>fit w<span class=\"_ _9\"></span>ill b<span class=\"_ _9\"></span>e avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e to all<span class=\"_ _9\"></span>ow all or p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>t of th<span class=\"_ _9\"></span>e def<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d inc<span class=\"_ _9\"></span>ome t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t to be u<span class=\"_ _9\"></span>til<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d. Unr<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>-a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed at e<span class=\"_ _9\"></span>ach r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting d<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t has be<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t will al<span class=\"_ _9\"></span>low t<span class=\"_ _9\"></span>he de<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et t<span class=\"_ _9\"></span>o be re<span class=\"_ _9\"></span>cove<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t the t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ates t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y in t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>alis<span class=\"_ _9\"></span>ed or\ue61ft<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>led, b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s (and t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x laws) t<span class=\"_ _9\"></span>hat h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en e<span class=\"_ _9\"></span>nac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r sub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>vely e<span class=\"_ _9\"></span>nac<span class=\"_ _1\"></span>ted a<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting d<span class=\"_ _9\"></span>ate. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et, i<span class=\"_ _9\"></span>f a leg<span class=\"_ _9\"></span>ally e<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rce<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to s<span class=\"_ _9\"></span>et of<span class=\"_ _9\"></span>f c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xes re<span class=\"_ _9\"></span>late t<span class=\"_ _9\"></span>o the s<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ame t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n aut<span class=\"_ _9\"></span>hor<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dv<span class=\"_ _4\"></span>. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>reasury shares <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>res h<span class=\"_ _9\"></span>eld by t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d at co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t and p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nted a<span class=\"_ _9\"></span>s a de<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n f<span class=\"_ _9\"></span>rom e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y. Any pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e, sale, is<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ue or\ue61fc<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>y sha<span class=\"_ _9\"></span>res i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tly i<span class=\"_ _9\"></span>n eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>.w<span class=\"_ _4\"></span>. Ea<span class=\"_ _9\"></span>rnings (loss<span class=\"_ _4\"></span>) per<span class=\"_ _4\"></span> share <span class=\"_ _1c\"> </span>B<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>c ear<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>gs (<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>s) p<span class=\"_ _9\"></span>er sh<span class=\"_ _9\"></span>are a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>lcu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d by di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>et pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t (lo<span class=\"_ _9\"></span>ss) f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he year a<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le to s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>eho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he par<span class=\"_ _9\"></span>ent c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany b<span class=\"_ _9\"></span>y the w<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>hte<span class=\"_ _9\"></span>d aver<span class=\"_ _9\"></span>age n<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er o<span class=\"_ _9\"></span>f ord<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>hare<span class=\"_ _9\"></span>s ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he year. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ilu<span class=\"_ _9\"></span>ted ea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ning<span class=\"_ _9\"></span>s (l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s) pe<span class=\"_ _9\"></span>r sha<span class=\"_ _9\"></span>re am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d by div<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he ne<span class=\"_ _9\"></span>t prof<span class=\"_ _9\"></span>it (<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>s) fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e year by t<span class=\"_ _9\"></span>he we<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>ted ave<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>age n<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er of or<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar plu<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e weig<span class=\"_ _9\"></span>hte<span class=\"_ _9\"></span>d aver<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e num<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of or<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat wo<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>d be is<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he conv<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n of all t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ilut<span class=\"_ _9\"></span>ive p<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>l ord<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>hare<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o ord<span class=\"_ _9\"></span>inar<span class=\"_ _1\"></span>y sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s.x. <span class=\"_ _8\"> </span>Go<span class=\"_ _4\"></span>vernment<span class=\"_ _4\"></span> grants <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>over<span class=\"_ _9\"></span>nm<span class=\"_ _9\"></span>ent g<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>ll be r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>ll at<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>hed c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s will b<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lied w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h. W<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s to an ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>em, it is r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d as i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me o<span class=\"_ _9\"></span>n a sy<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ema<span class=\"_ _9\"></span>tic b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s over t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e rela<span class=\"_ _9\"></span>ted c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>t is int<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d to com<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ate. T<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he gov<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>nme<span class=\"_ _9\"></span>nt g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is ne<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d of<span class=\"_ _9\"></span>f ag<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>st t<span class=\"_ _9\"></span>he op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt.z. <span class=\"_\"> </span>Standards issued<span class=\"_ _4\"></span> but no<span class=\"_ _4\"></span>t y<span class=\"_ _4\"></span>et applied <span class=\"_ _1c\"> </span>St<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dar<span class=\"_ _9\"></span>ds i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d bu<span class=\"_ _9\"></span>t not ye<span class=\"_ _9\"></span>t ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive, or su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to a<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on by t<span class=\"_ _9\"></span>he Eur<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ean U<span class=\"_ _9\"></span>nion, u<span class=\"_ _9\"></span>p to th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>lida<span class=\"_ _9\"></span>ted fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s are li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w. This li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g of s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ed ar<span class=\"_ _9\"></span>e tho<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>nab<span class=\"_ _9\"></span>ly ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to hav<span class=\"_ _9\"></span>e an im<span class=\"_ _9\"></span>pac<span class=\"_ _1\"></span>t on d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es, f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>r pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>ce w<span class=\"_ _9\"></span>hen a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>d at a fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re da<span class=\"_ _9\"></span>te. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up int<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds to a<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>pt th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en th<span class=\"_ _9\"></span>ey be<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>rds h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e IA<span class=\"_ _9\"></span>SB an<span class=\"_ _9\"></span>d are n<span class=\"_ _9\"></span>ot yet ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive o<span class=\"_ _9\"></span>r are s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o ado<span class=\"_ _9\"></span>pt<span class=\"_ _9\"></span>ion by t<span class=\"_ _9\"></span>he Eu<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>n Unio<span class=\"_ _9\"></span>n: <span class=\"_ _1c\"> </span>Amendments to<span class=\"_ _4\"></span> IAS<span class=\"_ _4\"></span> 1<span class=\"_ _3\"></span>: Classifi<span class=\"_ _4\"></span>cation<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> Liab<span class=\"_ _4\"></span>ilit<span class=\"_ _4\"></span>ies<span class=\"_ _4\"></span> as C<span class=\"_ _4\"></span>urrent<span class=\"_ _4\"></span> or<span class=\"_ _4\"></span> Non-current <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n Jan<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2020, th<span class=\"_ _9\"></span>e IA<span class=\"_ _9\"></span>SB is<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ued a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts t<span class=\"_ _9\"></span>o par<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>aph<span class=\"_ _9\"></span>s 69 to 7<span class=\"_ _3\"></span>6 of I<span class=\"_ _9\"></span>AS 1 t<span class=\"_ _9\"></span>o sp<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s as\ue61fc<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t or no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt. I<span class=\"_ _9\"></span>n Oc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the I<span class=\"_ _9\"></span>ASB i<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sue<span class=\"_ _9\"></span>d a su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>nt am<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>lar<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">w<span class=\"_ _9\"></span>hat is m<span class=\"_ _9\"></span>ean<span class=\"_ _9\"></span>t by a ri<span class=\"_ _9\"></span>ght to d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>er se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt;</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>hat a r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to de<span class=\"_ _9\"></span>fer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t at th<span class=\"_ _9\"></span>e en<span class=\"_ _9\"></span>d of th<span class=\"_ _9\"></span>e rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od;</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s una<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e likeli<span class=\"_ _9\"></span>hoo<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at an e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wil<span class=\"_ _9\"></span>l exerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>efer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t; an<span class=\"_ _9\"></span>d</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>hat o<span class=\"_ _9\"></span>nly if a<span class=\"_ _9\"></span>n em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve in a co<span class=\"_ _9\"></span>nver<span class=\"_ _1\"></span>tib<span class=\"_ _9\"></span>le lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sel<span class=\"_ _9\"></span>f an e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt wo<span class=\"_ _9\"></span>uld t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms of a li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y no<span class=\"_ _9\"></span>t imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t </span></span>it<span class=\"_ _9\"></span>s classif<span class=\"_ _9\"></span>ication. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive fo<span class=\"_ _9\"></span>r an<span class=\"_ _9\"></span>nual r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ting p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds b<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>inni<span class=\"_ _9\"></span>ng on o<span class=\"_ _9\"></span>r af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er 1 Ja<span class=\"_ _9\"></span>nuar<span class=\"_ _1\"></span>y 2024 and m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t b<span class=\"_ _9\"></span>e app<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>d ret<span class=\"_ _9\"></span>ros<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ivel<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wil<span class=\"_ _9\"></span>l have on c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt pr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tic<span class=\"_ _9\"></span>e and w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g loa<span class=\"_ _9\"></span>n\ue61fagr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s may re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>neg<span class=\"_ _9\"></span>oti<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of Ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g Es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tes \u2013 A<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to IA<span class=\"_ _9\"></span>S 8 <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n Feb<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he I<span class=\"_ _9\"></span>ASB i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to IA<span class=\"_ _9\"></span>S 8, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h it i<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>uce<span class=\"_ _9\"></span>s a def<span class=\"_ _9\"></span>ini<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of \u2018<span class=\"_ _4\"></span>acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s\u2019<span class=\"_ _3\"></span>. Th<span class=\"_ _9\"></span>e ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s cla<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>e dis<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tima<span class=\"_ _9\"></span>tes a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e cor<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of e<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ror<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o, they c<span class=\"_ _9\"></span>lar<span class=\"_ _9\"></span>if<span class=\"_ _1\"></span>y how en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ies u<span class=\"_ _9\"></span>se m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>ts t<span class=\"_ _9\"></span>o deve<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>p acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g es<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s are e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve for a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>ng pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>ning o<span class=\"_ _9\"></span>n or af<span class=\"_ _1\"></span>ter 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>23 and a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ly to c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s in acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t occ<span class=\"_ _9\"></span>ur o<span class=\"_ _9\"></span>n or af<span class=\"_ _1\"></span>ter t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>hat p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d. Ea<span class=\"_ _9\"></span>rli<span class=\"_ _9\"></span>er ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d as l<span class=\"_ _9\"></span>ong a<span class=\"_ _9\"></span>s thi<span class=\"_ _9\"></span>s fa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t is d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re not e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed to h<span class=\"_ _9\"></span>ave a mate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>al im<span class=\"_ _9\"></span>pac<span class=\"_ _1\"></span>t on th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up.  <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re o<span class=\"_ _9\"></span>f Acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng Po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s \u2013 A<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ts to I<span class=\"_ _9\"></span>AS 1 a<span class=\"_ _9\"></span>nd I<span class=\"_ _9\"></span>FRS P<span class=\"_ _9\"></span>rac<span class=\"_ _1\"></span>tic<span class=\"_ _9\"></span>e Sta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>nt 2 <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n Feb<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he I<span class=\"_ _9\"></span>ASB i<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to IA<span class=\"_ _9\"></span>S 1 an<span class=\"_ _9\"></span>d IFRS P<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tic<span class=\"_ _9\"></span>e Sta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent 2 M<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>ing Ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>iali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y Ju<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h it pro<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>es g<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e and e<span class=\"_ _9\"></span>xam<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>es to he<span class=\"_ _9\"></span>lp e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s app<span class=\"_ _9\"></span>ly m<span class=\"_ _9\"></span>ater<span class=\"_ _9\"></span>ial<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ju<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s ai<span class=\"_ _9\"></span>m to he<span class=\"_ _9\"></span>lp en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ies p<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>ide a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>y dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re mo<span class=\"_ _9\"></span>re us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul by r<span class=\"_ _9\"></span>epl<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or en<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>o dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>ir \u2018signi<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019 acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>ith a r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt to d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>heir \u2018mat<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ial\u2019 ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>olic<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ing g<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e on ho<span class=\"_ _9\"></span>w ent<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>ppl<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>pt of ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>iali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in ma<span class=\"_ _9\"></span>ki<span class=\"_ _9\"></span>ng de<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ns ab<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s to I<span class=\"_ _9\"></span>AS 1 a<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>ning o<span class=\"_ _9\"></span>n or af<span class=\"_ _1\"></span>ter 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>23, wit<span class=\"_ _9\"></span>h ear<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>r ap<span class=\"_ _9\"></span>plic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d. Sin<span class=\"_ _9\"></span>ce th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to Pr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tice St<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt 2 pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ator<span class=\"_ _1\"></span>y gui<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>nce o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e app<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>init<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of mate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>al to acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, an ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive da<span class=\"_ _9\"></span>te fo<span class=\"_ _9\"></span>r the<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>ndm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not n<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sar<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p is cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent<span class=\"_ _9\"></span>ly a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ine t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>ey will h<span class=\"_ _9\"></span>ave on t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g policy\ue61fdisclosures. <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>red T<span class=\"_ _4\"></span>ax r<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d to A<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd L<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fro<span class=\"_ _9\"></span>m a Si<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>le Trans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n \u2013 Am<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to IA<span class=\"_ _9\"></span>S 12 <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n May 2021<span class=\"_ _4\"></span>, the B<span class=\"_ _9\"></span>oar<span class=\"_ _9\"></span>d is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ed am<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s to I<span class=\"_ _9\"></span>AS 12<span class=\"_ _4\"></span>, whi<span class=\"_ _9\"></span>ch na<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row t<span class=\"_ _9\"></span>he sc<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on exc<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>ion u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>AS 1<span class=\"_ _4\"></span>2, so\ue61ft<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t no lo<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>r ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>es to t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t give r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e to e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l ta<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e and d<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t occ<span class=\"_ _9\"></span>ur o<span class=\"_ _9\"></span>n or af<span class=\"_ _1\"></span>ter t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>egi<span class=\"_ _9\"></span>nnin<span class=\"_ _9\"></span>g of th<span class=\"_ _9\"></span>e ear<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>rat<span class=\"_ _9\"></span>ive p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d. In a<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on, at t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>egi<span class=\"_ _9\"></span>nnin<span class=\"_ _9\"></span>g of th<span class=\"_ _9\"></span>e ear<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t com<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ive p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d, a def<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et (<span class=\"_ _9\"></span>prov<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hat s<span class=\"_ _9\"></span>uf<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>ent ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>fit i<span class=\"_ _9\"></span>s avai<span class=\"_ _9\"></span>lab<span class=\"_ _9\"></span>le) and a d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y sh<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d als<span class=\"_ _9\"></span>o be r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>ll de<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le te<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s and d<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>omm<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>ning o<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s to I<span class=\"_ _9\"></span>AS 12 are ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>l per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ds b<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>inn<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>n or af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>3.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>dm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re not e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed to h<span class=\"_ _9\"></span>ave a mate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>al im<span class=\"_ _9\"></span>pac<span class=\"_ _1\"></span>t on th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up. No<span class=\"_ _9\"></span>te 26 I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xesa. <span class=\"_\"> </span>T<span class=\"_ _3\"></span>a<span class=\"_ _9\"></span>x b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>it (ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e) in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Curr<span class=\"_ _4\"></span>en<span class=\"_ _4\"></span>t<span class=\"_ _4\"></span> taxe<span class=\"_ _4\"></span>s<span class=\"_ _238\"> </span><span class=\"ff9b ls2 ws5\">(394)<span class=\"_ _126\"> </span><span class=\"ff9c\">(350)</span></span>Ad<span class=\"_ _9\"></span>jus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>ax o<span class=\"_ _9\"></span>f prev<span class=\"_ _9\"></span>iou<span class=\"_ _9\"></span>s year<span class=\"_ _1c5\"> </span><span class=\"ff9b\">87<span class=\"_ _48\"> </span></span>61Deferre<span class=\"_ _9\"></span>d taxes<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">3,663<span class=\"_ _ce\"> </span><span class=\"ff9c\">5,340</span></span>3,356<span class=\"_ _ce\"> </span><span class=\"ff9c\">5,051</span>b. <span class=\"_ _6\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g a<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>aj<span class=\"_ _9\"></span>or d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x (l<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s) an<span class=\"_ _9\"></span>d a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>rei<span class=\"_ _9\"></span>n du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e\ue61fpe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od:T<span class=\"_ _4\"></span>ax lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ard <span class=\"_ _4\"></span> Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, pla<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d tim<span class=\"_ _9\"></span>ing an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dif<span class=\"_ _9\"></span>ference on and intangible Ta<span class=\"_ _1\"></span>x<span class=\"_ _9\"></span><span class=\"ls2 ws5\"> </span>provisions as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span>  incentives To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022 <span class=\"_ _148\"> </span>8,334<span class=\"_ _c2\"> </span>(11,009)<span class=\"_ _a1\"> </span>5,660<span class=\"_ _83\"> </span>2,985Am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ch<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ed to i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t <span class=\"_ _233\"> </span><span class=\"ff9b\">4,134<span class=\"_ _88\"> </span>274<span class=\"_ _a5\"> </span>(745)<span class=\"_ _a1\"> </span>3,663</span>Cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>ateAdjustment<span class=\"_ _9\"></span>s for<span class=\"_ _4\"></span> exchange rate<span class=\"_ _4\"></span> differences<span class=\"_ _27f\"> </span><span class=\"ff9b ls2 ws5\">460<span class=\"_ _a4\"> </span>(399)<span class=\"_ _1ae\"> </span>278<span class=\"_ _1ae\"> </span>339</span>Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022<span class=\"_ _7b\"> </span>12,928<span class=\"_ _124\"> </span>(11,134)<span class=\"_ _a1\"> </span>5,193<span class=\"_ _83\"> </span>6,987Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021 <span class=\"_ _280\"> </span>4,208<span class=\"_ _174\"> </span>(11,999)<span class=\"_ _124\"> </span>6,043<span class=\"_ _83\"> </span>(1,748)Am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ch<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ed to i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t <span class=\"_ _281\"> </span>3,962<span class=\"_ _1ae\"> </span>1,378<span class=\"_ _92\"> </span>\u2013<span class=\"_ _19d\"> </span>5,340Am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion (s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ote 3(a))<span class=\"_ _175\"> </span>378<span class=\"_ _145\"> </span>(908)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _48\"> </span>(530)Adjustment<span class=\"_ _9\"></span>s for<span class=\"_ _4\"></span> exchange rate<span class=\"_ _4\"></span> differences<span class=\"_ _c5\"> </span><span class=\"ls2 ws5\">(214)<span class=\"_ _75\"> </span>520<span class=\"_ _48\"> </span>(383)<span class=\"_ _5d\"> </span>(77)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _1fe\"> </span>8,334<span class=\"_ _174\"> </span>(11,009)<span class=\"_ _282\"> </span>5,660<span class=\"_ _174\"> </span>2,985 <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>bove d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xes have b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n se<span class=\"_ _9\"></span>t of<span class=\"_ _9\"></span>f w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>y rela<span class=\"_ _9\"></span>te to t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ame j<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>isd<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Deferre<span class=\"_ _9\"></span>d tax as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _283\"> </span><span class=\"ff9b ls2 ws5\">12,909<span class=\"_ _98\"> </span><span class=\"ff9c\">10,221</span></span>Deferred tax liabilities<span class=\"_ _284\"> </span><span class=\"ff9b ls2 ws5\">(5,922)<span class=\"_ _17c\"> </span><span class=\"ff9c\">(7,236)</span></span>6,987<span class=\"_ _ce\"> </span><span class=\"ff9c\">2,985</span>No<span class=\"_ _9\"></span>te 26 I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xes co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>edc. <span class=\"_ _7\"> </span>R<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x be<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>it (ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>e) an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t mu<span class=\"_ _9\"></span>lt<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>lie<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up\u2019s ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate is\ue61fa<span class=\"_ _9\"></span>s\ue61ffo<span class=\"_ _9\"></span>ll<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s:Y<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Prof<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>s<span class=\"_ _206\"> </span><span class=\"ff9b\">11,456<span class=\"_ _1aa\"> </span></span>(57,555)E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x at th<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f the U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ed K<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m 1<span class=\"_ _4\"></span>9% (2021<span class=\"_ _4\"></span>: 1<span class=\"_ _3\"></span>9<span class=\"_ _9\"></span>%)<span class=\"_ _285\"> </span><span class=\"ff9b\">(2,177)<span class=\"_ _15\"> </span></span>10,936Ad<span class=\"_ _9\"></span>jus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f:Ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>f oth<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>es <span class=\"_ _20a\"> </span><span class=\"ff9b\">1,265<span class=\"_ _ce\"> </span></span>2,594Non-<span class=\"_ _9\"></span>deduc<span class=\"_ _9\"></span>tible exp<span class=\"_ _9\"></span>enses<span class=\"_ _1a4\"> </span><span class=\"ff9b ls2 ws5\">(3,825)<span class=\"_ _17c\"> </span><span class=\"ff9c\">(8,269)</span></span>Ut<span class=\"_ _9\"></span>ilis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on of c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h de<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d t<span class=\"_ _9\"></span>ax a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s we<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t previously recorde<span class=\"_ _9\"></span>d<span class=\"_ _22b\"> </span><span class=\"ff9b ls2 ws5\">5,406<span class=\"_ _46\"> </span><span class=\"ff9c\">291</span></span>T<span class=\"_ _3\"></span>e<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h no d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t was r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed <span class=\"_ _286\"> </span>(211)Non-ta<span class=\"_ _9\"></span>xable income<span class=\"_ _287\"> </span><span class=\"ff9b ls2 ws5\">135<span class=\"_ _46\"> </span><span class=\"ff9c\">114</span></span>Unr<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent y<span class=\"_ _9\"></span>ear t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es <span class=\"_ _288\"> </span><span class=\"ff9b\">(1,695)<span class=\"_ _17c\"> </span></span>(5,299)Rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on of d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t on lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m pr<span class=\"_ _9\"></span>evio<span class=\"_ _9\"></span>us ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s<span class=\"_ _1b0\"> </span><span class=\"ff9b\">4,072<span class=\"_ _ce\"> </span></span>3,634Othe<span class=\"_ _9\"></span>r differences <span class=\"_ _289\"> </span><span class=\"ff9b ls2 ws5\">175<span class=\"_ _ce\"> </span><span class=\"ff9c\">1,261</span></span>Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x be<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>fit (ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e) rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>te<span class=\"_ _9\"></span>d in th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt <span class=\"_ _14d\"> </span><span class=\"ff9b\">3,356<span class=\"_ _ba\"> </span></span>5,051d. <span class=\"_ _6\"> </span>Tax la<span class=\"_ _9\"></span>ws a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le to t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>: (i<span class=\"_ _9\"></span>) <span class=\"_ _7\"> </span>T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any is s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to ta<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the l<span class=\"_ _9\"></span>aws of G<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>sey. The C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>fore t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xed a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>rd r<span class=\"_ _9\"></span>ate of 0<span class=\"_ _9\"></span>%.(ii<span class=\"_ _9\"></span>) <span class=\"_ _1\"></span>Fo<span class=\"_ _9\"></span>reig<span class=\"_ _9\"></span>n su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e sub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>xes i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>eir co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f do<span class=\"_ _9\"></span>micil<span class=\"_ _9\"></span>e in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>t of th<span class=\"_ _9\"></span>eir in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e, as foll<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s: 1<span class=\"_ _4\"></span>. <span class=\"_ _7\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he N<span class=\"_ _9\"></span>eth<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ds: c<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>s 25.8%.2. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n the U<span class=\"_ _9\"></span>nite<span class=\"_ _9\"></span>d K<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m: cor<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate f<span class=\"_ _9\"></span>or do<span class=\"_ _9\"></span>mic<span class=\"_ _9\"></span>ile<span class=\"_ _9\"></span>d com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>nies a<span class=\"_ _9\"></span>nd fo<span class=\"_ _9\"></span>r no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>omi<span class=\"_ _9\"></span>cile<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>anie<span class=\"_ _9\"></span>s is 1<span class=\"_ _4\"></span>9% (2021<span class=\"_ _3\"></span>: 1<span class=\"_ _3\"></span>9<span class=\"_ _9\"></span>%)<span class=\"_ _4\"></span>.3. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Ger<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>ny: ag<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me r<span class=\"_ _9\"></span>ate 29<span class=\"_ _4\"></span>.7%.4. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Hun<span class=\"_ _9\"></span>gar<span class=\"_ _1\"></span>y: co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x ra<span class=\"_ _9\"></span>te 9%<span class=\"_ _9\"></span>.5. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Cro<span class=\"_ _9\"></span>atia: co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x ra<span class=\"_ _9\"></span>te 18%.6.  T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Ita<span class=\"_ _9\"></span>ly: a<span class=\"_ _9\"></span>ggr<span class=\"_ _9\"></span>ega<span class=\"_ _9\"></span>ted c<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e (IRE<span class=\"_ _9\"></span>S) a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>al ta<span class=\"_ _9\"></span>x (I<span class=\"_ _9\"></span>R<span class=\"_ _9\"></span>AP<span class=\"_ _9\"></span>) ra<span class=\"_ _9\"></span>te 27<span class=\"_ _a\"></span>.9%.7<span class=\"_ _a\"></span>.  <span class=\"_ _6\"> </span>T<span class=\"_ _3\"></span>a<span class=\"_ _9\"></span>xa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n in Au<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ia: cor<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e 25%.8. <span class=\"_\"> </span>T<span class=\"_ _4\"></span>ax<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on i<span class=\"_ _9\"></span>n Ser<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>a: cor<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate 15%.No<span class=\"_ _9\"></span>te 26 I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>xes co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ed <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he UK \u2013 I<span class=\"_ _9\"></span>n Marc<span class=\"_ _9\"></span>h 2021<span class=\"_ _4\"></span>, the U<span class=\"_ _9\"></span>K gove<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt ad<span class=\"_ _9\"></span>opt<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he Sp<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing B<span class=\"_ _9\"></span>udg<span class=\"_ _9\"></span>et 20<span class=\"_ _9\"></span>21 whic<span class=\"_ _9\"></span>h inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>n inc<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e UK co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate f<span class=\"_ _9\"></span>rom 19% to 25% fr<span class=\"_ _9\"></span>om 1 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 20<span class=\"_ _9\"></span>23.  <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>ax r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he Net<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>s \u2013 In 20<span class=\"_ _9\"></span>20, un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he 20<span class=\"_ _9\"></span>21 ta<span class=\"_ _9\"></span>x pla<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch w<span class=\"_ _9\"></span>as ad<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ted o<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>5 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>020 it w<span class=\"_ _9\"></span>as d<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e red<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n in co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x ra<span class=\"_ _9\"></span>te to 21<span class=\"_ _4\"></span>.7<span class=\"_ _4\"></span>% will b<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ed an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x r<span class=\"_ _9\"></span>ate w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>n at 25%. I<span class=\"_ _9\"></span>n 2021<span class=\"_ _3\"></span>, u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he 2022 t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x pla<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>ich w<span class=\"_ _9\"></span>as a<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>d on 21 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, i<span class=\"_ _9\"></span>t was d<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>ome t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x ra<span class=\"_ _9\"></span>te wil<span class=\"_ _9\"></span>l inc<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>se to 25.8<span class=\"_ _9\"></span>% st<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ting 1 Januar<span class=\"_ _9\"></span>y 2022<span class=\"_ _4\"></span>.e. <span class=\"_ _8\"> </span>Los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>rri<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>rd fo<span class=\"_ _9\"></span>r t<span class=\"_ _9\"></span>ax p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ied f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r ta<span class=\"_ _9\"></span>x p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>d at ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>oxi<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>ly \u00a3<span class=\"_ _9\"></span>208<span class=\"_ _9\"></span>.8 milli<span class=\"_ _9\"></span>on (20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>: \u00a32<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0.8 milli<span class=\"_ _9\"></span>on). The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p did n<span class=\"_ _9\"></span>ot es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>h def<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing to \u00a31<span class=\"_ _4\"></span>52.6 millio<span class=\"_ _9\"></span>n (2021<span class=\"_ _4\"></span>: \u00a3<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>.5 millio<span class=\"_ _9\"></span>n) whi<span class=\"_ _9\"></span>ch m<span class=\"_ _9\"></span>ay be c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ied for<span class=\"_ _9\"></span>ward indefinitely<span class=\"_ _3\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ied f<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es re<span class=\"_ _9\"></span>late to i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>nies i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up, eac<span class=\"_ _9\"></span>h in it<span class=\"_ _9\"></span>s ow<span class=\"_ _9\"></span>n t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x jur<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>dic<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n. Wh<span class=\"_ _9\"></span>en an<span class=\"_ _9\"></span>aly<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>over<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he like<span class=\"_ _9\"></span>liho<span class=\"_ _9\"></span>od t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>n be u<span class=\"_ _9\"></span>tili<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d aga<span class=\"_ _9\"></span>ins<span class=\"_ _9\"></span>t f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. In t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>nal<span class=\"_ _9\"></span>ysi<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hat f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e maj<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>anie<span class=\"_ _9\"></span>s it is n<span class=\"_ _9\"></span>ot hig<span class=\"_ _9\"></span>hly li<span class=\"_ _9\"></span>kely t<span class=\"_ _9\"></span>hat f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ill be a<span class=\"_ _9\"></span>chi<span class=\"_ _9\"></span>eved t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>n be of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et aga<span class=\"_ _9\"></span>ins<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es, m<span class=\"_ _9\"></span>ainl<span class=\"_ _9\"></span>y du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e nat<span class=\"_ _9\"></span>ure of t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e (i.e. hol<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>nie<span class=\"_ _9\"></span>s or t<span class=\"_ _9\"></span>ax e<span class=\"_ _9\"></span>xemp<span class=\"_ _9\"></span>t ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s). Base<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>his u<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n pro<span class=\"_ _9\"></span>fit<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at it c<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d not re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he maj<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any is pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ming t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>nal<span class=\"_ _9\"></span>ysi<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>n ong<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g bas<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>. f.  <span class=\"_ _6\"> </span>T<span class=\"_ _4\"></span>ax i<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>es <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n May 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on co<span class=\"_ _9\"></span>nfi<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mati<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he M<span class=\"_ _9\"></span>inis<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of Eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>my and p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>uant t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e Inves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt Pro<span class=\"_ _9\"></span>mot<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd D<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt Cli<span class=\"_ _9\"></span>mate A<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t in C<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>tia, A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a be<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>me el<span class=\"_ _9\"></span>igib<span class=\"_ _9\"></span>le to c<span class=\"_ _9\"></span>laim i<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ve all<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>s. Inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>ligi<span class=\"_ _9\"></span>ble fo<span class=\"_ _9\"></span>r in<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s are inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s do<span class=\"_ _9\"></span>ne i<span class=\"_ _9\"></span>n Are<span class=\"_ _9\"></span>na O<span class=\"_ _9\"></span>ne 99 G<span class=\"_ _9\"></span>lam<span class=\"_ _9\"></span>pin<span class=\"_ _9\"></span>g Ca<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>e, Are<span class=\"_ _9\"></span>na Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d Ka\u017e<span class=\"_ _9\"></span>ela C<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>psi<span class=\"_ _9\"></span>te, Hote<span class=\"_ _9\"></span>l Br<span class=\"_ _9\"></span>ioni, Ver<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ela B<span class=\"_ _9\"></span>eac<span class=\"_ _9\"></span>h se<span class=\"_ _9\"></span>lf-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng ap<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>exes<span class=\"_ _9\"></span>, amo<span class=\"_ _9\"></span>ng ot<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.  <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na ha<span class=\"_ _9\"></span>s the r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht to us<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>ax c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>l 2027<span class=\"_ _3\"></span>. The e<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent p<span class=\"_ _9\"></span>roj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>s sub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to su<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n by th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>evan<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>itu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d of us<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ax c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na will n<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ent r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ular a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he ta<span class=\"_ _9\"></span>x au<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch it w<span class=\"_ _9\"></span>ill ev<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t the c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s for t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>se of t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>et. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-7-3": {
   "value": "d.  Business combinations and goodwill  Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are expensed and included in administrative expenses.  The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort or delay in the ability to\ue61fcontinue producing outputs.   When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree.  If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date through profit or loss. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not re-measured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at fair value with the changes in fair value recognised in the income statement in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.   Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.Note 2 Summary of significant accounting policies continued  After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained.e.  Business combinations involving entities under common control  The Group accounts for business combinations that include entities under common control using the acquisition method provided that the transaction has substance.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-7-4": {
   "value": "d.  Business combinations and goodwill  Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are expensed and included in administrative expenses.  The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort or delay in the ability to\ue61fcontinue producing outputs.   When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree.  If the business combination is achieved in stages, the acquisition date fair value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date through profit or loss. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not re-measured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at fair value with the changes in fair value recognised in the income statement in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.   Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the re-assessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.Note 2 Summary of significant accounting policies continued  After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained.e.  Business combinations involving entities under common control  The Group accounts for business combinations that include entities under common control using the acquisition method provided that the transaction has substance.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-10-3": {
   "value": "f.  Investment in associates and joint ventures  An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.   A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.   The Group\u2019s investments in associates and joint ventures are accounted for using the equity method. Under the equity method, the\ue61finvestment in an associate or joint venture is carried in the statement of financial position at cost plus post acquisition changes in\ue61fthe Group\u2019s share of net assets of the associate or joint venture.   The income statement reflects the share of the results of operations of associates and joint ventures. The Group\u2019s share of changes in other comprehensive income of associates or joint venture is recognised in the statement of comprehensive income. Where there has been a change recognised directly in the equity of the associate or joint venture, the Group recognises its share of any changes and discloses this, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.  The aggregate of the Group\u2019s share of profit or loss of an associate or a joint venture is shown on the face of the income statement outside EBIT and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture.  The financial statements of the associate and joint ventures are prepared for the same reporting period as the Group. Where necessary, adjustments are made to bring the accounting policies in line with those of the Group.  After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss as \u2018Share in result of associate and joint ventures\u2019 in the income statement.  Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in the income statement.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-10-4": {
   "value": "f.  Investment in associates and joint ventures  An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.   A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.   The Group\u2019s investments in associates and joint ventures are accounted for using the equity method. Under the equity method, the\ue61finvestment in an associate or joint venture is carried in the statement of financial position at cost plus post acquisition changes in\ue61fthe Group\u2019s share of net assets of the associate or joint venture.   The income statement reflects the share of the results of operations of associates and joint ventures. The Group\u2019s share of changes in other comprehensive income of associates or joint venture is recognised in the statement of comprehensive income. Where there has been a change recognised directly in the equity of the associate or joint venture, the Group recognises its share of any changes and discloses this, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.  The aggregate of the Group\u2019s share of profit or loss of an associate or a joint venture is shown on the face of the income statement outside EBIT and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture.  The financial statements of the associate and joint ventures are prepared for the same reporting period as the Group. Where necessary, adjustments are made to bring the accounting policies in line with those of the Group.  After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognises the loss as \u2018Share in result of associate and joint ventures\u2019 in the income statement.  Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from disposal is recognised in the income statement.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-11-2": {
   "value": "Note 2 Summary of significant accounting policies continuedg.  Foreign currency translation  The functional currency of the Company is Pound Sterling. The consolidated financial statements are also presented in Pound\ue61fSterling.   Each entity of the Group determines its own functional currency and items included in the financial statements of each entity are\ue61fmeasured using that functional currency.  Transactions in foreign currencies are initially recorded at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency at the rates prevailing on\ue61fthe reporting date. Profits and losses arising from exchange differences are included in the income statement.  The assets and liabilities of the entities whose functional currency is not Pound Sterling are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period. Equity items are translated at the historical exchange rates. Exchange differences arising on the translation are recognised in other comprehensive income and classified as a separate component of equity (foreign currency translation reserve). Such translation differences are recognised in the income statement in the period in which the entity is disposed of.  Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.  Exchange differences in respect of loans denominated in foreign currency which were granted by the Company to its subsidiaries are reflected in the foreign currency translation reserve in equity, as these loans are, in substance, a part of the Group\u2019s net investment in the foreign operation.  The following exchange rates in relation to Pound Sterling were prevailing at reporting dates:As at 31 December2022  2021  In Pound In Pound SterlingSterlingEuro 0.885 0.838Hungarian Forint 0.002 0.002Croatian Kuna 0.117 0.112US Dollar 0.830 0.740  Percentage increase (decrease) in exchange rates at yearend compared to the previous year:As at 31 December2022  2021  %%Euro 5.6 (6.6)Hungarian Forint (3.5) (6.7)Croatian Kuna 2.5 (6.3)US Dollar 12.2 1.2",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-11-4": {
   "value": "Note 2 Summary of significant accounting policies continuedg.  Foreign currency translation  The functional currency of the Company is Pound Sterling. The consolidated financial statements are also presented in Pound\ue61fSterling.   Each entity of the Group determines its own functional currency and items included in the financial statements of each entity are\ue61fmeasured using that functional currency.  Transactions in foreign currencies are initially recorded at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency at the rates prevailing on\ue61fthe reporting date. Profits and losses arising from exchange differences are included in the income statement.  The assets and liabilities of the entities whose functional currency is not Pound Sterling are translated at exchange rates prevailing on the reporting date. Income and expense items are translated at the average exchange rates for the period. Equity items are translated at the historical exchange rates. Exchange differences arising on the translation are recognised in other comprehensive income and classified as a separate component of equity (foreign currency translation reserve). Such translation differences are recognised in the income statement in the period in which the entity is disposed of.  Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.  Exchange differences in respect of loans denominated in foreign currency which were granted by the Company to its subsidiaries are reflected in the foreign currency translation reserve in equity, as these loans are, in substance, a part of the Group\u2019s net investment in the foreign operation.  The following exchange rates in relation to Pound Sterling were prevailing at reporting dates:As at 31 December2022  2021  In Pound In Pound SterlingSterlingEuro 0.885 0.838Hungarian Forint 0.002 0.002Croatian Kuna 0.117 0.112US Dollar 0.830 0.740  Percentage increase (decrease) in exchange rates at yearend compared to the previous year:As at 31 December2022  2021  %%Euro 5.6 (6.6)Hungarian Forint (3.5) (6.7)Croatian Kuna 2.5 (6.3)US Dollar 12.2 1.2",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-13-3": {
   "value": "i.  Property, plant and equipment  Property, plant and equipment are measured at cost, less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, over the shorter of the estimated useful life of the assets or the lease term as follows:YearsHotel buildings 50 to 95Furniture and equipment 2 to 25  The costs of maintaining property, plant and equipment are recognised in the income statement as they are incurred. Costs incurred that significantly increase the recoverable amount of the asset concerned are added to the asset\u2019s cost as an improvement and depreciated over the expected useful life of the improvement.  An item of property, plant and equipment, and any significant part initially recognised, is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised.  The assets\u2019 residual values, useful lives and methods of depreciation are reviewed at each financial year end, and adjusted prospectively, if appropriate.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-14-3": {
   "value": "j.  Impairment of non-financial assets  At each reporting date, the Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication that those assets may be impaired. If any such indication exists, the recoverable amount of the asset is estimated. Where it\ue61fis not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of\ue61fthe cash-generating unit to which the asset belongs.  Recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. In assessing value in use, the\ue61festimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.  If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the asset is considered impaired and the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately.   Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but not in excess of the carrying amount that would have been determined had no impairment loss been previously recognised for the asset (cash-generating unit). A reversal of an impairment loss is recognised as income\ue61fimmediately.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-14-4": {
   "value": "j.  Impairment of non-financial assets  At each reporting date, the Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication that those assets may be impaired. If any such indication exists, the recoverable amount of the asset is estimated. Where it\ue61fis not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of\ue61fthe cash-generating unit to which the asset belongs.  Recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. In assessing value in use, the\ue61festimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.  If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the asset is considered impaired and the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an expense immediately.   Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but not in excess of the carrying amount that would have been determined had no impairment loss been previously recognised for the asset (cash-generating unit). A reversal of an impairment loss is recognised as income\ue61fimmediately.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-12-3": {
   "value": "Note 2 Summary of significant accounting policies continuedh.  Intangible assets  Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.   Intangible assets are amortised using the straight-line method over their estimated useful life and assessed for impairment whenever there is an indication that the intangibles may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the assets are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense for intangible assets is recognised in the income statement.   Gains or losses arising from derecognition of an intangible asset are measured at the difference between the net disposal proceeds and the carrying amount of the asset and recognised in the income statement when the asset is derecognised. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-12-4": {
   "value": "Note 2 Summary of significant accounting policies continuedh.  Intangible assets  Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.   Intangible assets are amortised using the straight-line method over their estimated useful life and assessed for impairment whenever there is an indication that the intangibles may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the assets are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense for intangible assets is recognised in the income statement.   Gains or losses arising from derecognition of an intangible asset are measured at the difference between the net disposal proceeds and the carrying amount of the asset and recognised in the income statement when the asset is derecognised. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-15-3": {
   "value": "No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dk. <span class=\"_ _8\"> </span>Financial instruments <span class=\"_ _1c\"> </span>i) <span class=\"_ _3a\"> </span>Financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t or f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>\u2019s cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow ch<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el fo<span class=\"_ _9\"></span>r man<span class=\"_ _9\"></span>agi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>t it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue p<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>, in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ase o<span class=\"_ _9\"></span>f a\ue61ffi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et no<span class=\"_ _9\"></span>t at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>or a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et t<span class=\"_ _9\"></span>o be cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t, i<span class=\"_ _9\"></span>t nee<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s to give r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e to c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re \u2018sol<span class=\"_ _9\"></span>ely pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t\u2019 (S<span class=\"_ _9\"></span>PPI) on t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing. T<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d to as t<span class=\"_ _9\"></span>he SPPI te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d is\ue61fp<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d at an i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t level. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l for ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s refe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to how i<span class=\"_ _9\"></span>t man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n or<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>o ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>lt f<span class=\"_ _9\"></span>rom c<span class=\"_ _9\"></span>olle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>elli<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial assets,<span class=\"_ _4\"></span> or bo<span class=\"_ _4\"></span>th. <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>r sal<span class=\"_ _9\"></span>es of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>live<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>in a ti<span class=\"_ _9\"></span>mef<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ame e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>she<span class=\"_ _9\"></span>d by re<span class=\"_ _9\"></span>gu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on or c<span class=\"_ _9\"></span>onve<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ce (re<span class=\"_ _9\"></span>gula<span class=\"_ _9\"></span>r way t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s) are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de d<span class=\"_ _9\"></span>ate, i.e. the da<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e or s<span class=\"_ _9\"></span>ell t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>f sub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ies: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (deb<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s); and</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.</span></span> <span class=\"_ _1c\"> </span>Financial<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> at amortis<span class=\"_ _4\"></span>ed c<span class=\"_ _4\"></span>ost (<span class=\"_ _3\"></span>debt instruments<span class=\"_ _4\"></span>) <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t if bo<span class=\"_ _9\"></span>th of t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>et: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set i<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n a bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of h<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s; an<span class=\"_ _9\"></span>d <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l ter<span class=\"_ _9\"></span>ms o<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et giv<span class=\"_ _9\"></span>e ris<span class=\"_ _9\"></span>e on s<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed da<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at are SPPI o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al </span></span>amount\ue61foutst<span class=\"_ _9\"></span>anding. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te (EIR<span class=\"_ _9\"></span>) met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Gain<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ied o<span class=\"_ _9\"></span>r im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>ed. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng, fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s, or f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue. Fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re cla<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>y are a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se of s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>r rep<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g in t<span class=\"_ _9\"></span>he nea<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m. D<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>es, ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hey ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on if d<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g so eliminates<span class=\"_ _4\"></span>, or si<span class=\"_ _4\"></span>gnificantly reduces, an accounting<span class=\"_ _4\"></span> mismatch. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h net c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in\ue61ff<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Div<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s on li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight o<span class=\"_ _9\"></span>f pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>ish<span class=\"_ _9\"></span>ed. Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (or<span class=\"_ _4\"></span>, whe<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble, a pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of a f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f a Gro<span class=\"_ _9\"></span>up of s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s) is p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed (<span class=\"_ _9\"></span>i.e. remove<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n) whe<span class=\"_ _9\"></span>n: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t have ex<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>red; or</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or h<span class=\"_ _9\"></span>as as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>d an o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ows i<span class=\"_ _9\"></span>n ful<span class=\"_ _9\"></span>l wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>elay to a t<span class=\"_ _9\"></span>hir<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r a \u2018pas<span class=\"_ _9\"></span>s-<span class=\"_ _9\"></span>thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h\u2019 arr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt; an<span class=\"_ _9\"></span>d eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r (a) the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, or (<span class=\"_ _9\"></span>b) th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y all t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>isk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, bu<span class=\"_ _9\"></span>t has t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a pa<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h ar<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, i<span class=\"_ _9\"></span>t eval<span class=\"_ _9\"></span>uate<span class=\"_ _9\"></span>s if, and t<span class=\"_ _9\"></span>o wha<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt, it h<span class=\"_ _9\"></span>as ret<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d the r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s and r<span class=\"_ _9\"></span>ewa<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s of ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n it has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et, no<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>ng invo<span class=\"_ _9\"></span>lve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. In t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>se, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up als<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on a b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup has\ue61fr<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>nvolve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>akes t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of a gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>e over t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>wer of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>gina<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d the m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>um am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>o rep<span class=\"_ _9\"></span>ay. <span class=\"_ _1c\"> </span>Impairment<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es an a<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s (ECL<span class=\"_ _9\"></span>) for a<span class=\"_ _9\"></span>ll de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s no<span class=\"_ _9\"></span>t hel<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. ECL<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t and al<span class=\"_ _9\"></span>l the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive, dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d at a<span class=\"_ _9\"></span>n app<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal EIR<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s will i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>e of col<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l hel<span class=\"_ _9\"></span>d or ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit e<span class=\"_ _9\"></span>nha<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>ECL<span class=\"_ _1\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>wo s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>es. F<span class=\"_ _9\"></span>or cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res f<span class=\"_ _9\"></span>or w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the<span class=\"_ _9\"></span>re ha<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k sin<span class=\"_ _9\"></span>ce ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, ECL<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t res<span class=\"_ _9\"></span>ult f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>fau<span class=\"_ _9\"></span>lt eve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e pos<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ex<span class=\"_ _9\"></span>t 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs (a 1<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h ECL<span class=\"_ _9\"></span>). For th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k si<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, a los<span class=\"_ _9\"></span>s\ue61fal<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re, irr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of th<span class=\"_ _9\"></span>e ti<span class=\"_ _9\"></span>ming of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t (a life<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>e ECL). <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s a si<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>ch in c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ECL<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The<span class=\"_ _9\"></span>ref<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ck c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges in\ue61fc<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k, b<span class=\"_ _9\"></span>ut in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ead r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n lif<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>me ECL<span class=\"_ _9\"></span>s at e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g date.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set t<span class=\"_ _9\"></span>o be i<span class=\"_ _9\"></span>n def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>l or ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nal in<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is u<span class=\"_ _9\"></span>nlikel<span class=\"_ _9\"></span>y to\ue61fre<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>ull. A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is w<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of recovering the contrac<span class=\"_ _9\"></span>tual cas<span class=\"_ _9\"></span>h flows. <span class=\"_ _1c\"> </span>ii) <span class=\"_ _25\"> </span>Financial liabilities <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, as m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es) or a<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n an ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e, as\ue61fap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ate. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ll fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue an<span class=\"_ _9\"></span>d, in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, ne<span class=\"_ _9\"></span>t of dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly att<span class=\"_ _9\"></span>ribut<span class=\"_ _9\"></span>able transac<span class=\"_ _9\"></span>tion cos<span class=\"_ _9\"></span>ts. <span class=\"_ _1c\"> </span>The Group<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s finan<span class=\"_ _4\"></span>cial l<span class=\"_ _4\"></span>iabilities<span class=\"_ _4\"></span> include trade and o<span class=\"_ _4\"></span>ther payables<span class=\"_ _4\"></span>, loans<span class=\"_ _4\"></span> and borrowings including<span class=\"_ _4\"></span> bank ov<span class=\"_ _4\"></span>erdraf<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s,<span class=\"_ _4\"></span> and derivative financial instrument<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>ir cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on, as d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w: <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Financial li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> at fair<span class=\"_ _4\"></span> value through<span class=\"_ _4\"></span> profit or<span class=\"_ _4\"></span> loss include financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> held for<span class=\"_ _4\"></span> trading and financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> designated up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>ey are i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he pu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>e of re<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n the n<span class=\"_ _9\"></span>ear te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m. Thi<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ateg<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y als<span class=\"_ _9\"></span>o inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s as d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d by IFRS 9<span class=\"_ _4\"></span>. Sep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng unl<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>ey are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies h<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>itia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e init<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>ate of rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, an<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y if t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ia in IF<span class=\"_ _9\"></span>RS 9 are s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as not d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d any fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Loans and borr<span class=\"_ _4\"></span>owings <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>leva<span class=\"_ _9\"></span>nt to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r init<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>bea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>st u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e EIR met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d. Gai<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as w<span class=\"_ _9\"></span>ell as t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e EIR amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t is c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g into a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>ny dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt or p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>miu<span class=\"_ _9\"></span>m on ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n and f<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s or co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re an i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al par<span class=\"_ _1\"></span>t of t<span class=\"_ _9\"></span>he EIR<span class=\"_ _9\"></span>. The EI<span class=\"_ _9\"></span>R amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ally a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lies t<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>gs.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ts s<span class=\"_ _9\"></span>old to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>te inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 201<span class=\"_ _4\"></span>0, the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>mins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>as co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>ayin<span class=\"_ _9\"></span>g cus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. Ou<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>,01<span class=\"_ _3\"></span>9 r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s, 535 ro<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>s (\u2018I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s\u2019<span class=\"_ _9\"></span>) wer<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er a 99<span class=\"_ _9\"></span>9-ye<span class=\"_ _9\"></span>ar le<span class=\"_ _9\"></span>ase. T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nted f<span class=\"_ _9\"></span>or as a<span class=\"_ _9\"></span>n inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>che<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s, in r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>pfr<span class=\"_ _9\"></span>ont c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>aid fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s, rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of ne<span class=\"_ _9\"></span>t inco<span class=\"_ _9\"></span>me f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>c reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to a s<span class=\"_ _9\"></span>tre<span class=\"_ _9\"></span>am of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows). Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d upf<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>nt ar<span class=\"_ _9\"></span>e acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ted fo<span class=\"_ _9\"></span>r as a f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e bei<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e over th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase (<span class=\"_ _9\"></span>i.e. 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s). Chan<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _4\"></span>. Sinc<span class=\"_ _9\"></span>e Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 201<span class=\"_ _4\"></span>4, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s bo<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>t bac<span class=\"_ _9\"></span>k 52 Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Upo<span class=\"_ _9\"></span>n bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ck of a\ue61funi<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to t<span class=\"_ _9\"></span>hat u<span class=\"_ _9\"></span>nit i<span class=\"_ _9\"></span>s der<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d any di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e and t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n prof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>ntir<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l is ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s acc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>epr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ace<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully re<span class=\"_ _9\"></span>imb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f 4% of reven<span class=\"_ _9\"></span>ues i<span class=\"_ _9\"></span>s pai<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>n ann<span class=\"_ _9\"></span>ual b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s (\u2018FF&amp;E re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d is ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d for i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he FF&amp;E re<span class=\"_ _9\"></span>ser<span class=\"_ _1\"></span>ve is a t<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ng dif<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s a re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le or li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r in ea<span class=\"_ _9\"></span>ch r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e year.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ob<span class=\"_ _9\"></span>ligat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>d or c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pire<span class=\"_ _9\"></span>s. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y is r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>ed by a<span class=\"_ _9\"></span>not<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>me le<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er on s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>lly di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t ter<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>, or th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>e su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed, s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h an exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge or m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n is t<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>ed as t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on of a new l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y. The d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>iii) <span class=\"_ _1\"></span>Of<span class=\"_ _9\"></span>fset<span class=\"_ _9\"></span>ting<span class=\"_ _4\"></span> of financial<span class=\"_ _4\"></span> instruments <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he net a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>s rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion if\ue61ft<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is a cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>tly e<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rcea<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght t<span class=\"_ _9\"></span>o of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on to s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le on a n<span class=\"_ _9\"></span>et b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s, to realise<span class=\"_ _4\"></span> the asset<span class=\"_ _9\"></span>s and<span class=\"_ _4\"></span> set<span class=\"_ _9\"></span>tle the<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities simultaneously<span class=\"_ _3\"></span>.n. <span class=\"_ _24\"> </span>Derivative financial inst<span class=\"_ _9\"></span>ruments and hedge accounting <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ted b<span class=\"_ _9\"></span>y IFRS 9<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has e<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>ted to c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>e to ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unti<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of IA<span class=\"_ _9\"></span>S 39 ins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of I<span class=\"_ _9\"></span>FRS 9<span class=\"_ _3\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>s inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e flu<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>uati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Su<span class=\"_ _9\"></span>ch d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ini<span class=\"_ _9\"></span>tiall<span class=\"_ _9\"></span>y rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e on t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ate on w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h a de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t is ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o and a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>ntly r<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e. Der<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rie<span class=\"_ _9\"></span>d as a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e is p<span class=\"_ _9\"></span>osi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e and a<span class=\"_ _9\"></span>s liabil<span class=\"_ _4\"></span>ities when the<span class=\"_ _4\"></span> fair value<span class=\"_ _4\"></span> is negativ<span class=\"_ _4\"></span>e. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ny ga<span class=\"_ _9\"></span>ins o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e on d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at do n<span class=\"_ _9\"></span>ot qu<span class=\"_ _9\"></span>alif<span class=\"_ _1\"></span>y for he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g are t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>n dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly to t<span class=\"_ _9\"></span>he income statement. <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g, he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed as c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low h<span class=\"_ _9\"></span>edg<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to va<span class=\"_ _9\"></span>ria<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in\ue61fc<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h\ue61ffl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>s eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r at<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le to a p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ular r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oci<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>h a re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y or a hig<span class=\"_ _9\"></span>hly p<span class=\"_ _9\"></span>rob<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le forecast\ue61ftransac<span class=\"_ _9\"></span>tion. <span class=\"_ _1c\"> </span>At t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on of a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hi<span class=\"_ _9\"></span>p, the Gro<span class=\"_ _9\"></span>up fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mall<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d doc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip t<span class=\"_ _9\"></span>o whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup wis<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>s to ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y hed<span class=\"_ _9\"></span>ge a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>gy f<span class=\"_ _9\"></span>or un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge. Th<span class=\"_ _9\"></span>e do<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed it<span class=\"_ _9\"></span>em o<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n, the na<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk b<span class=\"_ _9\"></span>ein<span class=\"_ _9\"></span>g he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d how t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up w<span class=\"_ _9\"></span>ill as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s the e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ven<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s of ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s fair v<span class=\"_ _9\"></span>alue i<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re to c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>em\u2019s fair v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e or c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>ws at<span class=\"_ _1\"></span>tr<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dge<span class=\"_ _9\"></span>d r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. Su<span class=\"_ _9\"></span>ch h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ges a<span class=\"_ _9\"></span>re ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e high<span class=\"_ _9\"></span>ly ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>n ach<span class=\"_ _9\"></span>ievi<span class=\"_ _9\"></span>ng of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue or c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>re as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on a<span class=\"_ _9\"></span>n ong<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g bas<span class=\"_ _9\"></span>is to d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>hey a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>ally h<span class=\"_ _9\"></span>ave be<span class=\"_ _9\"></span>en hi<span class=\"_ _9\"></span>ghl<span class=\"_ _9\"></span>y ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey we<span class=\"_ _9\"></span>re d<span class=\"_ _9\"></span>esi<span class=\"_ _9\"></span>gnat<span class=\"_ _9\"></span>ed.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e gai<span class=\"_ _9\"></span>n or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt in a c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ehe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me, whil<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive p<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>n is re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. Am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>aken to o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r co<span class=\"_ _9\"></span>mpr<span class=\"_ _9\"></span>ehe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me are t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t whe<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on af<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>ts p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>uch a<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e or fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se is r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-15-4": {
   "value": "No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dk. <span class=\"_ _8\"> </span>Financial instruments <span class=\"_ _1c\"> </span>i) <span class=\"_ _3a\"> </span>Financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t or f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>\u2019s cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow ch<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el fo<span class=\"_ _9\"></span>r man<span class=\"_ _9\"></span>agi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>t it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue p<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>, in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ase o<span class=\"_ _9\"></span>f a\ue61ffi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et no<span class=\"_ _9\"></span>t at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>or a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et t<span class=\"_ _9\"></span>o be cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t, i<span class=\"_ _9\"></span>t nee<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s to give r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e to c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re \u2018sol<span class=\"_ _9\"></span>ely pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t\u2019 (S<span class=\"_ _9\"></span>PPI) on t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing. T<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d to as t<span class=\"_ _9\"></span>he SPPI te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d is\ue61fp<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d at an i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t level. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l for ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s refe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to how i<span class=\"_ _9\"></span>t man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n or<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>o ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>lt f<span class=\"_ _9\"></span>rom c<span class=\"_ _9\"></span>olle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>elli<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial assets,<span class=\"_ _4\"></span> or bo<span class=\"_ _4\"></span>th. <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>r sal<span class=\"_ _9\"></span>es of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>live<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>in a ti<span class=\"_ _9\"></span>mef<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ame e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>she<span class=\"_ _9\"></span>d by re<span class=\"_ _9\"></span>gu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on or c<span class=\"_ _9\"></span>onve<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ce (re<span class=\"_ _9\"></span>gula<span class=\"_ _9\"></span>r way t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s) are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de d<span class=\"_ _9\"></span>ate, i.e. the da<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e or s<span class=\"_ _9\"></span>ell t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>f sub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ies: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (deb<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s); and</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.</span></span> <span class=\"_ _1c\"> </span>Financial<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> at amortis<span class=\"_ _4\"></span>ed c<span class=\"_ _4\"></span>ost (<span class=\"_ _3\"></span>debt instruments<span class=\"_ _4\"></span>) <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t if bo<span class=\"_ _9\"></span>th of t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>et: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set i<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n a bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of h<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s; an<span class=\"_ _9\"></span>d <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l ter<span class=\"_ _9\"></span>ms o<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et giv<span class=\"_ _9\"></span>e ris<span class=\"_ _9\"></span>e on s<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed da<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at are SPPI o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al </span></span>amount\ue61foutst<span class=\"_ _9\"></span>anding. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te (EIR<span class=\"_ _9\"></span>) met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Gain<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ied o<span class=\"_ _9\"></span>r im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>ed. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng, fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s, or f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue. Fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re cla<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>y are a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se of s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>r rep<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g in t<span class=\"_ _9\"></span>he nea<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m. D<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>es, ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hey ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on if d<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g so eliminates<span class=\"_ _4\"></span>, or si<span class=\"_ _4\"></span>gnificantly reduces, an accounting<span class=\"_ _4\"></span> mismatch. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h net c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in\ue61ff<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Div<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s on li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight o<span class=\"_ _9\"></span>f pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>ish<span class=\"_ _9\"></span>ed. Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (or<span class=\"_ _4\"></span>, whe<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble, a pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of a f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f a Gro<span class=\"_ _9\"></span>up of s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s) is p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed (<span class=\"_ _9\"></span>i.e. remove<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n) whe<span class=\"_ _9\"></span>n: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t have ex<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>red; or</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or h<span class=\"_ _9\"></span>as as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>d an o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ows i<span class=\"_ _9\"></span>n ful<span class=\"_ _9\"></span>l wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>elay to a t<span class=\"_ _9\"></span>hir<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r a \u2018pas<span class=\"_ _9\"></span>s-<span class=\"_ _9\"></span>thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h\u2019 arr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt; an<span class=\"_ _9\"></span>d eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r (a) the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, or (<span class=\"_ _9\"></span>b) th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y all t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>isk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, bu<span class=\"_ _9\"></span>t has t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a pa<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h ar<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, i<span class=\"_ _9\"></span>t eval<span class=\"_ _9\"></span>uate<span class=\"_ _9\"></span>s if, and t<span class=\"_ _9\"></span>o wha<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt, it h<span class=\"_ _9\"></span>as ret<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d the r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s and r<span class=\"_ _9\"></span>ewa<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s of ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n it has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et, no<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>ng invo<span class=\"_ _9\"></span>lve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. In t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>se, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up als<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on a b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup has\ue61fr<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>nvolve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>akes t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of a gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>e over t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>wer of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>gina<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d the m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>um am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>o rep<span class=\"_ _9\"></span>ay. <span class=\"_ _1c\"> </span>Impairment<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es an a<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s (ECL<span class=\"_ _9\"></span>) for a<span class=\"_ _9\"></span>ll de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s no<span class=\"_ _9\"></span>t hel<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. ECL<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t and al<span class=\"_ _9\"></span>l the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive, dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d at a<span class=\"_ _9\"></span>n app<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal EIR<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s will i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>e of col<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l hel<span class=\"_ _9\"></span>d or ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit e<span class=\"_ _9\"></span>nha<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>ECL<span class=\"_ _1\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>wo s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>es. F<span class=\"_ _9\"></span>or cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res f<span class=\"_ _9\"></span>or w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the<span class=\"_ _9\"></span>re ha<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k sin<span class=\"_ _9\"></span>ce ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, ECL<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t res<span class=\"_ _9\"></span>ult f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>fau<span class=\"_ _9\"></span>lt eve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e pos<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ex<span class=\"_ _9\"></span>t 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs (a 1<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h ECL<span class=\"_ _9\"></span>). For th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k si<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, a los<span class=\"_ _9\"></span>s\ue61fal<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re, irr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of th<span class=\"_ _9\"></span>e ti<span class=\"_ _9\"></span>ming of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t (a life<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>e ECL). <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s a si<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>ch in c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ECL<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The<span class=\"_ _9\"></span>ref<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ck c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges in\ue61fc<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k, b<span class=\"_ _9\"></span>ut in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ead r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n lif<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>me ECL<span class=\"_ _9\"></span>s at e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g date.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set t<span class=\"_ _9\"></span>o be i<span class=\"_ _9\"></span>n def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>l or ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nal in<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is u<span class=\"_ _9\"></span>nlikel<span class=\"_ _9\"></span>y to\ue61fre<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>ull. A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is w<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of recovering the contrac<span class=\"_ _9\"></span>tual cas<span class=\"_ _9\"></span>h flows. <span class=\"_ _1c\"> </span>ii) <span class=\"_ _25\"> </span>Financial liabilities <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, as m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es) or a<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n an ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e, as\ue61fap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ate. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ll fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue an<span class=\"_ _9\"></span>d, in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, ne<span class=\"_ _9\"></span>t of dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly att<span class=\"_ _9\"></span>ribut<span class=\"_ _9\"></span>able transac<span class=\"_ _9\"></span>tion cos<span class=\"_ _9\"></span>ts. <span class=\"_ _1c\"> </span>The Group<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s finan<span class=\"_ _4\"></span>cial l<span class=\"_ _4\"></span>iabilities<span class=\"_ _4\"></span> include trade and o<span class=\"_ _4\"></span>ther payables<span class=\"_ _4\"></span>, loans<span class=\"_ _4\"></span> and borrowings including<span class=\"_ _4\"></span> bank ov<span class=\"_ _4\"></span>erdraf<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s,<span class=\"_ _4\"></span> and derivative financial instrument<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>ir cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on, as d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w: <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Financial li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> at fair<span class=\"_ _4\"></span> value through<span class=\"_ _4\"></span> profit or<span class=\"_ _4\"></span> loss include financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> held for<span class=\"_ _4\"></span> trading and financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> designated up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>ey are i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he pu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>e of re<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n the n<span class=\"_ _9\"></span>ear te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m. Thi<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ateg<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y als<span class=\"_ _9\"></span>o inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s as d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d by IFRS 9<span class=\"_ _4\"></span>. Sep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng unl<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>ey are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies h<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>itia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e init<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>ate of rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, an<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y if t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ia in IF<span class=\"_ _9\"></span>RS 9 are s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as not d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d any fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Loans and borr<span class=\"_ _4\"></span>owings <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>leva<span class=\"_ _9\"></span>nt to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r init<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>bea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>st u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e EIR met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d. Gai<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as w<span class=\"_ _9\"></span>ell as t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e EIR amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t is c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g into a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>ny dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt or p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>miu<span class=\"_ _9\"></span>m on ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n and f<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s or co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re an i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al par<span class=\"_ _1\"></span>t of t<span class=\"_ _9\"></span>he EIR<span class=\"_ _9\"></span>. The EI<span class=\"_ _9\"></span>R amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ally a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lies t<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>gs.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ts s<span class=\"_ _9\"></span>old to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>te inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 201<span class=\"_ _4\"></span>0, the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>mins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>as co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>ayin<span class=\"_ _9\"></span>g cus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. Ou<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>,01<span class=\"_ _3\"></span>9 r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s, 535 ro<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>s (\u2018I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s\u2019<span class=\"_ _9\"></span>) wer<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er a 99<span class=\"_ _9\"></span>9-ye<span class=\"_ _9\"></span>ar le<span class=\"_ _9\"></span>ase. T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nted f<span class=\"_ _9\"></span>or as a<span class=\"_ _9\"></span>n inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>che<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s, in r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>pfr<span class=\"_ _9\"></span>ont c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>aid fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s, rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of ne<span class=\"_ _9\"></span>t inco<span class=\"_ _9\"></span>me f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>c reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to a s<span class=\"_ _9\"></span>tre<span class=\"_ _9\"></span>am of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows). Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d upf<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>nt ar<span class=\"_ _9\"></span>e acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ted fo<span class=\"_ _9\"></span>r as a f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e bei<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e over th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase (<span class=\"_ _9\"></span>i.e. 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s). Chan<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _4\"></span>. Sinc<span class=\"_ _9\"></span>e Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 201<span class=\"_ _4\"></span>4, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s bo<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>t bac<span class=\"_ _9\"></span>k 52 Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Upo<span class=\"_ _9\"></span>n bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ck of a\ue61funi<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to t<span class=\"_ _9\"></span>hat u<span class=\"_ _9\"></span>nit i<span class=\"_ _9\"></span>s der<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d any di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e and t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n prof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>ntir<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l is ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s acc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>epr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ace<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully re<span class=\"_ _9\"></span>imb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f 4% of reven<span class=\"_ _9\"></span>ues i<span class=\"_ _9\"></span>s pai<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>n ann<span class=\"_ _9\"></span>ual b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s (\u2018FF&amp;E re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d is ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d for i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he FF&amp;E re<span class=\"_ _9\"></span>ser<span class=\"_ _1\"></span>ve is a t<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ng dif<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s a re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le or li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r in ea<span class=\"_ _9\"></span>ch r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e year.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ob<span class=\"_ _9\"></span>ligat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>d or c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pire<span class=\"_ _9\"></span>s. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y is r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>ed by a<span class=\"_ _9\"></span>not<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>me le<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er on s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>lly di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t ter<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>, or th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>e su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed, s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h an exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge or m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n is t<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>ed as t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on of a new l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y. The d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>iii) <span class=\"_ _1\"></span>Of<span class=\"_ _9\"></span>fset<span class=\"_ _9\"></span>ting<span class=\"_ _4\"></span> of financial<span class=\"_ _4\"></span> instruments <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he net a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>s rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion if\ue61ft<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is a cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>tly e<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rcea<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght t<span class=\"_ _9\"></span>o of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on to s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le on a n<span class=\"_ _9\"></span>et b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s, to realise<span class=\"_ _4\"></span> the asset<span class=\"_ _9\"></span>s and<span class=\"_ _4\"></span> set<span class=\"_ _9\"></span>tle the<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities simultaneously<span class=\"_ _3\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-15-5": {
   "value": "No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dk. <span class=\"_ _8\"> </span>Financial instruments <span class=\"_ _1c\"> </span>i) <span class=\"_ _3a\"> </span>Financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t or f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>\u2019s cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow ch<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el fo<span class=\"_ _9\"></span>r man<span class=\"_ _9\"></span>agi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>t it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue p<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>, in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ase o<span class=\"_ _9\"></span>f a\ue61ffi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et no<span class=\"_ _9\"></span>t at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>or a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et t<span class=\"_ _9\"></span>o be cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t, i<span class=\"_ _9\"></span>t nee<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s to give r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e to c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re \u2018sol<span class=\"_ _9\"></span>ely pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t\u2019 (S<span class=\"_ _9\"></span>PPI) on t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing. T<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d to as t<span class=\"_ _9\"></span>he SPPI te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d is\ue61fp<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d at an i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t level. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l for ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s refe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to how i<span class=\"_ _9\"></span>t man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n or<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>o ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>lt f<span class=\"_ _9\"></span>rom c<span class=\"_ _9\"></span>olle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>elli<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial assets,<span class=\"_ _4\"></span> or bo<span class=\"_ _4\"></span>th. <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>r sal<span class=\"_ _9\"></span>es of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>live<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>in a ti<span class=\"_ _9\"></span>mef<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ame e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>she<span class=\"_ _9\"></span>d by re<span class=\"_ _9\"></span>gu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on or c<span class=\"_ _9\"></span>onve<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ce (re<span class=\"_ _9\"></span>gula<span class=\"_ _9\"></span>r way t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s) are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de d<span class=\"_ _9\"></span>ate, i.e. the da<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e or s<span class=\"_ _9\"></span>ell t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>f sub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ies: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (deb<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s); and</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.</span></span> <span class=\"_ _1c\"> </span>Financial<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> at amortis<span class=\"_ _4\"></span>ed c<span class=\"_ _4\"></span>ost (<span class=\"_ _3\"></span>debt instruments<span class=\"_ _4\"></span>) <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t if bo<span class=\"_ _9\"></span>th of t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>et: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set i<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n a bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of h<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s; an<span class=\"_ _9\"></span>d <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l ter<span class=\"_ _9\"></span>ms o<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et giv<span class=\"_ _9\"></span>e ris<span class=\"_ _9\"></span>e on s<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed da<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at are SPPI o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al </span></span>amount\ue61foutst<span class=\"_ _9\"></span>anding. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te (EIR<span class=\"_ _9\"></span>) met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Gain<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ied o<span class=\"_ _9\"></span>r im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>ed. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng, fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s, or f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue. Fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re cla<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>y are a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se of s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>r rep<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g in t<span class=\"_ _9\"></span>he nea<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m. D<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>es, ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hey ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on if d<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g so eliminates<span class=\"_ _4\"></span>, or si<span class=\"_ _4\"></span>gnificantly reduces, an accounting<span class=\"_ _4\"></span> mismatch. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h net c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in\ue61ff<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Div<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s on li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight o<span class=\"_ _9\"></span>f pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>ish<span class=\"_ _9\"></span>ed. Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (or<span class=\"_ _4\"></span>, whe<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble, a pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of a f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f a Gro<span class=\"_ _9\"></span>up of s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s) is p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed (<span class=\"_ _9\"></span>i.e. remove<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n) whe<span class=\"_ _9\"></span>n: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t have ex<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>red; or</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or h<span class=\"_ _9\"></span>as as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>d an o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ows i<span class=\"_ _9\"></span>n ful<span class=\"_ _9\"></span>l wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>elay to a t<span class=\"_ _9\"></span>hir<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r a \u2018pas<span class=\"_ _9\"></span>s-<span class=\"_ _9\"></span>thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h\u2019 arr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt; an<span class=\"_ _9\"></span>d eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r (a) the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, or (<span class=\"_ _9\"></span>b) th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y all t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>isk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, bu<span class=\"_ _9\"></span>t has t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a pa<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h ar<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, i<span class=\"_ _9\"></span>t eval<span class=\"_ _9\"></span>uate<span class=\"_ _9\"></span>s if, and t<span class=\"_ _9\"></span>o wha<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt, it h<span class=\"_ _9\"></span>as ret<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d the r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s and r<span class=\"_ _9\"></span>ewa<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s of ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n it has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et, no<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>ng invo<span class=\"_ _9\"></span>lve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. In t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>se, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up als<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on a b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup has\ue61fr<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>nvolve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>akes t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of a gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>e over t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>wer of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>gina<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d the m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>um am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>o rep<span class=\"_ _9\"></span>ay. <span class=\"_ _1c\"> </span>Impairment<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es an a<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s (ECL<span class=\"_ _9\"></span>) for a<span class=\"_ _9\"></span>ll de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s no<span class=\"_ _9\"></span>t hel<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. ECL<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t and al<span class=\"_ _9\"></span>l the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive, dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d at a<span class=\"_ _9\"></span>n app<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal EIR<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s will i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>e of col<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l hel<span class=\"_ _9\"></span>d or ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit e<span class=\"_ _9\"></span>nha<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>ECL<span class=\"_ _1\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>wo s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>es. F<span class=\"_ _9\"></span>or cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res f<span class=\"_ _9\"></span>or w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the<span class=\"_ _9\"></span>re ha<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k sin<span class=\"_ _9\"></span>ce ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, ECL<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t res<span class=\"_ _9\"></span>ult f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>fau<span class=\"_ _9\"></span>lt eve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e pos<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ex<span class=\"_ _9\"></span>t 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs (a 1<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h ECL<span class=\"_ _9\"></span>). For th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k si<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, a los<span class=\"_ _9\"></span>s\ue61fal<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re, irr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of th<span class=\"_ _9\"></span>e ti<span class=\"_ _9\"></span>ming of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t (a life<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>e ECL). <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s a si<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>ch in c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ECL<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The<span class=\"_ _9\"></span>ref<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ck c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges in\ue61fc<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k, b<span class=\"_ _9\"></span>ut in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ead r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n lif<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>me ECL<span class=\"_ _9\"></span>s at e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g date.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set t<span class=\"_ _9\"></span>o be i<span class=\"_ _9\"></span>n def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>l or ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nal in<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is u<span class=\"_ _9\"></span>nlikel<span class=\"_ _9\"></span>y to\ue61fre<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>ull. A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is w<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of recovering the contrac<span class=\"_ _9\"></span>tual cas<span class=\"_ _9\"></span>h flows. <span class=\"_ _1c\"> </span>ii) <span class=\"_ _25\"> </span>Financial liabilities <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, as m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es) or a<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n an ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e, as\ue61fap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ate. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ll fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue an<span class=\"_ _9\"></span>d, in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, ne<span class=\"_ _9\"></span>t of dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly att<span class=\"_ _9\"></span>ribut<span class=\"_ _9\"></span>able transac<span class=\"_ _9\"></span>tion cos<span class=\"_ _9\"></span>ts. <span class=\"_ _1c\"> </span>The Group<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s finan<span class=\"_ _4\"></span>cial l<span class=\"_ _4\"></span>iabilities<span class=\"_ _4\"></span> include trade and o<span class=\"_ _4\"></span>ther payables<span class=\"_ _4\"></span>, loans<span class=\"_ _4\"></span> and borrowings including<span class=\"_ _4\"></span> bank ov<span class=\"_ _4\"></span>erdraf<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s,<span class=\"_ _4\"></span> and derivative financial instrument<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>ir cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on, as d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w: <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Financial li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> at fair<span class=\"_ _4\"></span> value through<span class=\"_ _4\"></span> profit or<span class=\"_ _4\"></span> loss include financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> held for<span class=\"_ _4\"></span> trading and financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> designated up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>ey are i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he pu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>e of re<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n the n<span class=\"_ _9\"></span>ear te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m. Thi<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ateg<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y als<span class=\"_ _9\"></span>o inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s as d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d by IFRS 9<span class=\"_ _4\"></span>. Sep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng unl<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>ey are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies h<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>itia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e init<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>ate of rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, an<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y if t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ia in IF<span class=\"_ _9\"></span>RS 9 are s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as not d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d any fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Loans and borr<span class=\"_ _4\"></span>owings <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>leva<span class=\"_ _9\"></span>nt to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r init<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>bea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>st u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e EIR met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d. Gai<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as w<span class=\"_ _9\"></span>ell as t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e EIR amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t is c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g into a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>ny dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt or p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>miu<span class=\"_ _9\"></span>m on ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n and f<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s or co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re an i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al par<span class=\"_ _1\"></span>t of t<span class=\"_ _9\"></span>he EIR<span class=\"_ _9\"></span>. The EI<span class=\"_ _9\"></span>R amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ally a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lies t<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>gs.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ts s<span class=\"_ _9\"></span>old to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>te inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 201<span class=\"_ _4\"></span>0, the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>mins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>as co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>ayin<span class=\"_ _9\"></span>g cus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. Ou<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>,01<span class=\"_ _3\"></span>9 r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s, 535 ro<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>s (\u2018I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s\u2019<span class=\"_ _9\"></span>) wer<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er a 99<span class=\"_ _9\"></span>9-ye<span class=\"_ _9\"></span>ar le<span class=\"_ _9\"></span>ase. T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nted f<span class=\"_ _9\"></span>or as a<span class=\"_ _9\"></span>n inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>che<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s, in r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>pfr<span class=\"_ _9\"></span>ont c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>aid fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s, rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of ne<span class=\"_ _9\"></span>t inco<span class=\"_ _9\"></span>me f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>c reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to a s<span class=\"_ _9\"></span>tre<span class=\"_ _9\"></span>am of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows). Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d upf<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>nt ar<span class=\"_ _9\"></span>e acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ted fo<span class=\"_ _9\"></span>r as a f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e bei<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e over th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase (<span class=\"_ _9\"></span>i.e. 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s). Chan<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _4\"></span>. Sinc<span class=\"_ _9\"></span>e Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 201<span class=\"_ _4\"></span>4, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s bo<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>t bac<span class=\"_ _9\"></span>k 52 Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Upo<span class=\"_ _9\"></span>n bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ck of a\ue61funi<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to t<span class=\"_ _9\"></span>hat u<span class=\"_ _9\"></span>nit i<span class=\"_ _9\"></span>s der<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d any di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e and t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n prof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>ntir<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l is ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s acc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>epr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ace<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully re<span class=\"_ _9\"></span>imb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f 4% of reven<span class=\"_ _9\"></span>ues i<span class=\"_ _9\"></span>s pai<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>n ann<span class=\"_ _9\"></span>ual b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s (\u2018FF&amp;E re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d is ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d for i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he FF&amp;E re<span class=\"_ _9\"></span>ser<span class=\"_ _1\"></span>ve is a t<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ng dif<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s a re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le or li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r in ea<span class=\"_ _9\"></span>ch r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e year.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ob<span class=\"_ _9\"></span>ligat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>d or c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pire<span class=\"_ _9\"></span>s. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y is r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>ed by a<span class=\"_ _9\"></span>not<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>me le<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er on s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>lly di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t ter<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>, or th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>e su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed, s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h an exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge or m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n is t<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>ed as t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on of a new l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y. The d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>iii) <span class=\"_ _1\"></span>Of<span class=\"_ _9\"></span>fset<span class=\"_ _9\"></span>ting<span class=\"_ _4\"></span> of financial<span class=\"_ _4\"></span> instruments <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he net a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>s rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion if\ue61ft<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is a cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>tly e<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rcea<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght t<span class=\"_ _9\"></span>o of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on to s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le on a n<span class=\"_ _9\"></span>et b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s, to realise<span class=\"_ _4\"></span> the asset<span class=\"_ _9\"></span>s and<span class=\"_ _4\"></span> set<span class=\"_ _9\"></span>tle the<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities simultaneously<span class=\"_ _3\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-15-6": {
   "value": "No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dk. <span class=\"_ _8\"> </span>Financial instruments <span class=\"_ _1c\"> </span>i) <span class=\"_ _3a\"> </span>Financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t or f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>\u2019s cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow ch<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el fo<span class=\"_ _9\"></span>r man<span class=\"_ _9\"></span>agi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>t it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue p<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>, in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ase o<span class=\"_ _9\"></span>f a\ue61ffi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et no<span class=\"_ _9\"></span>t at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>or a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et t<span class=\"_ _9\"></span>o be cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t, i<span class=\"_ _9\"></span>t nee<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s to give r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e to c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re \u2018sol<span class=\"_ _9\"></span>ely pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t\u2019 (S<span class=\"_ _9\"></span>PPI) on t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing. T<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d to as t<span class=\"_ _9\"></span>he SPPI te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d is\ue61fp<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d at an i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t level. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l for ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s refe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to how i<span class=\"_ _9\"></span>t man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n or<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>o ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>lt f<span class=\"_ _9\"></span>rom c<span class=\"_ _9\"></span>olle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>elli<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial assets,<span class=\"_ _4\"></span> or bo<span class=\"_ _4\"></span>th. <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>r sal<span class=\"_ _9\"></span>es of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>live<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>in a ti<span class=\"_ _9\"></span>mef<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ame e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>she<span class=\"_ _9\"></span>d by re<span class=\"_ _9\"></span>gu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on or c<span class=\"_ _9\"></span>onve<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ce (re<span class=\"_ _9\"></span>gula<span class=\"_ _9\"></span>r way t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s) are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de d<span class=\"_ _9\"></span>ate, i.e. the da<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e or s<span class=\"_ _9\"></span>ell t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>f sub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ies: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (deb<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s); and</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.</span></span> <span class=\"_ _1c\"> </span>Financial<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> at amortis<span class=\"_ _4\"></span>ed c<span class=\"_ _4\"></span>ost (<span class=\"_ _3\"></span>debt instruments<span class=\"_ _4\"></span>) <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t if bo<span class=\"_ _9\"></span>th of t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>et: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set i<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n a bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of h<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s; an<span class=\"_ _9\"></span>d <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l ter<span class=\"_ _9\"></span>ms o<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et giv<span class=\"_ _9\"></span>e ris<span class=\"_ _9\"></span>e on s<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed da<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at are SPPI o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al </span></span>amount\ue61foutst<span class=\"_ _9\"></span>anding. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te (EIR<span class=\"_ _9\"></span>) met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Gain<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ied o<span class=\"_ _9\"></span>r im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>ed. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng, fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s, or f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue. Fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re cla<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>y are a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se of s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>r rep<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g in t<span class=\"_ _9\"></span>he nea<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m. D<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>es, ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hey ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on if d<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g so eliminates<span class=\"_ _4\"></span>, or si<span class=\"_ _4\"></span>gnificantly reduces, an accounting<span class=\"_ _4\"></span> mismatch. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h net c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in\ue61ff<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Div<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s on li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight o<span class=\"_ _9\"></span>f pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>ish<span class=\"_ _9\"></span>ed. Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (or<span class=\"_ _4\"></span>, whe<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble, a pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of a f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f a Gro<span class=\"_ _9\"></span>up of s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s) is p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed (<span class=\"_ _9\"></span>i.e. remove<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n) whe<span class=\"_ _9\"></span>n: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t have ex<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>red; or</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or h<span class=\"_ _9\"></span>as as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>d an o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ows i<span class=\"_ _9\"></span>n ful<span class=\"_ _9\"></span>l wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>elay to a t<span class=\"_ _9\"></span>hir<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r a \u2018pas<span class=\"_ _9\"></span>s-<span class=\"_ _9\"></span>thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h\u2019 arr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt; an<span class=\"_ _9\"></span>d eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r (a) the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, or (<span class=\"_ _9\"></span>b) th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y all t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>isk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, bu<span class=\"_ _9\"></span>t has t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a pa<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h ar<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, i<span class=\"_ _9\"></span>t eval<span class=\"_ _9\"></span>uate<span class=\"_ _9\"></span>s if, and t<span class=\"_ _9\"></span>o wha<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt, it h<span class=\"_ _9\"></span>as ret<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d the r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s and r<span class=\"_ _9\"></span>ewa<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s of ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n it has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et, no<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>ng invo<span class=\"_ _9\"></span>lve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. In t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>se, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up als<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on a b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup has\ue61fr<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>nvolve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>akes t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of a gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>e over t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>wer of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>gina<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d the m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>um am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>o rep<span class=\"_ _9\"></span>ay. <span class=\"_ _1c\"> </span>Impairment<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es an a<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s (ECL<span class=\"_ _9\"></span>) for a<span class=\"_ _9\"></span>ll de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s no<span class=\"_ _9\"></span>t hel<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. ECL<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t and al<span class=\"_ _9\"></span>l the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive, dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d at a<span class=\"_ _9\"></span>n app<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal EIR<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s will i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>e of col<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l hel<span class=\"_ _9\"></span>d or ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit e<span class=\"_ _9\"></span>nha<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>ECL<span class=\"_ _1\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>wo s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>es. F<span class=\"_ _9\"></span>or cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res f<span class=\"_ _9\"></span>or w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the<span class=\"_ _9\"></span>re ha<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k sin<span class=\"_ _9\"></span>ce ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, ECL<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t res<span class=\"_ _9\"></span>ult f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>fau<span class=\"_ _9\"></span>lt eve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e pos<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ex<span class=\"_ _9\"></span>t 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs (a 1<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h ECL<span class=\"_ _9\"></span>). For th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k si<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, a los<span class=\"_ _9\"></span>s\ue61fal<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re, irr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of th<span class=\"_ _9\"></span>e ti<span class=\"_ _9\"></span>ming of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t (a life<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>e ECL). <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s a si<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>ch in c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ECL<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The<span class=\"_ _9\"></span>ref<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ck c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges in\ue61fc<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k, b<span class=\"_ _9\"></span>ut in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ead r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n lif<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>me ECL<span class=\"_ _9\"></span>s at e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g date.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set t<span class=\"_ _9\"></span>o be i<span class=\"_ _9\"></span>n def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>l or ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nal in<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is u<span class=\"_ _9\"></span>nlikel<span class=\"_ _9\"></span>y to\ue61fre<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>ull. A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is w<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of recovering the contrac<span class=\"_ _9\"></span>tual cas<span class=\"_ _9\"></span>h flows. <span class=\"_ _1c\"> </span>ii) <span class=\"_ _25\"> </span>Financial liabilities <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, as m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es) or a<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n an ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e, as\ue61fap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ate. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ll fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue an<span class=\"_ _9\"></span>d, in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, ne<span class=\"_ _9\"></span>t of dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly att<span class=\"_ _9\"></span>ribut<span class=\"_ _9\"></span>able transac<span class=\"_ _9\"></span>tion cos<span class=\"_ _9\"></span>ts. <span class=\"_ _1c\"> </span>The Group<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s finan<span class=\"_ _4\"></span>cial l<span class=\"_ _4\"></span>iabilities<span class=\"_ _4\"></span> include trade and o<span class=\"_ _4\"></span>ther payables<span class=\"_ _4\"></span>, loans<span class=\"_ _4\"></span> and borrowings including<span class=\"_ _4\"></span> bank ov<span class=\"_ _4\"></span>erdraf<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s,<span class=\"_ _4\"></span> and derivative financial instrument<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>ir cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on, as d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w: <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Financial li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> at fair<span class=\"_ _4\"></span> value through<span class=\"_ _4\"></span> profit or<span class=\"_ _4\"></span> loss include financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> held for<span class=\"_ _4\"></span> trading and financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> designated up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>ey are i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he pu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>e of re<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n the n<span class=\"_ _9\"></span>ear te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m. Thi<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ateg<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y als<span class=\"_ _9\"></span>o inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s as d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d by IFRS 9<span class=\"_ _4\"></span>. Sep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng unl<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>ey are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies h<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>itia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e init<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>ate of rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, an<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y if t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ia in IF<span class=\"_ _9\"></span>RS 9 are s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as not d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d any fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Loans and borr<span class=\"_ _4\"></span>owings <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>leva<span class=\"_ _9\"></span>nt to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r init<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>bea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>st u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e EIR met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d. Gai<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as w<span class=\"_ _9\"></span>ell as t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e EIR amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t is c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g into a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>ny dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt or p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>miu<span class=\"_ _9\"></span>m on ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n and f<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s or co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re an i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al par<span class=\"_ _1\"></span>t of t<span class=\"_ _9\"></span>he EIR<span class=\"_ _9\"></span>. The EI<span class=\"_ _9\"></span>R amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ally a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lies t<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>gs.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ts s<span class=\"_ _9\"></span>old to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>te inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 201<span class=\"_ _4\"></span>0, the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>mins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>as co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>ayin<span class=\"_ _9\"></span>g cus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. Ou<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>,01<span class=\"_ _3\"></span>9 r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s, 535 ro<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>s (\u2018I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s\u2019<span class=\"_ _9\"></span>) wer<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er a 99<span class=\"_ _9\"></span>9-ye<span class=\"_ _9\"></span>ar le<span class=\"_ _9\"></span>ase. T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nted f<span class=\"_ _9\"></span>or as a<span class=\"_ _9\"></span>n inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>che<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s, in r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>pfr<span class=\"_ _9\"></span>ont c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>aid fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s, rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of ne<span class=\"_ _9\"></span>t inco<span class=\"_ _9\"></span>me f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>c reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to a s<span class=\"_ _9\"></span>tre<span class=\"_ _9\"></span>am of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows). Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d upf<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>nt ar<span class=\"_ _9\"></span>e acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ted fo<span class=\"_ _9\"></span>r as a f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e bei<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e over th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase (<span class=\"_ _9\"></span>i.e. 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s). Chan<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _4\"></span>. Sinc<span class=\"_ _9\"></span>e Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 201<span class=\"_ _4\"></span>4, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s bo<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>t bac<span class=\"_ _9\"></span>k 52 Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Upo<span class=\"_ _9\"></span>n bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ck of a\ue61funi<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to t<span class=\"_ _9\"></span>hat u<span class=\"_ _9\"></span>nit i<span class=\"_ _9\"></span>s der<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d any di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e and t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n prof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>ntir<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l is ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s acc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>epr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ace<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully re<span class=\"_ _9\"></span>imb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f 4% of reven<span class=\"_ _9\"></span>ues i<span class=\"_ _9\"></span>s pai<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>n ann<span class=\"_ _9\"></span>ual b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s (\u2018FF&amp;E re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d is ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d for i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he FF&amp;E re<span class=\"_ _9\"></span>ser<span class=\"_ _1\"></span>ve is a t<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ng dif<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s a re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le or li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r in ea<span class=\"_ _9\"></span>ch r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e year.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ob<span class=\"_ _9\"></span>ligat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>d or c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pire<span class=\"_ _9\"></span>s. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y is r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>ed by a<span class=\"_ _9\"></span>not<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>me le<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er on s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>lly di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t ter<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>, or th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>e su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed, s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h an exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge or m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n is t<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>ed as t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on of a new l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y. The d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>iii) <span class=\"_ _1\"></span>Of<span class=\"_ _9\"></span>fset<span class=\"_ _9\"></span>ting<span class=\"_ _4\"></span> of financial<span class=\"_ _4\"></span> instruments <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he net a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>s rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion if\ue61ft<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is a cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>tly e<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rcea<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght t<span class=\"_ _9\"></span>o of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on to s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le on a n<span class=\"_ _9\"></span>et b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s, to realise<span class=\"_ _4\"></span> the asset<span class=\"_ _9\"></span>s and<span class=\"_ _4\"></span> set<span class=\"_ _9\"></span>tle the<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities simultaneously<span class=\"_ _3\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-15-7": {
   "value": "No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dk. <span class=\"_ _8\"> </span>Financial instruments <span class=\"_ _1c\"> </span>i) <span class=\"_ _3a\"> </span>Financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t or f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>las<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>\u2019s cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow ch<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>el fo<span class=\"_ _9\"></span>r man<span class=\"_ _9\"></span>agi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>t it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue p<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>, in th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ase o<span class=\"_ _9\"></span>f a\ue61ffi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et no<span class=\"_ _9\"></span>t at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h prof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>or a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et t<span class=\"_ _9\"></span>o be cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ed at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t, i<span class=\"_ _9\"></span>t nee<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s to give r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e to c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re \u2018sol<span class=\"_ _9\"></span>ely pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t\u2019 (S<span class=\"_ _9\"></span>PPI) on t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing. T<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is re<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d to as t<span class=\"_ _9\"></span>he SPPI te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d is\ue61fp<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d at an i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t level. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l for ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s refe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to how i<span class=\"_ _9\"></span>t man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n or<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>o ge<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e bus<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>lt f<span class=\"_ _9\"></span>rom c<span class=\"_ _9\"></span>olle<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>elli<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial assets,<span class=\"_ _4\"></span> or bo<span class=\"_ _4\"></span>th. <span class=\"_ _1c\"> </span>P<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>r sal<span class=\"_ _9\"></span>es of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>live<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>in a ti<span class=\"_ _9\"></span>mef<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ame e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>she<span class=\"_ _9\"></span>d by re<span class=\"_ _9\"></span>gu<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>on or c<span class=\"_ _9\"></span>onve<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>pla<span class=\"_ _9\"></span>ce (re<span class=\"_ _9\"></span>gula<span class=\"_ _9\"></span>r way t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s) are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de d<span class=\"_ _9\"></span>ate, i.e. the da<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>mmi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e or s<span class=\"_ _9\"></span>ell t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et. <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>f sub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt, f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ies: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (deb<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s); and</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s.</span></span> <span class=\"_ _1c\"> </span>Financial<span class=\"_ _4\"></span> assets<span class=\"_ _4\"></span> at amortis<span class=\"_ _4\"></span>ed c<span class=\"_ _4\"></span>ost (<span class=\"_ _3\"></span>debt instruments<span class=\"_ _4\"></span>) <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t if bo<span class=\"_ _9\"></span>th of t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are m<span class=\"_ _9\"></span>et: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set i<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n a bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>del w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of h<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s; an<span class=\"_ _9\"></span>d <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l ter<span class=\"_ _9\"></span>ms o<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et giv<span class=\"_ _9\"></span>e ris<span class=\"_ _9\"></span>e on s<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>eci<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ed da<span class=\"_ _9\"></span>tes t<span class=\"_ _9\"></span>o ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at are SPPI o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al </span></span>amount\ue61foutst<span class=\"_ _9\"></span>anding. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>red u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te (EIR<span class=\"_ _9\"></span>) met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Gain<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, mo<span class=\"_ _9\"></span>dif<span class=\"_ _9\"></span>ied o<span class=\"_ _9\"></span>r im<span class=\"_ _9\"></span>pair<span class=\"_ _9\"></span>ed. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s at a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es an<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng, fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>t fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s, or f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s req<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>ed to b<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue. Fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re cla<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>y are a<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se of s<span class=\"_ _9\"></span>ell<span class=\"_ _9\"></span>ing o<span class=\"_ _9\"></span>r rep<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g in t<span class=\"_ _9\"></span>he nea<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m. D<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>tive<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g se<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>es, ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hey ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as ef<span class=\"_ _1\"></span>fec<span class=\"_ _1\"></span>tive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat ar<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s may b<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss o<span class=\"_ _9\"></span>n ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on if d<span class=\"_ _9\"></span>oin<span class=\"_ _9\"></span>g so eliminates<span class=\"_ _4\"></span>, or si<span class=\"_ _4\"></span>gnificantly reduces, an accounting<span class=\"_ _4\"></span> mismatch. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t of fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h net c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in\ue61ff<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Div<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s on li<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n the i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight o<span class=\"_ _9\"></span>f pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>ish<span class=\"_ _9\"></span>ed. Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (or<span class=\"_ _4\"></span>, whe<span class=\"_ _9\"></span>re ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ble, a pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of a f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f a Gro<span class=\"_ _9\"></span>up of s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s) is p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed (<span class=\"_ _9\"></span>i.e. remove<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n) whe<span class=\"_ _9\"></span>n: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t have ex<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>red; or</span></span> <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et or h<span class=\"_ _9\"></span>as as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>d an o<span class=\"_ _9\"></span>blig<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h </span></span>fl<span class=\"_ _9\"></span>ows i<span class=\"_ _9\"></span>n ful<span class=\"_ _9\"></span>l wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>elay to a t<span class=\"_ _9\"></span>hir<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r a \u2018pas<span class=\"_ _9\"></span>s-<span class=\"_ _9\"></span>thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h\u2019 arr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt; an<span class=\"_ _9\"></span>d eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r (a) the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ed su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, or (<span class=\"_ _9\"></span>b) th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y all t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>isk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, bu<span class=\"_ _9\"></span>t has t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>rol o<span class=\"_ _9\"></span>f the a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d it<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s fro<span class=\"_ _9\"></span>m an a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>r has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a pa<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h ar<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, i<span class=\"_ _9\"></span>t eval<span class=\"_ _9\"></span>uate<span class=\"_ _9\"></span>s if, and t<span class=\"_ _9\"></span>o wha<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt, it h<span class=\"_ _9\"></span>as ret<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d the r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s and r<span class=\"_ _9\"></span>ewa<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>s of ow<span class=\"_ _9\"></span>ner<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>hip. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n it has n<span class=\"_ _9\"></span>eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d nor r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>ll of th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d rew<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et, no<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tro<span class=\"_ _9\"></span>l of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sf<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t to th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nt of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>ng invo<span class=\"_ _9\"></span>lve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. In t<span class=\"_ _9\"></span>hat c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>se, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up als<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y. Th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y are m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on a b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ref<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup has\ue61fr<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>d. <span class=\"_ _1c\"> </span>C<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>inu<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>nvolve<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>akes t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of a gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>e over t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>wer of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>gina<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d the m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>um am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of co<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>o rep<span class=\"_ _9\"></span>ay. <span class=\"_ _1c\"> </span>Impairment<span class=\"_ _4\"></span> of<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> assets <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>es an a<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s (ECL<span class=\"_ _9\"></span>) for a<span class=\"_ _9\"></span>ll de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s no<span class=\"_ _9\"></span>t hel<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. ECL<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e dif<span class=\"_ _1\"></span>fere<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n the c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t and al<span class=\"_ _9\"></span>l the c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive, dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d at a<span class=\"_ _9\"></span>n app<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal EIR<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s will i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>e of col<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l hel<span class=\"_ _9\"></span>d or ot<span class=\"_ _9\"></span>her c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit e<span class=\"_ _9\"></span>nha<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>ECL<span class=\"_ _1\"></span>s are re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>wo s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>es. F<span class=\"_ _9\"></span>or cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>res f<span class=\"_ _9\"></span>or w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h the<span class=\"_ _9\"></span>re ha<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>ncr<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k sin<span class=\"_ _9\"></span>ce ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, ECL<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re pr<span class=\"_ _9\"></span>ovi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t res<span class=\"_ _9\"></span>ult f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m de<span class=\"_ _9\"></span>fau<span class=\"_ _9\"></span>lt eve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at ar<span class=\"_ _9\"></span>e pos<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ex<span class=\"_ _9\"></span>t 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs (a 1<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h ECL<span class=\"_ _9\"></span>). For th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n a sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>reas<span class=\"_ _9\"></span>e in c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k si<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, a los<span class=\"_ _9\"></span>s\ue61fal<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e is re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d for c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s exp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted ove<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re, irr<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve of th<span class=\"_ _9\"></span>e ti<span class=\"_ _9\"></span>ming of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t (a life<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>e ECL). <span class=\"_ _1c\"> </span>Fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s a si<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>roa<span class=\"_ _9\"></span>ch in c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ECL<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The<span class=\"_ _9\"></span>ref<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ck c<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ges in\ue61fc<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k, b<span class=\"_ _9\"></span>ut in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ead r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n lif<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>me ECL<span class=\"_ _9\"></span>s at e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g date.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s a fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>set t<span class=\"_ _9\"></span>o be i<span class=\"_ _9\"></span>n def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t wh<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>l or ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nal in<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ind<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is u<span class=\"_ _9\"></span>nlikel<span class=\"_ _9\"></span>y to\ue61fre<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s in f<span class=\"_ _9\"></span>ull. A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et is w<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>n of<span class=\"_ _9\"></span>f w<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o reas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n of recovering the contrac<span class=\"_ _9\"></span>tual cas<span class=\"_ _9\"></span>h flows. <span class=\"_ _1c\"> </span>ii) <span class=\"_ _25\"> </span>Financial liabilities <span class=\"_ _1c\"> </span>Initial<span class=\"_ _4\"></span> rec<span class=\"_ _4\"></span>ognit<span class=\"_ _4\"></span>ion<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> measur<span class=\"_ _4\"></span>ement <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d, at ini<span class=\"_ _9\"></span>tia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on, as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s at fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s, as m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t (lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es) or a<span class=\"_ _9\"></span>s de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n an ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e, as\ue61fap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ate. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>ll fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ially a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue an<span class=\"_ _9\"></span>d, in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, ne<span class=\"_ _9\"></span>t of dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly att<span class=\"_ _9\"></span>ribut<span class=\"_ _9\"></span>able transac<span class=\"_ _9\"></span>tion cos<span class=\"_ _9\"></span>ts. <span class=\"_ _1c\"> </span>The Group<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s finan<span class=\"_ _4\"></span>cial l<span class=\"_ _4\"></span>iabilities<span class=\"_ _4\"></span> include trade and o<span class=\"_ _4\"></span>ther payables<span class=\"_ _4\"></span>, loans<span class=\"_ _4\"></span> and borrowings including<span class=\"_ _4\"></span> bank ov<span class=\"_ _4\"></span>erdraf<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s,<span class=\"_ _4\"></span> and derivative financial instrument<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d <span class=\"_ _1c\"> </span>Subsequent me<span class=\"_ _4\"></span>asurement <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ds o<span class=\"_ _9\"></span>n the<span class=\"_ _9\"></span>ir cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>sif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on, as d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w: <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>t fa<span class=\"_ _9\"></span>ir va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>t or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>Financial li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> at fair<span class=\"_ _4\"></span> value through<span class=\"_ _4\"></span> profit or<span class=\"_ _4\"></span> loss include financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> held for<span class=\"_ _4\"></span> trading and financia<span class=\"_ _4\"></span>l li<span class=\"_ _4\"></span>abilities<span class=\"_ _4\"></span> designated up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>al rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>ld fo<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>ey are i<span class=\"_ _9\"></span>ncu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he pu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>e of re<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n the n<span class=\"_ _9\"></span>ear te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m. Thi<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ateg<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y als<span class=\"_ _9\"></span>o inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ativ<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re no<span class=\"_ _9\"></span>t des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d as he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s as d<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d by IFRS 9<span class=\"_ _4\"></span>. Sep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ves ar<span class=\"_ _9\"></span>e als<span class=\"_ _9\"></span>o cla<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ied a<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ng unl<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>ey are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d as ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ging i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ains o<span class=\"_ _9\"></span>r los<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies h<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>d for t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g are r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d up<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>itia<span class=\"_ _9\"></span>l rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it or l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>igna<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e init<span class=\"_ _9\"></span>ial d<span class=\"_ _9\"></span>ate of rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ion, an<span class=\"_ _9\"></span>d onl<span class=\"_ _9\"></span>y if t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ia in IF<span class=\"_ _9\"></span>RS 9 are s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>fie<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as not d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d any fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s at f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>Loans and borr<span class=\"_ _4\"></span>owings <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>teg<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>leva<span class=\"_ _9\"></span>nt to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r init<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>bea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>st u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e EIR met<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>d. Gai<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n pro<span class=\"_ _9\"></span>fit o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed as w<span class=\"_ _9\"></span>ell as t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e EIR amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on pr<span class=\"_ _9\"></span>oce<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t is c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ak<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g into a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>ny dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt or p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>miu<span class=\"_ _9\"></span>m on ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n and f<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>s or co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re an i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>al par<span class=\"_ _1\"></span>t of t<span class=\"_ _9\"></span>he EIR<span class=\"_ _9\"></span>. The EI<span class=\"_ _9\"></span>R amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d as f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>his c<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ego<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ally a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lies t<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>gs.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ts s<span class=\"_ _9\"></span>old to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>te inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s  <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 201<span class=\"_ _4\"></span>0, the c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>mins<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>as co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>ayin<span class=\"_ _9\"></span>g cus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. Ou<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>,01<span class=\"_ _3\"></span>9 r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s, 535 ro<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>s (\u2018I<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s\u2019<span class=\"_ _9\"></span>) wer<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er a 99<span class=\"_ _9\"></span>9-ye<span class=\"_ _9\"></span>ar le<span class=\"_ _9\"></span>ase. T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ale<span class=\"_ _9\"></span>s tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns ar<span class=\"_ _9\"></span>e acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nted f<span class=\"_ _9\"></span>or as a<span class=\"_ _9\"></span>n inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>che<span class=\"_ _9\"></span>me i<span class=\"_ _9\"></span>n whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s, in r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>pfr<span class=\"_ _9\"></span>ont c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>aid fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s, rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of ne<span class=\"_ _9\"></span>t inco<span class=\"_ _9\"></span>me f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m a sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>c reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>g<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t (cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t to a s<span class=\"_ _9\"></span>tre<span class=\"_ _9\"></span>am of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ure c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh fl<span class=\"_ _9\"></span>ows). Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d upf<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>nt ar<span class=\"_ _9\"></span>e acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ted fo<span class=\"_ _9\"></span>r as a f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e bei<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e over th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he le<span class=\"_ _9\"></span>ase (<span class=\"_ _9\"></span>i.e. 999 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s). Chan<span class=\"_ _9\"></span>ges i<span class=\"_ _9\"></span>n fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d in whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>hey o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur<span class=\"_ _4\"></span>. Sinc<span class=\"_ _9\"></span>e Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 201<span class=\"_ _4\"></span>4, the C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s bo<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>t bac<span class=\"_ _9\"></span>k 52 Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Upo<span class=\"_ _9\"></span>n bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ck of a\ue61funi<span class=\"_ _9\"></span>t, th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to t<span class=\"_ _9\"></span>hat u<span class=\"_ _9\"></span>nit i<span class=\"_ _9\"></span>s der<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d any di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e and t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y de<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n prof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>ntir<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l is ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s acc<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ed d<span class=\"_ _9\"></span>epr<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>iati<span class=\"_ _9\"></span>on. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ace<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Inc<span class=\"_ _9\"></span>ome U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully re<span class=\"_ _9\"></span>imb<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s. A<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f 4% of reven<span class=\"_ _9\"></span>ues i<span class=\"_ _9\"></span>s pai<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s on a<span class=\"_ _9\"></span>n ann<span class=\"_ _9\"></span>ual b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s (\u2018FF&amp;E re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d is ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>d for i<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t and l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en t<span class=\"_ _9\"></span>he ac<span class=\"_ _1\"></span>tua<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n cos<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he FF&amp;E re<span class=\"_ _9\"></span>ser<span class=\"_ _1\"></span>ve is a t<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ng dif<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s a re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le or li<span class=\"_ _9\"></span>abi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y to th<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r in ea<span class=\"_ _9\"></span>ch r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>e year.No<span class=\"_ _9\"></span>te 2 Su<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ccou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>d Derecognition <span class=\"_ _1c\"> </span>A f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>cog<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ob<span class=\"_ _9\"></span>ligat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is d<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>d or c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>cell<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pire<span class=\"_ _9\"></span>s. W<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y is r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>lac<span class=\"_ _9\"></span>ed by a<span class=\"_ _9\"></span>not<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>me le<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er on s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ntia<span class=\"_ _9\"></span>lly di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t ter<span class=\"_ _9\"></span>ms<span class=\"_ _9\"></span>, or th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of an ex<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>e su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ially m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>ifi<span class=\"_ _9\"></span>ed, s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h an exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge or m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n is t<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>ed as t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e or<span class=\"_ _9\"></span>igi<span class=\"_ _9\"></span>nal lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>niti<span class=\"_ _9\"></span>on of a new l<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y. The d<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>iii) <span class=\"_ _1\"></span>Of<span class=\"_ _9\"></span>fset<span class=\"_ _9\"></span>ting<span class=\"_ _4\"></span> of financial<span class=\"_ _4\"></span> instruments <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are of<span class=\"_ _1\"></span>fs<span class=\"_ _9\"></span>et a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he net a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt i<span class=\"_ _9\"></span>s rep<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion if\ue61ft<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e is a cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>tly e<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rcea<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght t<span class=\"_ _9\"></span>o of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t the r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>on to s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>le on a n<span class=\"_ _9\"></span>et b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s, to realise<span class=\"_ _4\"></span> the asset<span class=\"_ _9\"></span>s and<span class=\"_ _4\"></span> set<span class=\"_ _9\"></span>tle the<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities simultaneously<span class=\"_ _3\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-19-3": {
   "value": "l. Inventories  Inventories include china, food and beverages and are valued at the lower of cost and net realisable value. Cost includes purchase cost on a first-in, first-out basis.   Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the\ue61fsale.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-20-3": {
   "value": "m. Cash and cash equivalents  Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with an original maturity of three months or\ue61fless.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-22-2": {
   "value": "Note 2 Summary of significant accounting policies continuedo.  Revenue from contracts with customers  Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an\ue61famount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or\ue61fservices before transferring them to the customer.  Owned, co-owned and leased hotels  Revenues are primarily derived from hotel operations, including the rental of rooms, food and beverage sales and other services from owned, co-owned and leased hotels operated under the Group\u2019s brand names. Revenue is recognised when rooms are occupied, food and beverages are sold and services are performed.  Management fees  Management fees are earned from hotels managed by the Group, under long-term contracts with the hotel owner. Management fees include a base fee, which is generally a percentage of hotel revenue, and an incentive fee, which is based on the\ue61fhotel\u2019s profitability. Revenue is recognised when earned and realised or realisable under the terms of the agreement.  Franchise fees  Franchise fees are received in connection with a licence of the Group\u2019s brand names, under long-term contracts with the hotel owner. The Group charges franchise fees as a percentage of hotel revenue. Revenue is recognised when earned and realised or realisable under the terms of the agreement.  Marketing fees  Marketing fees are received in connection with the sales and marketing services offered by the Group, under long-term contracts with the hotel owner. The Group charges marketing fees as a percentage of hotel revenue. Revenue is recognised when earned and realised or realisable under the terms of the agreement.  Customer loyalty programmeTM  The Group participates in the Radisson Rewards customer loyalty programme to provide customers with incentives to buy room nights. This customer loyalty programme is owned and operated by the Radisson Hotel Group and therefore the entity retains no obligations in respect of the award credits other than to pay the programme operator for the granted award credits. The customers are entitled to utilise the awards as soon as they are granted.  The Group purchases these award credits from Radisson Hotel Group and issues these to its customers in order to enhance its customer relationships rather than to earn a margin from the sale of these award credits. The Group concluded that it is acting as principal in this transaction and, in substance, is earning revenue from supplying these awards to its customers. The Group measures these revenues at fair value and recognises these gross from the costs of participating in the programme.  Contract balances  Trade receivables  A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e. only the passage of time is required before payment of the consideration is due).   Contract liabilities  A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability (advance payments received) is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.Note 20 RevenuesYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Rooms 237,793 84,430Campsites and mobile homes 22,592 16,446Food and beverage 56,711 27,814Minor operating (including room cancellation) 7,401 8,277Management fee (see Note 13(c)(i)) 2,183 529Franchise and reservation fee (see Note 13(c)(i)) 1,466 458Marketing fee 718 156Other 1,227 3,267330,091 141,377",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-22-3": {
   "value": "Note 2 Summary of significant accounting policies continuedo.  Revenue from contracts with customers  Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an\ue61famount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or\ue61fservices before transferring them to the customer.  Owned, co-owned and leased hotels  Revenues are primarily derived from hotel operations, including the rental of rooms, food and beverage sales and other services from owned, co-owned and leased hotels operated under the Group\u2019s brand names. Revenue is recognised when rooms are occupied, food and beverages are sold and services are performed.  Management fees  Management fees are earned from hotels managed by the Group, under long-term contracts with the hotel owner. Management fees include a base fee, which is generally a percentage of hotel revenue, and an incentive fee, which is based on the\ue61fhotel\u2019s profitability. Revenue is recognised when earned and realised or realisable under the terms of the agreement.  Franchise fees  Franchise fees are received in connection with a licence of the Group\u2019s brand names, under long-term contracts with the hotel owner. The Group charges franchise fees as a percentage of hotel revenue. Revenue is recognised when earned and realised or realisable under the terms of the agreement.  Marketing fees  Marketing fees are received in connection with the sales and marketing services offered by the Group, under long-term contracts with the hotel owner. The Group charges marketing fees as a percentage of hotel revenue. Revenue is recognised when earned and realised or realisable under the terms of the agreement.  Customer loyalty programmeTM  The Group participates in the Radisson Rewards customer loyalty programme to provide customers with incentives to buy room nights. This customer loyalty programme is owned and operated by the Radisson Hotel Group and therefore the entity retains no obligations in respect of the award credits other than to pay the programme operator for the granted award credits. The customers are entitled to utilise the awards as soon as they are granted.  The Group purchases these award credits from Radisson Hotel Group and issues these to its customers in order to enhance its customer relationships rather than to earn a margin from the sale of these award credits. The Group concluded that it is acting as principal in this transaction and, in substance, is earning revenue from supplying these awards to its customers. The Group measures these revenues at fair value and recognises these gross from the costs of participating in the programme.  Contract balances  Trade receivables  A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e. only the passage of time is required before payment of the consideration is due).   Contract liabilities  A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability (advance payments received) is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-24-3": {
   "value": "q. Leases  The Group accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for a\ue61fperiod of time in exchange for consideration.   The Group as lessee  The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use\ue61fthe underlying assets.  Right-of-use assets  The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for\ue61fuse). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as\ue61ffollows:YearsLand  50 to 200Hotel buildings 5 to 95Offices and storage  1 to 12Furniture and equipment 2 to 25  If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in section (j), Impairment of non-financial assets.  Lease liabilities  At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as rent expenses in the period in which the event or condition that triggers the payment occurs.Note 2 Summary of significant accounting policies continued  In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.  The Group\u2019s lease liabilities are included in Other financial liabilities (see Note 17).  Variable lease payments that depend on an index:  On the commencement date, the Company uses the index rate prevailing on the commencement date to calculate the future lease\ue61fpayments.  For leases in which the Company is the lessee, the aggregate changes in future lease payments resulting from a change in the index are discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of the lease liability and the right-of-use asset, only when there is a change in the cash flows resulting from the change in the index (that is, when the adjustment to the lease payments takes effect).   Variable lease payments:  Variable lease payments that do not depend on an index or interest rate but are based on performance or usage are recognised as an expense as incurred when the Company is the lessee, and are recognised as income as earned when the Company is the lessor.  Lease extension and termination options:  A non-cancellable lease term includes both the periods covered by an option to extend the lease when it is reasonably certain that the extension option will be exercised and the periods covered by a lease termination option when it is reasonably certain that the termination option will not be exercised.  In the event of any change in the expected exercise of the lease extension option or in the expected non-exercise of the lease termination option, the Company re-measures the lease liability based on the revised lease term using a revised discount rate as of\ue61fthe date of the change in expectations. The total change is recognised in the carrying amount of the right-of-use asset until it is reduced to zero, and any further reductions are recognised in profit or loss.  Lease modifications:  If a lease modification does not reduce the scope of the lease and does not result in a separate lease, the Company re-measures the lease liability based on the modified lease terms using a revised discount rate as of the modification date and records the change in the lease liability as an adjustment to the right-of-use asset.  If a lease modification reduces the scope of the lease, the Company recognises a gain or loss arising from the partial or full reduction of the carrying amount of the right-of-use asset and the lease liability. The Company subsequently re-measures the carrying amount of the lease liability according to the revised lease terms, at the revised discount rate as of the modification date and records the change in the lease liability as an adjustment to the right-of-use asset.  Short-term leases and leases of low-value assets  The Group applies the short-term lease recognition exemption to its short-term leases of furniture and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-27-3": {
   "value": "s. Provisions  Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the income statement, net of any reimbursement.  If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is\ue61frecognised as a finance cost.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-26-3": {
   "value": "Note 2 Summary of significant accounting policies continuedr.  Employee benefits  Share-based payments  The Board has adopted a share option plan, under which employees and Directors of the Group receive remuneration in the form\ue61fof\ue61fshare-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions).   The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value is determined by using an appropriate pricing model, further details of which are given in Note 12.  The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The income statement expense or credit for a period represents the movement in cumulative expense recognised at the beginning and end of that period.  No expense is recognised for awards that do not ultimately vest, except for equity-settled transactions where vesting is conditional upon a market or non-vesting condition, which are treated as vesting, irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.  Where the terms of an equity-settled transaction award are modified, the minimum expense recognised is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognised for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee, as measured at\ue61fthe date of modification.  Where an equity-settled award is cancelled, it is treated as if it vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. This includes any award where non-vesting conditions within the control of either the entity or the employee are not met. However, if a new award is substituted for the cancelled award, and designated as a\u2248replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph.  Pension  The Group has a defined contribution pension plan where the employer is liable only for the employer\u2019s part of the contribution towards an individual\u2019s pension plan.  The Group will have no legal obligation to pay further contributions. The contributions in the defined contribution plan are recognised as an expense and no additional provision is required in the consolidated financial statements.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-29-3": {
   "value": "u. Taxation  Current income tax  Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.  Deferred income tax  Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2013 where the deferred tax liability arises from the initial recognition of goodwill or from an asset or liability in a transaction that is not a\ue61fbusiness combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2013 in respect of taxable temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.  Deferred tax assets and liabilities and changes in them relating to items recognised directly in equity or other comprehensive income are recognised in equity or other comprehensive income and not in the income statement.  Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax losses can be utilised, except: \u2013 when the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2013 in respect of deductible temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.  The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.  Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or\ue61fthe liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.  Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-29-4": {
   "value": "u. Taxation  Current income tax  Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.  Deferred income tax  Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2013 where the deferred tax liability arises from the initial recognition of goodwill or from an asset or liability in a transaction that is not a\ue61fbusiness combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2013 in respect of taxable temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.  Deferred tax assets and liabilities and changes in them relating to items recognised directly in equity or other comprehensive income are recognised in equity or other comprehensive income and not in the income statement.  Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax losses can be utilised, except: \u2013 when the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2013 in respect of deductible temporary differences associated with investments in subsidiaries, associates and jointly controlled entities, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.  The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised. Unrecognised deferred income tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.  Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or\ue61fthe liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.  Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-28-3": {
   "value": "Note 2 Summary of significant accounting policies continuedt.  Borrowing costs for qualifying assets  Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. All other borrowing costs are recognised in the income statement in the period in which they are\ue61fincurred.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-31-3": {
   "value": "w. Earnings (loss) per share  Basic earnings (loss) per share amounts are calculated by dividing the net profit (loss) for the year attributable to shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year.  Diluted earnings (loss) per share amounts are calculated by dividing the net profit (loss) for the year by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-32-3": {
   "value": "x.  Government grants  Government grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate. The income from the government grants is netted off against the operating expenses account in the income statement.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-33-2": {
   "value": "y.  Changes in accounting policies and disclosures  The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2022. Several other amendments and interpretations apply for the first time in 2022, but do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.  Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37  An onerous contract is a contract under which the unavoidable costs of meeting the obligations under the contract (i.e., the costs that the Group cannot avoid because it has the contract) exceed the economic benefits expected to be received under it. The amendments specify that, when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs (e.g., the costs of direct labour and materials) and an allocation of costs directly related to contract activities (e.g., depreciation of equipment used to fulfil the contract and costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract.  This amendment had no impact on the consolidated financial statements of the Group.  Reference to the Conceptual Framework \u2013 Amendments to IFRS 3  The amendments replace a reference to a previous version of the IASB\u2019s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential \u2018day 2\u2019 gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date.   In accordance with the transitional provisions, the Group applies the amendments prospectively, i.e., to business combinations occurring after the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). These amendments had no impact on the consolidated financial statements of the Group as there were no business combinations during the period.Note 2 Summary of significant accounting policies continued  Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16   The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss.   In accordance with the transitional provisions, the Group applies the amendments retrospectively only to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment (the date of\ue61finitial application). These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented.  IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities  The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are\ue61fsubstantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. There is no similar amendment proposed for IAS 39 Financial Instruments: Recognition and Measurement.   In accordance with the transitional provisions, the Group applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment (the date of initial application). These amendments had no impact on the consolidated financial statements of the Group as there were no modifications of the Group\u2019s financial instruments during the period.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-33-3": {
   "value": "y.  Changes in accounting policies and disclosures  The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2022. Several other amendments and interpretations apply for the first time in 2022, but do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.  Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37  An onerous contract is a contract under which the unavoidable costs of meeting the obligations under the contract (i.e., the costs that the Group cannot avoid because it has the contract) exceed the economic benefits expected to be received under it. The amendments specify that, when assessing whether a contract is onerous or loss-making, an entity needs to include costs that relate directly to a contract to provide goods or services including both incremental costs (e.g., the costs of direct labour and materials) and an allocation of costs directly related to contract activities (e.g., depreciation of equipment used to fulfil the contract and costs of contract management and supervision). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract.  This amendment had no impact on the consolidated financial statements of the Group.  Reference to the Conceptual Framework \u2013 Amendments to IFRS 3  The amendments replace a reference to a previous version of the IASB\u2019s Conceptual Framework with a reference to the current version issued in March 2018 without significantly changing its requirements. The amendments add an exception to the recognition principle of IFRS 3 Business Combinations to avoid the issue of potential \u2018day 2\u2019 gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria in IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition at the acquisition date.   In accordance with the transitional provisions, the Group applies the amendments prospectively, i.e., to business combinations occurring after the beginning of the annual reporting period in which it first applies the amendments (the date of initial application). These amendments had no impact on the consolidated financial statements of the Group as there were no business combinations during the period.Note 2 Summary of significant accounting policies continued  Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16   The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment, any proceeds of the sale of items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss.   In accordance with the transitional provisions, the Group applies the amendments retrospectively only to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment (the date of\ue61finitial application). These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items produced by property, plant and equipment made available for use on or after the beginning of the earliest period presented.  IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities  The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are\ue61fsubstantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. There is no similar amendment proposed for IAS 39 Financial Instruments: Recognition and Measurement.   In accordance with the transitional provisions, the Group applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment (the date of initial application). These amendments had no impact on the consolidated financial statements of the Group as there were no modifications of the Group\u2019s financial instruments during the period.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-30-3": {
   "value": "Note 2 Summary of significant accounting policies continuedv.  Treasury shares  Own equity shares held by the Group are recognised at cost and presented as a deduction from equity. Any purchase, sale, issue or\ue61fcancellation of treasury shares is recognised directly in equity.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-37-2": {
   "value": "No<span class=\"_ _9\"></span>te 3 B<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nIn 202<span class=\"_ _9\"></span>2 th<span class=\"_ _9\"></span>ere w<span class=\"_ _9\"></span>ere n<span class=\"_ _9\"></span>o bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s com<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>nati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Be<span class=\"_ _9\"></span>low is a d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ip<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e bu<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>mbi<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t too<span class=\"_ _9\"></span>k pla<span class=\"_ _9\"></span>ce in 2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>. a. <span class=\"_ _7\"> </span><span class=\"ff9b\">Ac<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>a &amp; C<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>gi<span class=\"_ _9\"></span>ll H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in Ro<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>e, It<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>y</span> <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 10 Novem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021 PPHE Hote<span class=\"_ _9\"></span>l Gro<span class=\"_ _9\"></span>up, thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>ly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bsi<span class=\"_ _9\"></span>dia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ra C<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>gill Pa<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>t S.r<span class=\"_ _4\"></span>.l, acqu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d 100<span class=\"_ _9\"></span>% of th<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s of So<span class=\"_ _9\"></span>ciet<span class=\"_ _9\"></span>\u00e0 I<span class=\"_ _9\"></span>mmo<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>are A<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dro D<span class=\"_ _9\"></span>e Gas<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>is S.r<span class=\"_ _4\"></span>.l. wh<span class=\"_ _9\"></span>ich o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>s and o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>e Lo<span class=\"_ _9\"></span>ndr<span class=\"_ _9\"></span>a &amp; C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ill Ho<span class=\"_ _9\"></span>tel in R<span class=\"_ _9\"></span>ome, It<span class=\"_ _9\"></span>aly (<span class=\"_ _9\"></span>the \u2018hote<span class=\"_ _9\"></span>l\u2019<span class=\"_ _9\"></span>). The ho<span class=\"_ _9\"></span>tel of<span class=\"_ _1\"></span>fer<span class=\"_ _9\"></span>s 99 r<span class=\"_ _9\"></span>oom<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d sui<span class=\"_ _9\"></span>tes, a r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>aur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t, ba<span class=\"_ _9\"></span>r<span class=\"_ _3\"></span>, m<span class=\"_ _9\"></span>eet<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s and p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e par<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd w<span class=\"_ _9\"></span>ill co<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>ue to o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te whi<span class=\"_ _9\"></span>le th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up f<span class=\"_ _9\"></span>inal<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>s to rep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y as a<span class=\"_ _9\"></span>n upp<span class=\"_ _9\"></span>er u<span class=\"_ _9\"></span>ps<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>le li<span class=\"_ _9\"></span>fes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>le hot<span class=\"_ _9\"></span>el. Th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l is ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>aun<span class=\"_ _9\"></span>che<span class=\"_ _9\"></span>d in Q1 2024. The p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e of \u20ac33.<span class=\"_ _4\"></span>1 millio<span class=\"_ _9\"></span>n (\u00a328.3 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n) was f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d fro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s exce<span class=\"_ _9\"></span>ss c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h p<span class=\"_ _9\"></span>osi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n. T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nsa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of \u00a30.5 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n wer<span class=\"_ _9\"></span>e exp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d are i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>date<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>.Note<span class=\"_ _4\"></span> 3 Business<span class=\"_ _4\"></span> combination c<span class=\"_ _4\"></span>ontinued <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of id<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l at th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>ere a<span class=\"_ _9\"></span>s foll<span class=\"_ _9\"></span>ows:Fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e \u00a3\u2019<span class=\"_ _4\"></span>000Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, plant a<span class=\"_ _9\"></span>nd e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent<span class=\"_ _1dc\"> </span><span class=\"ff9b\">33,052</span>T<span class=\"_ _3\"></span>rad<span class=\"_ _9\"></span>e and<span class=\"_ _4\"></span> other receivables<span class=\"_ _1dd\"> </span><span class=\"ff9b ls2 ws5\">43</span>Indem<span class=\"_ _9\"></span>nificatio<span class=\"_ _9\"></span>n assetT<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de an<span class=\"_ _9\"></span>d ot<span class=\"_ _9\"></span>her p<span class=\"_ _9\"></span>ayab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s<span class=\"_ _1d8\"> </span><span class=\"ff9b\">(3,784)</span>Ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>n <span class=\"_ _1de\"> </span><span class=\"ff9b\">(483)</span>Deferred tax liabilities<span class=\"_ _4\"></span>, net<span class=\"_ _1d2\"> </span><span class=\"ff9b ls2 ws5\">(530)</span>Net asset<span class=\"_ _9\"></span>s<span class=\"_ _1df\"> </span><span class=\"ff9b ls2 ws5\">28,298</span>Ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>low o<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion:Ca<span class=\"_ _9\"></span>sh a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y<span class=\"_ _1e0\"> </span><span class=\"ff9b\">8</span>Ca<span class=\"_ _9\"></span>sh p<span class=\"_ _9\"></span>aid<span class=\"_ _1df\"> </span><span class=\"ff9b\">(28,306)</span>Net c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>low<span class=\"_ _1af\"> </span><span class=\"ff9b\">(28,298)</span> <span class=\"_ _1c\"> </span>Fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te of ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion, S<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iet<span class=\"_ _9\"></span>\u00e0 Imm<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>iliar<span class=\"_ _9\"></span>e Al<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ro De G<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>per<span class=\"_ _9\"></span>is S<span class=\"_ _9\"></span>.r<span class=\"_ _4\"></span>.l. cont<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>bu<span class=\"_ _9\"></span>ted \u00a3<span class=\"_ _9\"></span>0.2 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n of reve<span class=\"_ _9\"></span>nue a<span class=\"_ _9\"></span>nd a lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s of \u00a3(0.<span class=\"_ _9\"></span>2) milli<span class=\"_ _9\"></span>on to l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r end<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _4\"></span>. If th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>bin<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n ha<span class=\"_ _9\"></span>d ta<span class=\"_ _9\"></span>ken pl<span class=\"_ _9\"></span>ace at t<span class=\"_ _9\"></span>he be<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>ning o<span class=\"_ _9\"></span>f 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ues a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>rofi<span class=\"_ _9\"></span>t be<span class=\"_ _9\"></span>for<span class=\"_ _9\"></span>e ta<span class=\"_ _9\"></span>x of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>n 2021 wou<span class=\"_ _9\"></span>ld have b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n im<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>ria<span class=\"_ _9\"></span>l.b. <span class=\"_ _6\"> </span>A<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he F<span class=\"_ _9\"></span>R<span class=\"_ _9\"></span>ANZ f<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nd M<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t Ho<span class=\"_ _9\"></span>tel i<span class=\"_ _9\"></span>n Na<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d, Au<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ia <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 3 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mbe<span class=\"_ _9\"></span>r 2021<span class=\"_ _4\"></span>, Are<span class=\"_ _9\"></span>na Ho<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>alit<span class=\"_ _1\"></span>y Grou<span class=\"_ _9\"></span>p d.d., thro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>es Su<span class=\"_ _9\"></span>gar<span class=\"_ _9\"></span>hi<span class=\"_ _9\"></span>ll Inves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s B.<span class=\"_ _3\"></span>V. and AR<span class=\"_ _9\"></span>ENA FR<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>NZ fe<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Gmb<span class=\"_ _9\"></span>H, ac<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he FR<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>NZ fe<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ain R<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t N<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d, a 4<span class=\"_ _9\"></span>-s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar ho<span class=\"_ _9\"></span>tel in N<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d, Aus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ria. T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ric<span class=\"_ _9\"></span>e of \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>5.3 milli<span class=\"_ _9\"></span>on (\u00a31<span class=\"_ _3\"></span>2.8 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n) was p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>iall<span class=\"_ _9\"></span>y fu<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>d f<span class=\"_ _9\"></span>rom A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na\u2019s exces<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h and p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tiall<span class=\"_ _9\"></span>y by ba<span class=\"_ _9\"></span>nk d<span class=\"_ _9\"></span>ebt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0.5 mil<span class=\"_ _9\"></span>lion (\u00a38.<span class=\"_ _9\"></span>8 millio<span class=\"_ _9\"></span>n) wi<span class=\"_ _9\"></span>th Er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>te Gr<span class=\"_ _9\"></span>oup B<span class=\"_ _9\"></span>ank AG. T<span class=\"_ _4\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of \u00a30.5 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wer<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nse<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d are i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed in o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed income statement. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of id<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tif<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l at th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>ere a<span class=\"_ _9\"></span>s foll<span class=\"_ _9\"></span>ows:Fai<span class=\"_ _9\"></span>r va<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>e \u00a3\u2019<span class=\"_ _4\"></span>000Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, plant a<span class=\"_ _9\"></span>nd e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent<span class=\"_ _1dc\"> </span><span class=\"ff9b\">13,155</span>Inventorie<span class=\"_ _9\"></span>s<span class=\"_ _1e1\"> </span><span class=\"ff9b ls2 ws5\">31</span>T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de an<span class=\"_ _9\"></span>d ot<span class=\"_ _9\"></span>her p<span class=\"_ _9\"></span>ayab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s<span class=\"_ _1e2\"> </span><span class=\"ff9b\">(403)</span>Net asset<span class=\"_ _9\"></span>s<span class=\"_ _1df\"> </span><span class=\"ff9b ls2 ws5\">12,783</span>Ca<span class=\"_ _9\"></span>sh p<span class=\"_ _9\"></span>aid<span class=\"_ _1df\"> </span><span class=\"ff9b\">(12,783)</span> <span class=\"_ _1c\"> </span>Fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he da<span class=\"_ _9\"></span>te of ac<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>ion, FR<span class=\"_ _1\"></span>ANZ fe<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ain R<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t N<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ibu<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d \u00a30.3 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n of reve<span class=\"_ _9\"></span>nue a<span class=\"_ _9\"></span>nd a lo<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s of \u00a3(0.<span class=\"_ _3\"></span>1) milli<span class=\"_ _9\"></span>on to l<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>fore t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x for t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>. If t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>omb<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n had t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>n pla<span class=\"_ _9\"></span>ce at t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>egi<span class=\"_ _9\"></span>nnin<span class=\"_ _9\"></span>g of th<span class=\"_ _9\"></span>e 2021<span class=\"_ _4\"></span>, the ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n reve<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d prof<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax o<span class=\"_ _9\"></span>f the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p in 20<span class=\"_ _9\"></span>21 woul<span class=\"_ _9\"></span>d have be<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>mma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-39-2": {
   "value": "No<span class=\"_ _9\"></span>te 4 I<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>gi<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts\u00ae\u00aePar<span class=\"_ _9\"></span>k PlazaPar<span class=\"_ _9\"></span>k PlazaHot<span class=\"_ _9\"></span>els &amp; Hot<span class=\"_ _9\"></span>els &amp; \u00aeRes<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>s Res<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u2019ot<span class=\"_ _9\"></span>e<span class=\"_ _1\"></span>lO<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er managemen<span class=\"_ _4\"></span>tfranc<span class=\"_ _9\"></span>hisefranc<span class=\"_ _9\"></span>hise intangible 12 right<span class=\"_ _9\"></span>s (a) right<span class=\"_ _9\"></span>s (a)ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s (<span class=\"_ _9\"></span>b) as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (c) To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _73\"> </span><span class=\"ff9b\">20,063<span class=\"_ _9a\"> </span>20,510<span class=\"_ _83\"> </span>3,643<span class=\"_ _9c\"> </span>3,291<span class=\"_ _9a\"> </span>47,507</span>Additions<span class=\"_ _1e3\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _91\"> </span>386<span class=\"_ _1ae\"> </span>386</span>Dispos<span class=\"_ _9\"></span>als <span class=\"_ _1e4\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _123\"> </span>(15)<span class=\"_ _91\"> </span>(15)</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1e5\"> </span><span class=\"ff9b ls2 ws5\"> 1,132 <span class=\"_ _9a\"> </span> 1,157 <span class=\"_ _4e\"> </span> 206 <span class=\"_ _4e\"> </span> 197 <span class=\"_ _9a\"> </span> 2,692 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _1e6\"> </span><span class=\"ff9b\"> 21,195 <span class=\"_ _16f\"> </span> 21,667 <span class=\"_ _9a\"> </span> 3,849 <span class=\"_ _9a\"> </span> 3,859 <span class=\"_ _16f\"> </span> 50,570 </span>Accumulated<span class=\"_ _4\"></span> amortis<span class=\"_ _9\"></span>ation:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _73\"> </span><span class=\"ff9b\">14,507<span class=\"_ _9a\"> </span>14,909<span class=\"_ _83\"> </span>1,925<span class=\"_ _9c\"> </span>1,876<span class=\"_ _9a\"> </span>33,217</span>Dispos<span class=\"_ _9\"></span>als<span class=\"_ _1e7\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _123\"> </span>(15)<span class=\"_ _91\"> </span>(15)</span>Amor<span class=\"_ _9\"></span>tisation<span class=\"_ _1e8\"> </span><span class=\"ff9b ls2 ws5\"> 1,029 <span class=\"_ _9a\"> </span> 1,037 <span class=\"_ _4e\"> </span> 185 <span class=\"_ _4e\"> </span> 340 <span class=\"_ _9a\"> </span> 2,591 </span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1e9\"> </span><span class=\"ff9b ls2 ws5\"> 857 <span class=\"_ _4e\"> </span> 881 <span class=\"_ _46\"> </span> 116 <span class=\"_ _4e\"> </span> 118 <span class=\"_ _9a\"> </span> 1,972 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _1e6\"> </span><span class=\"ff9b\"> 16,393 <span class=\"_ _16f\"> </span> 16,827 <span class=\"_ _9a\"> </span> 2,226 <span class=\"_ _9a\"> </span> 2,319 <span class=\"_ _16f\"> </span> 37,765 </span>Ne<span class=\"_ _9\"></span>t bo<span class=\"_ _9\"></span>ok va<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>ue a<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022<span class=\"_ _1ea\"> </span> 4,802 <span class=\"_ _9a\"> </span> 4,840 <span class=\"_ _9a\"> </span> 1,623 <span class=\"_ _9a\"> </span> 1,540 <span class=\"_ _16f\"> </span> 12,805 Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _1eb\"> </span>21,475<span class=\"_ _e7\"> </span>21,954<span class=\"_ _174\"> </span>3,899<span class=\"_ _19d\"> </span>3,347<span class=\"_ _e7\"> </span>50,675Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ec\"> </span><span class=\"ls2 ws5\">(1,412)<span class=\"_ _e7\"> </span>(1,444)<span class=\"_ _174\"> </span>(256)<span class=\"_ _e8\"> </span>(222)<span class=\"_ _a1\"> </span>(3,334)</span>Additions<span class=\"_ _1e3\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>176<span class=\"_ _a4\"> </span>176</span>Dispos<span class=\"_ _9\"></span>als <span class=\"_ _1e4\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _1ac\"> </span>(10)<span class=\"_ _a4\"> </span>(10)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _9b\"> </span>20,063<span class=\"_ _e7\"> </span>20,510<span class=\"_ _174\"> </span>3,643<span class=\"_ _19d\"> </span>3,291<span class=\"_ _e7\"> </span>47,507Accumulated<span class=\"_ _4\"></span> amortis<span class=\"_ _9\"></span>ation:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _1eb\"> </span>14,446<span class=\"_ _e7\"> </span>14,868<span class=\"_ _174\"> </span>1,866<span class=\"_ _19d\"> </span>1,741<span class=\"_ _e7\"> </span>32,921Dispos<span class=\"_ _9\"></span>als<span class=\"_ _1e7\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _1ac\"> </span>(10)<span class=\"_ _a4\"> </span>(10)</span>Amor<span class=\"_ _9\"></span>tisation<span class=\"_ _1ed\"> </span><span class=\"ls2 ws5\">1,035<span class=\"_ _174\"> </span>1,042<span class=\"_ _a4\"> </span>186<span class=\"_ _a4\"> </span>268<span class=\"_ _174\"> </span>2,531</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ee\"> </span><span class=\"ls2 ws5\">(974)<span class=\"_ _e7\"> </span>(1,001)<span class=\"_ _e8\"> </span>(127)<span class=\"_ _e8\"> </span>(123)<span class=\"_ _a1\"> </span>(2,225)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _9b\"> </span>14,507<span class=\"_ _e7\"> </span>14,909<span class=\"_ _174\"> </span>1,925<span class=\"_ _19d\"> </span>1,876<span class=\"_ _e7\"> </span>33,217Net b<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>k val<span class=\"_ _9\"></span>ue as a<span class=\"_ _9\"></span>t 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _1ee\"> </span>5,556<span class=\"_ _174\"> </span>5,601<span class=\"_ _174\"> </span>1,718<span class=\"_ _19d\"> </span>1,415<span class=\"_ _e7\"> </span>14,290Note 4<span class=\"_ _4\"></span> Intangible assets continued\u00aea. <span class=\"_\"> </span>Acq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Ho<span class=\"_ _9\"></span>tel<span class=\"_ _9\"></span>s &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ma<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>gh<span class=\"_ _9\"></span>ts a<span class=\"_ _9\"></span>nd l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s\u00ae(1<span class=\"_ _3\"></span>) <span class=\"_ _1e\"> </span>M<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>gem<span class=\"_ _9\"></span>ent r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s \u2013 r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s h<span class=\"_ _9\"></span>eld b<span class=\"_ _9\"></span>y the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Eu<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>e, the M<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>dle Eas<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd Af<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a. The m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t the<span class=\"_ _9\"></span>ir f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>s at th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>ing am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ed ov<span class=\"_ _9\"></span>er a 20<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>year p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e exi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>ir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e. The r<span class=\"_ _9\"></span>ema<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od i<span class=\"_ _9\"></span>s 4.5 year<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.\u00ae(2) <span class=\"_ _9\"></span>Fr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>chi<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d \u2018Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s\u2019 ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>lida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t the<span class=\"_ _9\"></span>ir fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue as a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e date o<span class=\"_ _9\"></span>f acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on an<span class=\"_ _9\"></span>d are b<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed ove<span class=\"_ _9\"></span>r a 20<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>year p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n ma<span class=\"_ _9\"></span>nage<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s est<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>heir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e. The r<span class=\"_ _9\"></span>emai<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>isa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od is 4.<span class=\"_ _9\"></span>5 year<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.\u00aeb. <span class=\"_ _6\"> </span>A<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel rights\u00ae <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 20<span class=\"_ _9\"></span>07<span class=\"_ _a\"></span>, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p acq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d f<span class=\"_ _9\"></span>rom CC<span class=\"_ _9\"></span>S C<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l Co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>pt Se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s Gmb<span class=\"_ _9\"></span>h (th<span class=\"_ _9\"></span>e \u2018ven<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>\u2019) t<span class=\"_ _9\"></span>he wo<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to u<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he ar<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>otel br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>e for a<span class=\"_ _9\"></span>n unli<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod o<span class=\"_ _9\"></span>f tim<span class=\"_ _9\"></span>e. The r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed ove<span class=\"_ _9\"></span>r a 20<span class=\"_ _9\"></span>-y<span class=\"_ _9\"></span>ear p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s est<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>eir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe. Th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod i<span class=\"_ _9\"></span>s 4.5 yea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. In D<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>20, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ac<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h wer<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>e ven<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>r und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>rig<span class=\"_ _9\"></span>inal a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or a c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of \u20ac<span class=\"_ _9\"></span>0.3 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n (\u00a30.2 mil<span class=\"_ _9\"></span>lion) a<span class=\"_ _9\"></span>nd 8<span class=\"_ _9\"></span>0,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 s<span class=\"_ _9\"></span>hare<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>. Th<span class=\"_ _9\"></span>e ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t\u2019s es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>ir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe.c. <span class=\"_ _7\"> </span>O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se ma<span class=\"_ _9\"></span>inly i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>e and i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>al do<span class=\"_ _9\"></span>main o<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on of A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na. Th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re be<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d over 20 yea<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s est<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>eir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe.d. Impairmen<span class=\"_ _4\"></span>t <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 2022, t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e wer<span class=\"_ _9\"></span>e no in<span class=\"_ _9\"></span>dic<span class=\"_ _9\"></span>ato<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s of imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-39-3": {
   "value": "No<span class=\"_ _9\"></span>te 4 I<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>gi<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>ts\u00ae\u00aePar<span class=\"_ _9\"></span>k PlazaPar<span class=\"_ _9\"></span>k PlazaHot<span class=\"_ _9\"></span>els &amp; Hot<span class=\"_ _9\"></span>els &amp; \u00aeRes<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>s Res<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u2019ot<span class=\"_ _9\"></span>e<span class=\"_ _1\"></span>lO<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er managemen<span class=\"_ _4\"></span>tfranc<span class=\"_ _9\"></span>hisefranc<span class=\"_ _9\"></span>hise intangible 12 right<span class=\"_ _9\"></span>s (a) right<span class=\"_ _9\"></span>s (a)ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s (<span class=\"_ _9\"></span>b) as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s (c) To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _73\"> </span><span class=\"ff9b\">20,063<span class=\"_ _9a\"> </span>20,510<span class=\"_ _83\"> </span>3,643<span class=\"_ _9c\"> </span>3,291<span class=\"_ _9a\"> </span>47,507</span>Additions<span class=\"_ _1e3\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _91\"> </span>386<span class=\"_ _1ae\"> </span>386</span>Dispos<span class=\"_ _9\"></span>als <span class=\"_ _1e4\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _123\"> </span>(15)<span class=\"_ _91\"> </span>(15)</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1e5\"> </span><span class=\"ff9b ls2 ws5\"> 1,132 <span class=\"_ _9a\"> </span> 1,157 <span class=\"_ _4e\"> </span> 206 <span class=\"_ _4e\"> </span> 197 <span class=\"_ _9a\"> </span> 2,692 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _1e6\"> </span><span class=\"ff9b\"> 21,195 <span class=\"_ _16f\"> </span> 21,667 <span class=\"_ _9a\"> </span> 3,849 <span class=\"_ _9a\"> </span> 3,859 <span class=\"_ _16f\"> </span> 50,570 </span>Accumulated<span class=\"_ _4\"></span> amortis<span class=\"_ _9\"></span>ation:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _73\"> </span><span class=\"ff9b\">14,507<span class=\"_ _9a\"> </span>14,909<span class=\"_ _83\"> </span>1,925<span class=\"_ _9c\"> </span>1,876<span class=\"_ _9a\"> </span>33,217</span>Dispos<span class=\"_ _9\"></span>als<span class=\"_ _1e7\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _123\"> </span>(15)<span class=\"_ _91\"> </span>(15)</span>Amor<span class=\"_ _9\"></span>tisation<span class=\"_ _1e8\"> </span><span class=\"ff9b ls2 ws5\"> 1,029 <span class=\"_ _9a\"> </span> 1,037 <span class=\"_ _4e\"> </span> 185 <span class=\"_ _4e\"> </span> 340 <span class=\"_ _9a\"> </span> 2,591 </span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1e9\"> </span><span class=\"ff9b ls2 ws5\"> 857 <span class=\"_ _4e\"> </span> 881 <span class=\"_ _46\"> </span> 116 <span class=\"_ _4e\"> </span> 118 <span class=\"_ _9a\"> </span> 1,972 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _1e6\"> </span><span class=\"ff9b\"> 16,393 <span class=\"_ _16f\"> </span> 16,827 <span class=\"_ _9a\"> </span> 2,226 <span class=\"_ _9a\"> </span> 2,319 <span class=\"_ _16f\"> </span> 37,765 </span>Ne<span class=\"_ _9\"></span>t bo<span class=\"_ _9\"></span>ok va<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>ue a<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022<span class=\"_ _1ea\"> </span> 4,802 <span class=\"_ _9a\"> </span> 4,840 <span class=\"_ _9a\"> </span> 1,623 <span class=\"_ _9a\"> </span> 1,540 <span class=\"_ _16f\"> </span> 12,805 Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _1eb\"> </span>21,475<span class=\"_ _e7\"> </span>21,954<span class=\"_ _174\"> </span>3,899<span class=\"_ _19d\"> </span>3,347<span class=\"_ _e7\"> </span>50,675Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ec\"> </span><span class=\"ls2 ws5\">(1,412)<span class=\"_ _e7\"> </span>(1,444)<span class=\"_ _174\"> </span>(256)<span class=\"_ _e8\"> </span>(222)<span class=\"_ _a1\"> </span>(3,334)</span>Additions<span class=\"_ _1e3\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>176<span class=\"_ _a4\"> </span>176</span>Dispos<span class=\"_ _9\"></span>als <span class=\"_ _1e4\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _1ac\"> </span>(10)<span class=\"_ _a4\"> </span>(10)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _9b\"> </span>20,063<span class=\"_ _e7\"> </span>20,510<span class=\"_ _174\"> </span>3,643<span class=\"_ _19d\"> </span>3,291<span class=\"_ _e7\"> </span>47,507Accumulated<span class=\"_ _4\"></span> amortis<span class=\"_ _9\"></span>ation:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _1eb\"> </span>14,446<span class=\"_ _e7\"> </span>14,868<span class=\"_ _174\"> </span>1,866<span class=\"_ _19d\"> </span>1,741<span class=\"_ _e7\"> </span>32,921Dispos<span class=\"_ _9\"></span>als<span class=\"_ _1e7\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _1ac\"> </span>(10)<span class=\"_ _a4\"> </span>(10)</span>Amor<span class=\"_ _9\"></span>tisation<span class=\"_ _1ed\"> </span><span class=\"ls2 ws5\">1,035<span class=\"_ _174\"> </span>1,042<span class=\"_ _a4\"> </span>186<span class=\"_ _a4\"> </span>268<span class=\"_ _174\"> </span>2,531</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ee\"> </span><span class=\"ls2 ws5\">(974)<span class=\"_ _e7\"> </span>(1,001)<span class=\"_ _e8\"> </span>(127)<span class=\"_ _e8\"> </span>(123)<span class=\"_ _a1\"> </span>(2,225)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _9b\"> </span>14,507<span class=\"_ _e7\"> </span>14,909<span class=\"_ _174\"> </span>1,925<span class=\"_ _19d\"> </span>1,876<span class=\"_ _e7\"> </span>33,217Net b<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>k val<span class=\"_ _9\"></span>ue as a<span class=\"_ _9\"></span>t 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _1ee\"> </span>5,556<span class=\"_ _174\"> </span>5,601<span class=\"_ _174\"> </span>1,718<span class=\"_ _19d\"> </span>1,415<span class=\"_ _e7\"> </span>14,290Note 4<span class=\"_ _4\"></span> Intangible assets continued\u00aea. <span class=\"_\"> </span>Acq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Ho<span class=\"_ _9\"></span>tel<span class=\"_ _9\"></span>s &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ma<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>gh<span class=\"_ _9\"></span>ts a<span class=\"_ _9\"></span>nd l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s\u00ae(1<span class=\"_ _3\"></span>) <span class=\"_ _1e\"> </span>M<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>gem<span class=\"_ _9\"></span>ent r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s \u2013 r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s h<span class=\"_ _9\"></span>eld b<span class=\"_ _9\"></span>y the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Eu<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>e, the M<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>dle Eas<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd Af<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a. The m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t the<span class=\"_ _9\"></span>ir f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>s at th<span class=\"_ _9\"></span>e dat<span class=\"_ _9\"></span>e of acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd ar<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>ing am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ed ov<span class=\"_ _9\"></span>er a 20<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>year p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e exi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>ir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e. The r<span class=\"_ _9\"></span>ema<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od i<span class=\"_ _9\"></span>s 4.5 year<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.\u00ae(2) <span class=\"_ _9\"></span>Fr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>chi<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d \u2018Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s\u2019 ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>lida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t the<span class=\"_ _9\"></span>ir fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue as a<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e date o<span class=\"_ _9\"></span>f acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on an<span class=\"_ _9\"></span>d are b<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed ove<span class=\"_ _9\"></span>r a 20<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>year p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n ma<span class=\"_ _9\"></span>nage<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s est<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>heir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul lif<span class=\"_ _9\"></span>e. The r<span class=\"_ _9\"></span>emai<span class=\"_ _9\"></span>nin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>isa<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od is 4.<span class=\"_ _9\"></span>5 year<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.\u00aeb. <span class=\"_ _6\"> </span>A<span class=\"_ _9\"></span>cqu<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel rights\u00ae <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 20<span class=\"_ _9\"></span>07<span class=\"_ _a\"></span>, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p acq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d f<span class=\"_ _9\"></span>rom CC<span class=\"_ _9\"></span>S C<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l Co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>pt Se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s Gmb<span class=\"_ _9\"></span>h (th<span class=\"_ _9\"></span>e \u2018ven<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>\u2019) t<span class=\"_ _9\"></span>he wo<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>dw<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>e rig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s to u<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he ar<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>otel br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>e for a<span class=\"_ _9\"></span>n unli<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod o<span class=\"_ _9\"></span>f tim<span class=\"_ _9\"></span>e. The r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht<span class=\"_ _9\"></span>s are b<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed ove<span class=\"_ _9\"></span>r a 20<span class=\"_ _9\"></span>-y<span class=\"_ _9\"></span>ear p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s est<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>eir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe. Th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod i<span class=\"_ _9\"></span>s 4.5 yea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. In D<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>20, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ac<span class=\"_ _9\"></span>quir<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h wer<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>e ven<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>r und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>rig<span class=\"_ _9\"></span>inal a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or a c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h con<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of \u20ac<span class=\"_ _9\"></span>0.3 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n (\u00a30.2 mil<span class=\"_ _9\"></span>lion) a<span class=\"_ _9\"></span>nd 8<span class=\"_ _9\"></span>0,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 s<span class=\"_ _9\"></span>hare<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>. Th<span class=\"_ _9\"></span>e ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t\u2019s es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mat<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>ir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe.c. <span class=\"_ _7\"> </span>O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se ma<span class=\"_ _9\"></span>inly i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>e and i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>al do<span class=\"_ _9\"></span>main o<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>ain<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on of A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na. Th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re be<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d over 20 yea<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>\u2019s est<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>eir us<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ul li<span class=\"_ _9\"></span>fe.d. Impairmen<span class=\"_ _4\"></span>t <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 2022, t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e wer<span class=\"_ _9\"></span>e no in<span class=\"_ _9\"></span>dic<span class=\"_ _9\"></span>ato<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s of imp<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-41-2": {
   "value": "No<span class=\"_ _9\"></span>te 5 Pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, pla<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tIn<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y &amp; so<span class=\"_ _9\"></span>ld to Furniture,<span class=\"_ _4\"></span> Hot<span class=\"_ _9\"></span>el as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate fi<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s and 1L<span class=\"_ _9\"></span>and <span class=\"_ _4\"></span> buildi<span class=\"_ _4\"></span>ngs<span class=\"_ _4\"></span> constr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>tion inve<span class=\"_ _9\"></span>sto<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>seq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _1ef\"> </span><span class=\"ff9b\">348,614<span class=\"_ _16f\"> </span>717,296<span class=\"_ _9a\"> </span>45,725<span class=\"_ _16f\"> </span>137,902<span class=\"_ _16f\"> </span>268,129<span class=\"_ _115\"> </span>1,517,666</span>Ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year<span class=\"_ _c0\"> </span><span class=\"ff9b\"> \u2013 <span class=\"_ _16f\"> </span> 13,337 <span class=\"_ _16f\"> </span> 72,856 <span class=\"_ _46\"> </span> 623 <span class=\"_ _9a\"> </span> 8,050 <span class=\"_ _16f\"> </span> 94,866 </span>Dispos<span class=\"_ _9\"></span>al <span class=\"_ _1f0\"> </span><span class=\"ff9b ls2 ws5\">\u2013 <span class=\"_ _a5\"> </span> (94) <span class=\"_ _123\"> </span> \u2013 <span class=\"_ _de\"> </span>\u2013<span class=\"_ _a5\"> </span>(372) <span class=\"_ _126\"> </span> (466) </span>Bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k of In<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _1f1\"> </span><span class=\"ff9b\">427<span class=\"_ _125\"> </span>3,082<span class=\"_ _94\"> </span>\u2013<span class=\"_ _126\"> </span>(3,806)<span class=\"_ _8f\"> </span>297<span class=\"_ _92\"> </span>\u2013</span>2Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation (22) <span class=\"_ _195\"> </span> 24,119 <span class=\"_ _16f\"> </span> 33,985 <span class=\"_ _de\"> </span>\u2013<span class=\"_ _98\"> </span> (58,082) <span class=\"_ _145\"> </span>\u2013Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1f2\"> </span><span class=\"ff9b ls2 ws5\"> 13,811 <span class=\"_ _16f\"> </span> 22,023 <span class=\"_ _9a\"> </span> 1,461 <span class=\"_ _de\"> </span>\u2013<span class=\"_ _126\"> </span> 4,861 <span class=\"_ _16f\"> </span> 42,156 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _1f3\"> </span><span class=\"ff9b\"> 362,830 <span class=\"_ _1f4\"> </span> 779,763 <span class=\"_ _1f4\"> </span> 154,027 <span class=\"_ _1f4\"> </span> 134,719 <span class=\"_ _1f4\"> </span> 222,883 <span class=\"_ _1f5\"> </span> 1,654,222 </span>Accumulated<span class=\"_ _4\"></span> depreciation<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> impairment:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2<span class=\"_ _1f6\"> </span><span class=\"ff9b\">15,669<span class=\"_ _16f\"> </span>106,255<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>23,237<span class=\"_ _16f\"> </span>136,505<span class=\"_ _16f\"> </span>281,666</span>Provision for depr<span class=\"_ _9\"></span>eciation<span class=\"_ _1f7\"> </span><span class=\"ff9b ls2 ws5\"> 316 <span class=\"_ _16f\"> </span> 15,420 <span class=\"_ _d2\"> </span> \u2013 <span class=\"_ _9a\"> </span> 1,190 <span class=\"_ _1f8\"> </span> 13,936 <span class=\"_ _16f\"> </span> 30,862 </span>Dispos<span class=\"_ _9\"></span>al <span class=\"_ _1f0\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _fb\"> </span> (94) <span class=\"_ _10e\"> </span> \u2013 <span class=\"_ _e2\"> </span>\u2013 <span class=\"_ _9c\"> </span> (325) <span class=\"_ _a1\"> </span> (419) </span>Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation<span class=\"_ _1f9\"> </span><span class=\"ff9b ls2 ws5\">15<span class=\"_ _6d\"> </span>(15)<span class=\"_ _167\"> </span>\u2013</span>Bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k of In<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _50\"> </span><span class=\"ff9b\">\u2013 <span class=\"_ _4e\"> </span> 402 <span class=\"_ _de\"> </span>\u2013 <span class=\"_ _9c\"> </span> (662) <span class=\"_ _1c1\"> </span> 260 <span class=\"_ _de\"> </span>\u2013</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1fa\"> </span><span class=\"ff9b ls2 ws5\"> 1,114 <span class=\"_ _9a\"> </span> 3,291 <span class=\"_ _d2\"> </span> \u2013 <span class=\"_ _de\"> </span>\u2013 <span class=\"_ _9a\"> </span> 2,524 <span class=\"_ _9a\"> </span> 6,929 </span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22<span class=\"_ _4b\"> </span><span class=\"ff9b\"> 17,099 <span class=\"_ _1f4\"> </span> 125,289 <span class=\"_ _d2\"> </span> \u2013 <span class=\"_ _16f\"> </span> 23,765 <span class=\"_ _1f4\"> </span> 152,885 <span class=\"_ _1f4\"> </span> 319,038 </span>Ne<span class=\"_ _9\"></span>t bo<span class=\"_ _9\"></span>ok va<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>ue a<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022<span class=\"_ _140\"> </span> 345,731 <span class=\"_ _1f4\"> </span> 654,474 <span class=\"_ _1f4\"> </span> 154,027 <span class=\"_ _1f4\"> </span> 110,954 <span class=\"_ _16f\"> </span> 69,998 <span class=\"_ _1f5\"> </span> 1,335,184 Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _4f\"> </span>353,931<span class=\"_ _9e\"> </span>699,516<span class=\"_ _e7\"> </span>24,095<span class=\"_ _9e\"> </span>138,199<span class=\"_ _16c\"> </span>240,865<span class=\"_ _1f4\"> </span>1,456,606Ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year<span class=\"_ _1fb\"> </span>\u2013<span class=\"_ _174\"> </span>1,750<span class=\"_ _e7\"> </span>25,175<span class=\"_ _a4\"> </span>363<span class=\"_ _f5\"> </span>32,153<span class=\"_ _e7\"> </span>59,441Dispos<span class=\"_ _9\"></span>al <span class=\"_ _1fc\"> </span><span class=\"ls2 ws5\">(77)<span class=\"_ _e7\"> </span>(1,835)<span class=\"_ _5d\"> </span>(23)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _48\"> </span>(375)<span class=\"_ _a1\"> </span>(2,310)</span>Acq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f sub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s (Not<span class=\"_ _9\"></span>e 3)<span class=\"_ _1fd\"> </span>6,169<span class=\"_ _e7\"> </span>38,443<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _19d\"> </span>1,595<span class=\"_ _f5\"> </span>46,207Bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k of In<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _13b\"> </span>174<span class=\"_ _19d\"> </span>1,253<span class=\"_ _94\"> </span>\u2013<span class=\"_ _125\"> </span>(1,534)<span class=\"_ _a5\"> </span>107<span class=\"_ _94\"> </span>\u2013Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation<span class=\"_ _1fe\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _174\"> </span>1,998<span class=\"_ _125\"> </span>(1,964)<span class=\"_ _12f\"> </span>874<span class=\"_ _83\"> </span>(1,080)<span class=\"_ _e8\"> </span>(172)</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ff\"> </span><span class=\"ls2 ws5\">(11,583)<span class=\"_ _16c\"> </span>(23,829)<span class=\"_ _a1\"> </span>(1,558)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _83\"> </span>(5,136)<span class=\"_ _bf\"> </span>(42,106)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _90\"> </span>348,614<span class=\"_ _16c\"> </span>717,296<span class=\"_ _f5\"> </span>45,725<span class=\"_ _16c\"> </span>137,902<span class=\"_ _9e\"> </span>268,129<span class=\"_ _1f4\"> </span>1,517,666Accumulated<span class=\"_ _4\"></span> depreciation<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> impairment:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _200\"> </span>11,043<span class=\"_ _e7\"> </span>96,933<span class=\"_ _92\"> </span>\u2013<span class=\"_ _e7\"> </span>22,435<span class=\"_ _16c\"> </span>124,837<span class=\"_ _9e\"> </span>255,248Provision for depr<span class=\"_ _9\"></span>eciation<span class=\"_ _15a\"> </span><span class=\"ls2 ws5\">317<span class=\"_ _f5\"> </span>13,922<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>643<span class=\"_ _f5\"> </span>14,778<span class=\"_ _e7\"> </span>29,660</span>Dispos<span class=\"_ _9\"></span>al <span class=\"_ _1f0\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _125\"> </span>(1,571)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _48\"> </span>(329)<span class=\"_ _a1\"> </span>(1,900)</span>Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation<span class=\"_ _1fe\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _75\"> </span>(12)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _a4\"> </span>418<span class=\"_ _48\"> </span>(384)<span class=\"_ _123\"> </span>22</span>Bu<span class=\"_ _9\"></span>y-<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k of In<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _50\"> </span>\u2013<span class=\"_ _a4\"> </span>157<span class=\"_ _92\"> </span>\u2013<span class=\"_ _48\"> </span>(259)<span class=\"_ _12f\"> </span>102<span class=\"_ _92\"> </span>\u2013Impair<span class=\"_ _9\"></span>ment<span class=\"_ _201\"> </span><span class=\"ls2 ws5\">4,424<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _19d\"> </span>4,424</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _202\"> </span><span class=\"ls2 ws5\">(115)<span class=\"_ _e7\"> </span>(3,174)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _125\"> </span>(2,499)<span class=\"_ _a1\"> </span>(5,788)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _204\"> </span>15,669<span class=\"_ _9e\"> </span>106,255<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>23,237<span class=\"_ _16c\"> </span>136,505<span class=\"_ _9e\"> </span>281,666Ne<span class=\"_ _9\"></span>t bo<span class=\"_ _9\"></span>ok va<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>ue a<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2021<span class=\"_ _159\"> </span><span class=\"ff9c\">332,945<span class=\"_ _16c\"> </span>611,041<span class=\"_ _e7\"> </span>45,725<span class=\"_ _9e\"> </span>114,665<span class=\"_ _16c\"> </span>131,624<span class=\"_ _18\"> </span>1,236,000</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>is in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es 4<span class=\"_ _9\"></span>83 r<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>ms (2<span class=\"_ _9\"></span>021: 498) in Pa<span class=\"_ _9\"></span>rk P<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>za We<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tmi<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n, fo<span class=\"_ _9\"></span>r wh<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ws<span class=\"_ _9\"></span>, de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ve<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ne<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me g<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se I<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, we<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s (s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>e 2(k<span class=\"_ _9\"></span>)). T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>roc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s hav<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>en a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r as a v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al li<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y (se<span class=\"_ _9\"></span>e No<span class=\"_ _9\"></span>te 16).2 <span class=\"_ _b\"> </span>Mai<span class=\"_ _9\"></span>nl<span class=\"_ _9\"></span>y inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s a re<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of c<span class=\"_ _9\"></span>.\u00a36<span class=\"_ _9\"></span>4.<span class=\"_ _9\"></span>2 mill<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n fr<span class=\"_ _9\"></span>om Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e, fi<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s and e<span class=\"_ _9\"></span>q<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt t<span class=\"_ _9\"></span>o Pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y &amp; a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>e to t<span class=\"_ _9\"></span>he co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton u<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>il De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>021 an<span class=\"_ _9\"></span>d a re<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of c<span class=\"_ _9\"></span>.\u00a33<span class=\"_ _9\"></span>0.0 m<span class=\"_ _9\"></span>ill<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f Ho<span class=\"_ _9\"></span>tel B<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>i Pul<span class=\"_ _9\"></span>a fr<span class=\"_ _9\"></span>om Pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y &amp; as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n to F<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e, fi<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>uip<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>nd H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l bu<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>gs<span class=\"_ _9\"></span>. Note 5<span class=\"_ _4\"></span> Property,<span class=\"_ _4\"></span> plant and equipment<span class=\"_ _4\"></span> continueda. <span class=\"_\"> </span>For i<span class=\"_ _9\"></span>nf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>ga<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g li<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>s, s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>e 1<span class=\"_ _3\"></span>3.b.<span class=\"_ _4\"></span> Impairment <span class=\"_ _1c\"> </span>I<span class=\"_ _9\"></span>n 2022, t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e wer<span class=\"_ _9\"></span>e no in<span class=\"_ _9\"></span>dic<span class=\"_ _9\"></span>ato<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s for i<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t.c.  Ca<span class=\"_ _9\"></span>pitalised borrowing c<span class=\"_ _4\"></span>osts <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 7 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 2020, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p ente<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a b<span class=\"_ _9\"></span>uil<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o deve<span class=\"_ _9\"></span>lop a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on o<span class=\"_ _9\"></span>n a sit<span class=\"_ _9\"></span>e loc<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d by O<span class=\"_ _9\"></span>ld Str<span class=\"_ _9\"></span>eet<span class=\"_ _9\"></span>, Riv<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n Stre<span class=\"_ _9\"></span>et, Gr<span class=\"_ _9\"></span>eat E<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>n St<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>t and B<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>h Place, Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on EC1<span class=\"_ _4\"></span>, whic<span class=\"_ _9\"></span>h is ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d to b<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>ple<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d in H1 2024 (<span class=\"_ _4\"></span>se<span class=\"_ _9\"></span>e Note 2<span class=\"_ _9\"></span>9c(<span class=\"_ _9\"></span>i)). Th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>mula<span class=\"_ _9\"></span>tive e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e for t<span class=\"_ _9\"></span>his p<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t as a<span class=\"_ _9\"></span>t 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 w<span class=\"_ _9\"></span>as \u00a31<span class=\"_ _4\"></span>25.4 million (<span class=\"_ _9\"></span>2021<span class=\"_ _3\"></span>: \u00a36<span class=\"_ _9\"></span>6.7 millio<span class=\"_ _9\"></span>n). The a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ts c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>ali<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d to th<span class=\"_ _9\"></span>is pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ber 2<span class=\"_ _9\"></span>022 w<span class=\"_ _9\"></span>as \u00a33.<span class=\"_ _9\"></span>5 milli<span class=\"_ _9\"></span>on (20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>: \u00a31<span class=\"_ _3\"></span>.<span class=\"_ _9\"></span>3 milli<span class=\"_ _9\"></span>on). Th<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>te us<span class=\"_ _9\"></span>ed to d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s eli<span class=\"_ _9\"></span>gib<span class=\"_ _9\"></span>le fo<span class=\"_ _9\"></span>r ca<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n wa<span class=\"_ _9\"></span>s Son<span class=\"_ _9\"></span>ia +<span class=\"_ _4\"></span>3.6<span class=\"_ _4\"></span>7%, wh<span class=\"_ _9\"></span>ich i<span class=\"_ _9\"></span>s the e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st ra<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>cif<span class=\"_ _9\"></span>ic b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing.Note 6<span class=\"_ _4\"></span> Inv<span class=\"_ _4\"></span>estment in joint<span class=\"_ _4\"></span> ventures<span class=\"_ _4\"></span> and subsidiaries with significant non-<span class=\"_ _9\"></span>controlling interestsa. <span class=\"_\"> </span>Inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t in j<span class=\"_ _9\"></span>oi<span class=\"_ _9\"></span>nt ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>esA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s5,573<span class=\"_ _ce\"> </span><span class=\"ff9c\">5,222</span>Sha<span class=\"_ _9\"></span>re of ne<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y me<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>od<span class=\"_ _205\"> </span><span class=\"ff9b\">(612)<span class=\"_ _126\"> </span></span>(907)Investment in join<span class=\"_ _4\"></span>t ventures<span class=\"_ _206\"> </span><span class=\"ff9b ls2 ws5\">4,961<span class=\"_ _ce\"> </span><span class=\"ff9c\">4,315</span></span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e lo<span class=\"_ _9\"></span>ans t<span class=\"_ _9\"></span>o jo<span class=\"_ _9\"></span>int v<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s a Eur<span class=\"_ _9\"></span>o lo<span class=\"_ _9\"></span>an b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g an i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of Eur<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>r +<span class=\"_ _4\"></span>2.5% p<span class=\"_ _9\"></span>er a<span class=\"_ _9\"></span>nn<span class=\"_ _9\"></span>um, fo<span class=\"_ _9\"></span>r w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s du<span class=\"_ _9\"></span>e on 13 Jan<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2024. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e in ne<span class=\"_ _9\"></span>t prof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to \u00a3<span class=\"_ _9\"></span>202 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd (2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>: ne<span class=\"_ _9\"></span>t los<span class=\"_ _9\"></span>s of \u00a3<span class=\"_ _9\"></span>71<span class=\"_ _3\"></span>8 t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>). b.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Sum<span class=\"_ _9\"></span>marised financia<span class=\"_ _9\"></span>l information of<span class=\"_ _4\"></span> subsidiar<span class=\"_ _9\"></span>y with material non-controlling interest<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>(i) <span class=\"_\"> </span>Long<span class=\"_ _9\"></span>-term<span class=\"_ _4\"></span> partnership for<span class=\"_ _4\"></span> 49%<span class=\"_ _4\"></span> of P<span class=\"_ _4\"></span>ark Pl<span class=\"_ _4\"></span>aza London<span class=\"_ _4\"></span> Riverb<span class=\"_ _4\"></span>ank and art\u2019<span class=\"_ _4\"></span>otel<span class=\"_ _4\"></span> London H<span class=\"_ _4\"></span>oxton<span class=\"_ _4\"></span> development<span class=\"_ _4\"></span> project <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 23 Ju<span class=\"_ _9\"></span>ne 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>, a wh<span class=\"_ _9\"></span>oll<span class=\"_ _9\"></span>y own<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _1\"></span>y of PPHE Hot<span class=\"_ _9\"></span>el Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>red i<span class=\"_ _9\"></span>nto a s<span class=\"_ _9\"></span>ale a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th Cl<span class=\"_ _9\"></span>al Ins<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce (\u2018Cla<span class=\"_ _9\"></span>l\u2019<span class=\"_ _9\"></span>), one of Is<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ael\u2019s lea<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce an<span class=\"_ _9\"></span>d lon<span class=\"_ _9\"></span>g-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m s<span class=\"_ _9\"></span>avi<span class=\"_ _9\"></span>ngs c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>ani<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. As p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>t of thi<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t, Clal b<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>me a min<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>r an<span class=\"_ _9\"></span>d own<span class=\"_ _9\"></span>er of 49% o<span class=\"_ _9\"></span>f the s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>res of S<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>re T<span class=\"_ _4\"></span>op Ltd, a w<span class=\"_ _9\"></span>holl<span class=\"_ _9\"></span>y ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d sub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up (\u2018<span class=\"_ _9\"></span>Sig<span class=\"_ _9\"></span>nat<span class=\"_ _9\"></span>ure T<span class=\"_ _4\"></span>op\u2019) wh<span class=\"_ _9\"></span>ich i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>irec<span class=\"_ _1\"></span>tly h<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e real e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>te an<span class=\"_ _9\"></span>d op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons of b<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e 64<span class=\"_ _9\"></span>6<span class=\"_ _9\"></span>-r<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>m Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on R<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>rb<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k (\u2018Ri<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d the 3<span class=\"_ _9\"></span>43<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>roo<span class=\"_ _9\"></span>m ar<span class=\"_ _1\"></span>t\u2019otel L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n dev<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent p<span class=\"_ _9\"></span>roj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t (\u2018<span class=\"_ _9\"></span>Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n\u2019), w<span class=\"_ _9\"></span>hich i<span class=\"_ _9\"></span>s sc<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>dul<span class=\"_ _9\"></span>ed to o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>n in 2<span class=\"_ _9\"></span>024. As p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d a 20<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>year ho<span class=\"_ _9\"></span>tel ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of b<span class=\"_ _9\"></span>oth h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-43-2": {
   "value": "Note 7 Other non-current assetsa.  Non-current financial assetsAs at 31 December2022  2021  \u00a3\u2019000\u00a3\u20190001Income Units in Park Plaza County Hall London  16,100 15,800Rent security deposits 358 346Derivative financial instruments (see note 30a) 30,539 \u2013Other non-current assets 248 24047,245 16,3861  On 14 July 2017, the Group acquired an ownership interest in Park Plaza County Hall London through its purchase of 44 aparthotel units and the associated shares in the management company of the hotel, South Bank Hotel Management Company Limited. The purchase price was \u00a316.0 million. In October 2017, an additional two units were purchased for \u00a30.7 million. Upon initial recognition, the investment was designated in the consolidated financial statements at fair value through profit and loss. In return for the consideration paid, the Company receives 999 years of net income from specific revenue-generating units of the hotel (contractual right to a stream of future cash flows). This investment is managed and its performance is evaluated by the Group management on a fair value basis in accordance with the Group investment strategy. As the cash flows from this investment are not solely payments of principal and interest, under IFRS 9 the investment is classified and measured at fair value through profit or loss. The fair value of the Income Units as of the reporting date was \u00a316.1 million based on an independent valuation prepared by Savills using a cap rate of 6.25%. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-43-3": {
   "value": "Note 7 Other non-current assetsa.  Non-current financial assetsAs at 31 December2022  2021  \u00a3\u2019000\u00a3\u20190001Income Units in Park Plaza County Hall London  16,100 15,800Rent security deposits 358 346Derivative financial instruments (see note 30a) 30,539 \u2013Other non-current assets 248 24047,245 16,3861  On 14 July 2017, the Group acquired an ownership interest in Park Plaza County Hall London through its purchase of 44 aparthotel units and the associated shares in the management company of the hotel, South Bank Hotel Management Company Limited. The purchase price was \u00a316.0 million. In October 2017, an additional two units were purchased for \u00a30.7 million. Upon initial recognition, the investment was designated in the consolidated financial statements at fair value through profit and loss. In return for the consideration paid, the Company receives 999 years of net income from specific revenue-generating units of the hotel (contractual right to a stream of future cash flows). This investment is managed and its performance is evaluated by the Group management on a fair value basis in accordance with the Group investment strategy. As the cash flows from this investment are not solely payments of principal and interest, under IFRS 9 the investment is classified and measured at fair value through profit or loss. The fair value of the Income Units as of the reporting date was \u00a316.1 million based on an independent valuation prepared by Savills using a cap rate of 6.25%. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-44-2": {
   "value": "No<span class=\"_ _9\"></span>te 8 T<span class=\"_ _4\"></span>ra<span class=\"_ _9\"></span>de r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>esa. Composition:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21<span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000T<span class=\"_ _3\"></span>rade receivables<span class=\"_ _218\"> </span><span class=\"ff9b ls2 ws5\">19,214<span class=\"_ _ce\"> </span><span class=\"ff9c\">7,701</span></span>Le<span class=\"_ _9\"></span>ss \u2013 al<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for d<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ul de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s <span class=\"_ _12\"> </span><span class=\"ff9b\">(681)<span class=\"_ _9d\"> </span></span>(890)18,533<span class=\"_ _ce\"> </span><span class=\"ff9c\">6,811</span> <span class=\"_ _1c\"> </span>T<span class=\"_ _4\"></span>ra<span class=\"_ _9\"></span>de r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s are n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s polic<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>s an ave<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge of 3<span class=\"_ _9\"></span>0 day<span class=\"_ _9\"></span>s\u2019 pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s.b.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Movements in the allowance<span class=\"_ _4\"></span> for doubtful accounts were as<span class=\"_ _4\"></span> follows:2022 <span class=\"_ _3\"></span> \u00a3\u2019<span class=\"_ _4\"></span>000A<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2022<span class=\"_ _219\"> </span>(890) Wri<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>of<span class=\"_ _1\"></span>f<span class=\"_ _21a\"> </span><span class=\"ff9b ls2 ws5\">320</span>Additions<span class=\"_ _21b\"> </span><span class=\"ff9b ls2 ws5\">(85)</span>Exchange rate differences<span class=\"_ _21c\"> </span><span class=\"ff9b ls2 ws5\">(26)</span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022<span class=\"_ _21d\"> </span>(681)A<span class=\"_ _9\"></span>s at 1 Jan<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2021<span class=\"_ _21e\"> </span>(704) Wri<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>of<span class=\"_ _1\"></span>f<span class=\"_ _21f\"> </span><span class=\"ls2 ws5\">45</span>Additions<span class=\"_ _220\"> </span><span class=\"ls2 ws5\">(265)</span>Exchange rate differences<span class=\"_ _221\"> </span><span class=\"ls2 ws5\">34</span>A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2021<span class=\"_ _222\"> </span>(890)Note 8<span class=\"_ _4\"></span> T<span class=\"_ _3\"></span>rade receivables<span class=\"_ _4\"></span> continuedc. <span class=\"_ _7\"> </span>A<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>t 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, the a<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g an<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>s as f<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s:Pa<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ue No<span class=\"_ _9\"></span>t pa<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t &lt; 30 <span class=\"_ _3\"></span> 31 to 60 6<span class=\"_ _4\"></span>1 to 90 &gt; 90 <span class=\"_ _3\"></span> To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>due <span class=\"_ _a\"></span><span class=\"ls2 ws5\"> </span>days<span class=\"_ _4\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>days<span class=\"_ _4\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>days<span class=\"_ _4\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>days<span class=\"_ _4\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>2022\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000T<span class=\"_ _3\"></span>rade receivables<span class=\"_ _201\"> </span><span class=\"ff9b ls2 ws5\">19,214<span class=\"_ _c7\"> </span>8,824<span class=\"_ _180\"> </span>7,633<span class=\"_ _180\"> </span>1,317<span class=\"_ _19d\"> </span>474<span class=\"_ _19d\"> </span>966</span>All<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or d<span class=\"_ _9\"></span>oub<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>fu<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s <span class=\"_ _1fb\"> </span><span class=\"ff9b\">(681)<span class=\"_ _223\"> </span>(681)</span>18,533<span class=\"_ _180\"> </span>8,824<span class=\"_ _180\"> </span>7,633<span class=\"_ _180\"> </span>1,317<span class=\"_ _19d\"> </span>474<span class=\"_ _19d\"> </span>285Past dueNot p<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t &lt; 30 <span class=\"_ _4\"></span> 31 to 60 <span class=\"_ _4\"></span> 6<span class=\"_ _4\"></span>1 to 90 <span class=\"_ _3\"></span> &gt; 90 <span class=\"_ _4\"></span> To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>du<span class=\"_ _9\"></span>e <span class=\"_ _3\"></span> day<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> day<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> day<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> day<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000T<span class=\"_ _3\"></span>rade receivables<span class=\"_ _148\"> </span><span class=\"ls2 ws5\">7,701<span class=\"_ _ce\"> </span>4,326<span class=\"_ _ce\"> </span>1,691<span class=\"_ _46\"> </span>636<span class=\"_ _4e\"> </span>118<span class=\"_ _4e\"> </span>930</span>All<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or d<span class=\"_ _9\"></span>oub<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>fu<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s <span class=\"_ _224\"> </span>(890)<span class=\"_ _95\"> </span>(890)6,811<span class=\"_ _ce\"> </span>4,326<span class=\"_ _ce\"> </span>1,691<span class=\"_ _4e\"> </span>636<span class=\"_ _46\"> </span>118<span class=\"_ _1ae\"> </span>40No<span class=\"_ _9\"></span>te 9 O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d p<span class=\"_ _9\"></span>rep<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Prepaid ex<span class=\"_ _9\"></span>pen<span class=\"_ _9\"></span>ses<span class=\"_ _225\"> </span><span class=\"ff9b ls2 ws5\">7,296<span class=\"_ _ce\"> </span><span class=\"ff9c\">5,352</span></span>VAT<span class=\"_ _207\"> </span><span class=\"ff9b ls2 ws5\">4,706<span class=\"_ _ce\"> </span><span class=\"ff9c\">6,686</span></span>1Related par<span class=\"_ _9\"></span>ties100<span class=\"_ _48\"> </span><span class=\"ff9c\">56</span>Gove<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s<span class=\"_ _226\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _ce\"> </span></span>6,285Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies<span class=\"_ _227\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _48\"> </span></span>222Esc<span class=\"_ _9\"></span>row account4,666<span class=\"_ _1ac\"> </span><span class=\"ff9c\">\u2013</span>Othe<span class=\"_ _9\"></span>rs<span class=\"_ _1d1\"> </span><span class=\"ff9b ls2 ws5\">1,098<span class=\"_ _ce\"> </span><span class=\"ff9c\">1,056</span></span>17,866<span class=\"_ _98\"> </span><span class=\"ff9c\">19,457</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt ow<span class=\"_ _9\"></span>ed b<span class=\"_ _9\"></span>y rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s bea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s no in<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>; se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 29.2 <span class=\"_ _b\"> </span>Fun<span class=\"_ _9\"></span>ds f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of 12 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>er B<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on u<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>ts t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t we<span class=\"_ _9\"></span>re tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o an e<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>w acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>. Af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d, t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>cq<span class=\"_ _9\"></span>uis<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n wa<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>nal<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ed.<span class=\"_ _9\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-47-2": {
   "value": "Note 10 Cash and cash equivalents Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-48-2": {
   "value": "Note 11 Equitya.  Share capital  The authorised share capital of the Company is represented by an unlimited number of ordinary shares with no par value.  As at 31 December 2022, the number of ordinary shares issued was 44,347,410 (2021: 44,347,410), 1,909,042 of which were held as treasury shares (2021: 1,808,070).   The Company\u2019s shares are admitted to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange.b.  Treasury shares  During 2022, the Company issued 56,165 of its ordinary shares from its treasury account for no consideration in order to satisfy an exercise of options. As a result, \u00a3108 thousand were transferred from the treasury account to the share premium account. Note 11 Equity continued  On 28 June 2022, the Company\u2019s Board of Directors approved the commencement of a share buy-back programme to buy up to a maximum of 300,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a31.7 million. On 18 November 2022, this share buy-back programme was further extended to buy up to a maximum of 500,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a33.7 million. As at 31 December 2022, the Company completed a purchase of 157,137 shares under this programme for a total consideration of \u00a32,098 thousand, representing an average price of 1,350 pence per share.   The total number of treasury shares as at 31 December 2022 is 1,909,042 (2021: 1,808,070). c.  Nature and purpose of reserves  Foreign currency translation reserve  The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign operations.   Hedging reserve  This reserve comprises the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-48-3": {
   "value": "Note 11 Equitya.  Share capital  The authorised share capital of the Company is represented by an unlimited number of ordinary shares with no par value.  As at 31 December 2022, the number of ordinary shares issued was 44,347,410 (2021: 44,347,410), 1,909,042 of which were held as treasury shares (2021: 1,808,070).   The Company\u2019s shares are admitted to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange.b.  Treasury shares  During 2022, the Company issued 56,165 of its ordinary shares from its treasury account for no consideration in order to satisfy an exercise of options. As a result, \u00a3108 thousand were transferred from the treasury account to the share premium account. Note 11 Equity continued  On 28 June 2022, the Company\u2019s Board of Directors approved the commencement of a share buy-back programme to buy up to a maximum of 300,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a31.7 million. On 18 November 2022, this share buy-back programme was further extended to buy up to a maximum of 500,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a33.7 million. As at 31 December 2022, the Company completed a purchase of 157,137 shares under this programme for a total consideration of \u00a32,098 thousand, representing an average price of 1,350 pence per share.   The total number of treasury shares as at 31 December 2022 is 1,909,042 (2021: 1,808,070). c.  Nature and purpose of reserves  Foreign currency translation reserve  The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign operations.   Hedging reserve  This reserve comprises the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-48-4": {
   "value": "Note 11 Equitya.  Share capital  The authorised share capital of the Company is represented by an unlimited number of ordinary shares with no par value.  As at 31 December 2022, the number of ordinary shares issued was 44,347,410 (2021: 44,347,410), 1,909,042 of which were held as treasury shares (2021: 1,808,070).   The Company\u2019s shares are admitted to the Premium Listing segment of the Official List of the UK Listing Authority and to trading on the Main Market for listed securities of the London Stock Exchange.b.  Treasury shares  During 2022, the Company issued 56,165 of its ordinary shares from its treasury account for no consideration in order to satisfy an exercise of options. As a result, \u00a3108 thousand were transferred from the treasury account to the share premium account. Note 11 Equity continued  On 28 June 2022, the Company\u2019s Board of Directors approved the commencement of a share buy-back programme to buy up to a maximum of 300,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a31.7 million. On 18 November 2022, this share buy-back programme was further extended to buy up to a maximum of 500,000 ordinary shares for an aggregate consideration (excluding expenses) of up to a maximum of \u00a33.7 million. As at 31 December 2022, the Company completed a purchase of 157,137 shares under this programme for a total consideration of \u00a32,098 thousand, representing an average price of 1,350 pence per share.   The total number of treasury shares as at 31 December 2022 is 1,909,042 (2021: 1,808,070). c.  Nature and purpose of reserves  Foreign currency translation reserve  The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign operations.   Hedging reserve  This reserve comprises the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-50-2": {
   "value": "Note 12 Share-based paymentsThe Company operates two option plans for the benefits of employees of the Group, the first was adopted in 2007 and the second was adopted in 2020.2007 Option PlanThe 2007 Plan has two types of options: Option A and Option B. The exercise price of both options will not be less than the closing price of a share on the dealing day immediately preceding the grant date (as published in the Daily Official List of the London Stock Exchange). Option A vests over a period of three years from the grant date and Option B vests at the end of three years from the grant date. Unexercised options expire ten years after the grant date. The plan does not include any performance conditions. As at 31 December 2022, there were 220,500 exercisable options outstanding under the 2007 Option Plan. These options were granted to employees of the Company in past years. No further grants can be made under this plan.2020 PPHE Executive Share Option PlanThe Board has adopted a \u20182020 PPHE Executive Share Option Plan\u2019, under which employees of the Company and its subsidiaries receive remuneration in the form of share-based compensation. The plan has the following principal terms: a.  The plan has four types of options:  \u2013 Option A: market value options \u2013 options that are linked to the market value of the shares in the Company.  \u2013 Option B: salary related options \u2013 whereby employees agree to a reduction in their base salary in exchange for the right to acquire shares at nil-cost. These options normally vest after 12 months subject to an additional six-month holding period.  \u2013 Option C: deferred bonus awards \u2013 allowing the award of the number of shares determined by the Remuneration Committee in lieu of some or all of the annual bonus. \u2013 Option D: performance share awards \u2013 options which are granted subject to specified performance targets. Notwithstanding the extent to which any performance target is satisfied, the number of vested award shares may be reduced by the Committee to ensure that the number of vested award shares is appropriate taking into account the underlying business performance of the\ue61fGroup.  These awards are subject to the rules of the PPHE Executive Incentive Plan 2020 which may include: long-term vesting periods prescribed by the Committee upon grant; good-leaver and bad-leaver provisions allowing the Committee to exercise discretion as\ue61fto when it might be appropriate for an award to vest in spite of the relevant employee leaving the Group; post vesting holding periods determined by the Committee at the time of the award; performance conditions; and share capital dilution limits. The plan allows dividends or dividend equivalents to accrue, subject to the Committee\u2019s discretion. Note 12 Share-based payments continuedb.  At any time, the total number of shares issued and/or available for grant (in a ten-year period) under the 2007 Share Option Plan, the\ue61f2020 PPHE Executive Incentive Plan and under any other employee share scheme which the Company may establish in the future\ue61fmay not exceed 5% of the Company\u2019s issued share capital at that time.c.  In June 2022, the Remuneration Committee approved a Long-Term Incentive Plan (\u201cLTIP\u201d) conditional grant of  93,000 options with a nil exercise price (Option D under the 2020 Option Plan). The grant is subject to performance conditions determined by the Remuneration Committee in accordance with the 2020 Option plan rules and the company\u2019s Remuneration Policy and has a vesting period of 36 months starting 1 January 2022 with a 24 months holding period. Furthermore, the Remuneration Committee approved an annual bonus plan for 2022 which included an award to members of the Executive Leadership Team of 99,000 options with a nil exercise price (Option C under the 2020 Option Plan). This award was subject to certain performance criteria which have been met for 2022. Those options have an immediate vesting and are subject to a holding period of 12 months post grant.    The following lists the inputs to the binomial model used for the fair value measurement of the 93,000 options granted: Dividend yield  1.0%Expected volatility of the share prices  45.58%Risk-free interest rate  1.9327%Expected life of share options  5 yearsWeighted average share price at the grant date  1,455.0 penceFair value per option 1,398.0 pence  The following lists the inputs to the binomial model used for the fair value measurement of the 99,000 options: Dividend yield  1.0%Expected volatility of the share prices  45.58%Risk-free interest rate  1.9327%Expected life of share options  3 yearsWeighted average share price at the grant date  1,455.0 penceFair value per option 1,440.0 pence  The expected life of the share options is based on historical data, current expectations and empirical data. It is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility of similar listed companies over a period similar to the life of the options is indicative of future trends, which may not be reflective of the actual outcome.d.  The expense arising from equity-settled share-based payment transactions during 2022 was \u00a31,965 thousand (2021: \u00a31,085 thousand). Total exercisable options at 31 December 2022 amounted to 150,223 (2021: 69,867).Note 12 Share-based payments continuedMovements during the yearThe following table illustrates the number (No.) and weighted average exercise prices (EP) of, and movements in, share options during 2021 and 2022: No. of No. of No. of No. of No. of options A options A options B options C options D (2007  (2020  (2020  (2020  (2020  Option Plan)Option Plan)Option Plan)Option Plan)Option Plan) EPOutstanding as at 1 January 2022 265,500 250,500 69,867 \u2013 \u2013 \u00a310.51Options forfeited during the year \u2013 (23,500) \u2013 \u2013 \u2013 \u00a313.00Options exercised in the year (45,000) \u2013 (18,644) \u2013 \u2013 \u00a31.65Options granted during the year \u2013 \u2013 \u2013 99,000 93,000 \u2013Outstanding as at 31 December 2022 220,500 227,000 51,223 99,000 93,000 \u00a38.32Outstanding as at 1 January 2021 412,290 714,000 70,706 \u2013 \u2013 \u00a311.05Options forfeited during the year (25,000) (13,500) (839) \u2013 \u2013 \u00a313.55Options exercised in the year (121,790) \u2013 \u2013 \u2013 \u2013 \u00a35.701Options voluntarily waived\u2013 (450,000) \u2013 \u2013 \u2013 13.00Outstanding as at 31 December 2021 265,500 250,500 69,867 \u2013 \u2013 \u00a310.511  In 2021, a few of the Group\u2019s employees agreed to voluntarily waive their rights in connection with the grant of 450,000 options in October 2020 given the underlying requirements of the NOW scheme issued in the Netherlands.2  The options exercised in the year were cashless, as described in note 11.As at 31 December 2022, the number of exercisable options was 370,723 (2021: 335,367) with an EP of \u00a37.54 (2021: \u00a38.64).The weighted average remaining contractual life for the share options outstanding as at 31 December 2022 is 7.3 years (2021: 7.2 years).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-53-2": {
   "value": "No<span class=\"_ _9\"></span>te 13 Pled<span class=\"_ _9\"></span>ges<span class=\"_ _9\"></span>, co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>nt l<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts a. <span class=\"_ _8\"> </span>Pl<span class=\"_ _4\"></span>edges, colla<span class=\"_ _4\"></span>teral and<span class=\"_ _4\"></span> securities <span class=\"_ _1c\"> </span>S<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly all of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s ass<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d all of t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>nec<span class=\"_ _1\"></span>ted o<span class=\"_ _9\"></span>r rela<span class=\"_ _9\"></span>ted t<span class=\"_ _9\"></span>o the o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>ip of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s of su<span class=\"_ _9\"></span>bsi<span class=\"_ _9\"></span>dia<span class=\"_ _9\"></span>rie<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s) ar<span class=\"_ _9\"></span>e ple<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n favo<span class=\"_ _9\"></span>ur of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns as s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y f<span class=\"_ _9\"></span>or lo<span class=\"_ _9\"></span>ans r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d. For m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>ns, s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>fic a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ple<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>. b. <span class=\"_ _6\"> </span>R<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh <span class=\"_ _1c\"> </span>U<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y agre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ds n<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d to be h<span class=\"_ _9\"></span>eld i<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice f<span class=\"_ _9\"></span>or a su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uen<span class=\"_ _9\"></span>t pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he tot<span class=\"_ _9\"></span>al d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt to \u00a31<span class=\"_ _4\"></span>8.5 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d are p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nted a<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s.c. Commitments <span class=\"_ _1c\"> </span>(i) <span class=\"_\"> </span>Management and<span class=\"_ _4\"></span> fr<span class=\"_ _4\"></span>anchise<span class=\"_ _4\"></span> agr<span class=\"_ _4\"></span>eements1<span class=\"_ _4\"></span>. <span class=\"_ _7\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a T<span class=\"_ _4\"></span>er<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ial L<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e Agre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>Mas<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>) w<span class=\"_ _9\"></span>ith R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n Hote<span class=\"_ _9\"></span>l Gro<span class=\"_ _9\"></span>up (\u2018R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n\u2019). \u00aeUn<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he M<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ter A<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p, among o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>s gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>n excl<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ve lic<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e to us<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d \u2018Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>zaHote<span class=\"_ _9\"></span>ls\ue61f&amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s\u2019 in 5<span class=\"_ _9\"></span>6 ter<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>rie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut Eu<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>e, the M<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>dle E<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t and A<span class=\"_ _9\"></span>fr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a in p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>etu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>T<span class=\"_ _3\"></span>e<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>).  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Ma<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ter Ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt al<span class=\"_ _9\"></span>so all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p to us<span class=\"_ _9\"></span>e, and li<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>se ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to us<span class=\"_ _9\"></span>e, the Ra<span class=\"_ _9\"></span>dis<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>on s<span class=\"_ _9\"></span>ys<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ms wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e T<span class=\"_ _3\"></span>e<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h ri<span class=\"_ _9\"></span>ght i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>ght to u<span class=\"_ _9\"></span>til<span class=\"_ _9\"></span>ise t<span class=\"_ _9\"></span>he R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>on s<span class=\"_ _9\"></span>ys<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ms\u2019 i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ketin<span class=\"_ _9\"></span>g and r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vati<span class=\"_ _9\"></span>ons f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r pro<span class=\"_ _9\"></span>mot<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nal as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nce. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup p<span class=\"_ _9\"></span>ays R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>on a f<span class=\"_ _9\"></span>ee b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ge of t<span class=\"_ _9\"></span>he ho<span class=\"_ _9\"></span>tels\u2019 g<span class=\"_ _9\"></span>ros<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>oom r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue.2. <span class=\"_\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>els w<span class=\"_ _9\"></span>ere g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up a li<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>ce all<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em to u<span class=\"_ _9\"></span>se, \u00ae\u00aeth<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of th<span class=\"_ _9\"></span>e mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the \u2018<span class=\"_ _9\"></span>Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za Hote<span class=\"_ _9\"></span>ls &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s\u2019 an<span class=\"_ _9\"></span>d \u2018<span class=\"_ _4\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel\u2019 br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>es.Note 1<span class=\"_ _3\"></span>3 Pledges,<span class=\"_ _4\"></span> contingent liabilities and c<span class=\"_ _4\"></span>ommitment<span class=\"_ _9\"></span>s c<span class=\"_ _4\"></span>ontinued <span class=\"_ _1c\"> </span>(ii) <span class=\"_ _9\"></span>Construc<span class=\"_ _9\"></span>tion<span class=\"_ _4\"></span> contract commitment <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>ad c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mmit<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g to \u00a381 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evel<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>ox<span class=\"_ _9\"></span>ton a<span class=\"_ _9\"></span>nd \u00a3<span class=\"_ _9\"></span>9 millio<span class=\"_ _9\"></span>n fo<span class=\"_ _9\"></span>r the r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bis<span class=\"_ _9\"></span>hm<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f Lon<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>a &amp; C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ill Hot<span class=\"_ _9\"></span>el in Ro<span class=\"_ _9\"></span>me, It<span class=\"_ _9\"></span>aly. <span class=\"_ _115\"> </span>(iii)<span class=\"_ _4\"></span> Guarant<span class=\"_ _4\"></span>ees1<span class=\"_ _4\"></span>. <span class=\"_ _7\"> </span>I<span class=\"_ _9\"></span>n Janu<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y 201<span class=\"_ _3\"></span>3, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny so<span class=\"_ _9\"></span>ld to Re<span class=\"_ _9\"></span>d Se<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed (\u2018<span class=\"_ _9\"></span>Red S<span class=\"_ _9\"></span>ea\u2019<span class=\"_ _9\"></span>) all of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any<span class=\"_ _9\"></span>\u2019s share<span class=\"_ _9\"></span>s in i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>, Len<span class=\"_ _9\"></span>o Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e Lim<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d (\u2018L<span class=\"_ _9\"></span>eno\u2019<span class=\"_ _9\"></span>), th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d an i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ite i<span class=\"_ _9\"></span>n Pat<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>aya, T<span class=\"_ _9\"></span>haila<span class=\"_ _9\"></span>nd (t<span class=\"_ _9\"></span>he \u2018Pro<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t\u2019<span class=\"_ _9\"></span>), and c<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>n rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les, f<span class=\"_ _9\"></span>or a tot<span class=\"_ _9\"></span>al c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on of T<span class=\"_ _9\"></span>hai Ba<span class=\"_ _9\"></span>ht 6<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 millio<span class=\"_ _9\"></span>n.     Un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he Un<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d Ove<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>sea<span class=\"_ _9\"></span>s Ban<span class=\"_ _9\"></span>k (UO<span class=\"_ _9\"></span>B) cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e Proje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t, t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any i<span class=\"_ _9\"></span>s ob<span class=\"_ _9\"></span>lige<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>de ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>t in t<span class=\"_ _9\"></span>he eve<span class=\"_ _9\"></span>nt of a co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t over<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>un o<span class=\"_ _9\"></span>r fu<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ll in re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion to t<span class=\"_ _9\"></span>he P<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t, to s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of un<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>r fee<span class=\"_ _9\"></span>s unt<span class=\"_ _9\"></span>il co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he Pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d, in cer<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>ain ci<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>ums<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ces, m<span class=\"_ _9\"></span>ay be re<span class=\"_ _9\"></span>q<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>d apa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he Pr<span class=\"_ _9\"></span>ojec<span class=\"_ _1\"></span>t for a ma<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m of T<span class=\"_ _9\"></span>hai Ba<span class=\"_ _9\"></span>ht 60<span class=\"_ _9\"></span>0 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n to fu<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>ny amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the U<span class=\"_ _9\"></span>OB c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>too<span class=\"_ _9\"></span>k to ta<span class=\"_ _9\"></span>ke all ne<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he com<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>etio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he Pro<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t as pla<span class=\"_ _9\"></span>nne<span class=\"_ _9\"></span>d. Re<span class=\"_ _9\"></span>d Se<span class=\"_ _9\"></span>a has ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d to i<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>mni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nuin<span class=\"_ _9\"></span>g ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns (exce<span class=\"_ _9\"></span>pt for t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion to p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>d ap<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s af<span class=\"_ _1\"></span>ter co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s a con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>uing e<span class=\"_ _9\"></span>vent o<span class=\"_ _9\"></span>f def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t) a<span class=\"_ _9\"></span>nd as se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y Red S<span class=\"_ _9\"></span>ea ha<span class=\"_ _9\"></span>s ple<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es he<span class=\"_ _9\"></span>ld by i<span class=\"_ _9\"></span>t in Bal<span class=\"_ _9\"></span>i Hai Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed (t<span class=\"_ _9\"></span>he T<span class=\"_ _9\"></span>hai s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f Len<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>at ow<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d deve<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ps t<span class=\"_ _9\"></span>he Pro<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>) (\u2018<span class=\"_ _9\"></span>Bali Ha<span class=\"_ _9\"></span>i\u2019) a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>iliat<span class=\"_ _9\"></span>ed T<span class=\"_ _9\"></span>hai co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ani<span class=\"_ _9\"></span>es.     Th<span class=\"_ _9\"></span>e sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sor s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>h UO<span class=\"_ _9\"></span>B pro<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any s<span class=\"_ _9\"></span>hall m<span class=\"_ _9\"></span>aint<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n a net g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io (t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>atio o<span class=\"_ _9\"></span>f (i<span class=\"_ _9\"></span>) any int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>bte<span class=\"_ _9\"></span>dn<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s owe<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ins<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>r und<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s any c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es or ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s mai<span class=\"_ _9\"></span>nta<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any) to (<span class=\"_ _9\"></span>ii) i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ta<span class=\"_ _9\"></span>ngi<span class=\"_ _9\"></span>ble n<span class=\"_ _9\"></span>et wor<span class=\"_ _1\"></span>th (t<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>al ta<span class=\"_ _9\"></span>ngi<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s all ex<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>nal liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f mon<span class=\"_ _9\"></span>ey bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>d or r<span class=\"_ _9\"></span>ais<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny) not ex<span class=\"_ _9\"></span>cee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g 3:<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>. As a<span class=\"_ _9\"></span>t 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany wa<span class=\"_ _9\"></span>s in co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ianc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he afo<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d coven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.      Th<span class=\"_ _9\"></span>e Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d pla<span class=\"_ _9\"></span>nni<span class=\"_ _9\"></span>ng is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd as a r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n hal<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ce 201<span class=\"_ _4\"></span>6, the<span class=\"_ _9\"></span>re is no c<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he pla<span class=\"_ _9\"></span>nni<span class=\"_ _9\"></span>ng is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>ill be r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>olve<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d it is p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>hat Ba<span class=\"_ _9\"></span>li Hai w<span class=\"_ _9\"></span>ill go i<span class=\"_ _9\"></span>nto li<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>f su<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>n ap<span class=\"_ _9\"></span>plic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s fil<span class=\"_ _9\"></span>ed by i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s. U<span class=\"_ _9\"></span>OB ha<span class=\"_ _9\"></span>s se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>red j<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>gme<span class=\"_ _9\"></span>nt ag<span class=\"_ _9\"></span>ains<span class=\"_ _9\"></span>t B<span class=\"_ _9\"></span>ali Hai f<span class=\"_ _9\"></span>or re<span class=\"_ _9\"></span>pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>nd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t and a f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t mor<span class=\"_ _1\"></span>tga<span class=\"_ _9\"></span>ge ove<span class=\"_ _9\"></span>r the Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>, and w<span class=\"_ _9\"></span>ill b<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>itl<span class=\"_ _9\"></span>ed to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds of s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h a sal<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d app<span class=\"_ _9\"></span>ly to l<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>te Bali H<span class=\"_ _9\"></span>ai for a<span class=\"_ _9\"></span>ny sh<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ll.     Du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng 201<span class=\"_ _4\"></span>8, UOB ha<span class=\"_ _9\"></span>s mad<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>d of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any fo<span class=\"_ _9\"></span>r cer<span class=\"_ _1\"></span>ta<span class=\"_ _9\"></span>in int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t it co<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s is ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng. T<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o UOB a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s dem<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ds. T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany i<span class=\"_ _9\"></span>s wor<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>y wit<span class=\"_ _9\"></span>h Re<span class=\"_ _9\"></span>d Sea to r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ute U<span class=\"_ _9\"></span>OB\u2019s de<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>ds (<span class=\"_ _9\"></span>in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of any li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any w<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>nef<span class=\"_ _9\"></span>it f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he Re<span class=\"_ _9\"></span>d Se<span class=\"_ _9\"></span>a ind<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>y). Th<span class=\"_ _9\"></span>ere w<span class=\"_ _9\"></span>ere a c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ple of a<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>mpt<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>eac<span class=\"_ _9\"></span>h a com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>omi<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2018 and 201<span class=\"_ _4\"></span>9 whic<span class=\"_ _9\"></span>h have no<span class=\"_ _9\"></span>t mate<span class=\"_ _9\"></span>ria<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>ed. T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany h<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>n\u2019t hear<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om Uo<span class=\"_ _9\"></span>B sin<span class=\"_ _9\"></span>ce t<span class=\"_ _9\"></span>hen.     A<span class=\"_ _9\"></span>s bef<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to be<span class=\"_ _9\"></span>lieve t<span class=\"_ _9\"></span>hat<span class=\"_ _9\"></span>, give<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Red S<span class=\"_ _9\"></span>ea in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>mni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in f<span class=\"_ _9\"></span>avou<span class=\"_ _9\"></span>r of th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>, it is not p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>hat any ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>low of r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>our<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>s emb<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng ec<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>omic b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s will b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e the o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny un<span class=\"_ _9\"></span>der th<span class=\"_ _9\"></span>e sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sor s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>ch n<span class=\"_ _9\"></span>o prov<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>on ha<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.2.  T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tee<span class=\"_ _9\"></span>s pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he \u20ac1<span class=\"_ _4\"></span>0.<span class=\"_ _4\"></span>7 milli<span class=\"_ _9\"></span>on (\u00a39<span class=\"_ _4\"></span>.3 milli<span class=\"_ _9\"></span>on) f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y gr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nted b<span class=\"_ _9\"></span>y Deu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>he Hy<span class=\"_ _9\"></span>pot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>kenb<span class=\"_ _9\"></span>ank AG to A<span class=\"_ _9\"></span>BM Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. an<span class=\"_ _9\"></span>d PPBK Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. (fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>ly k<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>wn a<span class=\"_ _9\"></span>s ABK H<span class=\"_ _9\"></span>otel H<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>.). Th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>er-g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tee w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h Ar<span class=\"_ _9\"></span>ena e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve as of 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 201<span class=\"_ _4\"></span>8 wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny\u2019s gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>e. Note 1<span class=\"_ _3\"></span>3 Pledges,<span class=\"_ _4\"></span> contingent liabilities and c<span class=\"_ _4\"></span>ommitment<span class=\"_ _9\"></span>s c<span class=\"_ _4\"></span>ontinued3. <span class=\"_\"> </span>T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tee<span class=\"_ _9\"></span>s cos<span class=\"_ _9\"></span>t ove<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>0 mill<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted b<span class=\"_ _9\"></span>y Ban<span class=\"_ _9\"></span>k Hap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. 4. <span class=\"_\"> </span>I<span class=\"_ _9\"></span>n rel<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n to t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tne<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p wit<span class=\"_ _9\"></span>h Cla<span class=\"_ _9\"></span>l rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he ar<span class=\"_ _1\"></span>t\u2019otel L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>ox<span class=\"_ _9\"></span>ton d<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>lop<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her d<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ail<span class=\"_ _9\"></span>ed at Note 6, t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany h<span class=\"_ _9\"></span>as pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>n gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>es re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on, cos<span class=\"_ _9\"></span>t ov<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>ns a<span class=\"_ _9\"></span>nd de<span class=\"_ _9\"></span>lays<span class=\"_ _9\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-53-3": {
   "value": "No<span class=\"_ _9\"></span>te 13 Pled<span class=\"_ _9\"></span>ges<span class=\"_ _9\"></span>, co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>nt l<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts a. <span class=\"_ _8\"> </span>Pl<span class=\"_ _4\"></span>edges, colla<span class=\"_ _4\"></span>teral and<span class=\"_ _4\"></span> securities <span class=\"_ _1c\"> </span>S<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly all of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s ass<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d all of t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>nec<span class=\"_ _1\"></span>ted o<span class=\"_ _9\"></span>r rela<span class=\"_ _9\"></span>ted t<span class=\"_ _9\"></span>o the o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>ip of t<span class=\"_ _9\"></span>he as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>s of su<span class=\"_ _9\"></span>bsi<span class=\"_ _9\"></span>dia<span class=\"_ _9\"></span>rie<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s) ar<span class=\"_ _9\"></span>e ple<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n favo<span class=\"_ _9\"></span>ur of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns as s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y f<span class=\"_ _9\"></span>or lo<span class=\"_ _9\"></span>ans r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d. For m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>ns, s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>fic a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e ple<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e sol<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>. b. <span class=\"_ _6\"> </span>R<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh <span class=\"_ _1c\"> </span>U<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y agre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, f<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ds n<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d to be h<span class=\"_ _9\"></span>eld i<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er to p<span class=\"_ _9\"></span>ay th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>bt se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice f<span class=\"_ _9\"></span>or a su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uen<span class=\"_ _9\"></span>t pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d. T<span class=\"_ _9\"></span>he tot<span class=\"_ _9\"></span>al d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt to \u00a31<span class=\"_ _4\"></span>8.5 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d are p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nted a<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s.c. Commitments <span class=\"_ _1c\"> </span>(i) <span class=\"_\"> </span>Management and<span class=\"_ _4\"></span> fr<span class=\"_ _4\"></span>anchise<span class=\"_ _4\"></span> agr<span class=\"_ _4\"></span>eements1<span class=\"_ _4\"></span>. <span class=\"_ _7\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a T<span class=\"_ _4\"></span>er<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ial L<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e Agre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>Mas<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r Agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>) w<span class=\"_ _9\"></span>ith R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n Hote<span class=\"_ _9\"></span>l Gro<span class=\"_ _9\"></span>up (\u2018R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n\u2019). \u00aeUn<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he M<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ter A<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p, among o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r r<span class=\"_ _9\"></span>ight<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>s gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>n excl<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ve lic<span class=\"_ _9\"></span>enc<span class=\"_ _9\"></span>e to us<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d \u2018Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>zaHote<span class=\"_ _9\"></span>ls\ue61f&amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s\u2019 in 5<span class=\"_ _9\"></span>6 ter<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>rie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut Eu<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>e, the M<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>dle E<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t and A<span class=\"_ _9\"></span>fr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>a in p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>etu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>T<span class=\"_ _3\"></span>e<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>).  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Ma<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ter Ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt al<span class=\"_ _9\"></span>so all<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p to us<span class=\"_ _9\"></span>e, and li<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>se ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s to us<span class=\"_ _9\"></span>e, the Ra<span class=\"_ _9\"></span>dis<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>on s<span class=\"_ _9\"></span>ys<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ms wi<span class=\"_ _9\"></span>thi<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e T<span class=\"_ _3\"></span>e<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h ri<span class=\"_ _9\"></span>ght i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>ght to u<span class=\"_ _9\"></span>til<span class=\"_ _9\"></span>ise t<span class=\"_ _9\"></span>he R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>on s<span class=\"_ _9\"></span>ys<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ms\u2019 i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ketin<span class=\"_ _9\"></span>g and r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vati<span class=\"_ _9\"></span>ons f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>o rec<span class=\"_ _9\"></span>eive ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r pro<span class=\"_ _9\"></span>mot<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nal as<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nce. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup p<span class=\"_ _9\"></span>ays R<span class=\"_ _9\"></span>adi<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>on a f<span class=\"_ _9\"></span>ee b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ge of t<span class=\"_ _9\"></span>he ho<span class=\"_ _9\"></span>tels\u2019 g<span class=\"_ _9\"></span>ros<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>oom r<span class=\"_ _9\"></span>even<span class=\"_ _9\"></span>ue.2. <span class=\"_\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>els w<span class=\"_ _9\"></span>ere g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up a li<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>ce all<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>em to u<span class=\"_ _9\"></span>se, \u00ae\u00aeth<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m of th<span class=\"_ _9\"></span>e mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the \u2018<span class=\"_ _9\"></span>Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za Hote<span class=\"_ _9\"></span>ls &amp; Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s\u2019 an<span class=\"_ _9\"></span>d \u2018<span class=\"_ _4\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel\u2019 br<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d nam<span class=\"_ _9\"></span>es.Note 1<span class=\"_ _3\"></span>3 Pledges,<span class=\"_ _4\"></span> contingent liabilities and c<span class=\"_ _4\"></span>ommitment<span class=\"_ _9\"></span>s c<span class=\"_ _4\"></span>ontinued <span class=\"_ _1c\"> </span>(ii) <span class=\"_ _9\"></span>Construc<span class=\"_ _9\"></span>tion<span class=\"_ _4\"></span> contract commitment <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>ad c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mmit<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ntin<span class=\"_ _9\"></span>g to \u00a381 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evel<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>ox<span class=\"_ _9\"></span>ton a<span class=\"_ _9\"></span>nd \u00a3<span class=\"_ _9\"></span>9 millio<span class=\"_ _9\"></span>n fo<span class=\"_ _9\"></span>r the r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bis<span class=\"_ _9\"></span>hm<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f Lon<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>a &amp; C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ill Hot<span class=\"_ _9\"></span>el in Ro<span class=\"_ _9\"></span>me, It<span class=\"_ _9\"></span>aly. <span class=\"_ _115\"> </span>(iii)<span class=\"_ _4\"></span> Guarant<span class=\"_ _4\"></span>ees1<span class=\"_ _4\"></span>. <span class=\"_ _7\"> </span>I<span class=\"_ _9\"></span>n Janu<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y 201<span class=\"_ _3\"></span>3, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny so<span class=\"_ _9\"></span>ld to Re<span class=\"_ _9\"></span>d Se<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed (\u2018<span class=\"_ _9\"></span>Red S<span class=\"_ _9\"></span>ea\u2019<span class=\"_ _9\"></span>) all of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any<span class=\"_ _9\"></span>\u2019s share<span class=\"_ _9\"></span>s in i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>, Len<span class=\"_ _9\"></span>o Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e Lim<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d (\u2018L<span class=\"_ _9\"></span>eno\u2019<span class=\"_ _9\"></span>), th<span class=\"_ _9\"></span>e com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d an i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ite i<span class=\"_ _9\"></span>n Pat<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>aya, T<span class=\"_ _9\"></span>haila<span class=\"_ _9\"></span>nd (t<span class=\"_ _9\"></span>he \u2018Pro<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t\u2019<span class=\"_ _9\"></span>), and c<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>n rel<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les, f<span class=\"_ _9\"></span>or a tot<span class=\"_ _9\"></span>al c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on of T<span class=\"_ _9\"></span>hai Ba<span class=\"_ _9\"></span>ht 6<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 millio<span class=\"_ _9\"></span>n.     Un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he Un<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d Ove<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>sea<span class=\"_ _9\"></span>s Ban<span class=\"_ _9\"></span>k (UO<span class=\"_ _9\"></span>B) cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e Proje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t, t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any i<span class=\"_ _9\"></span>s ob<span class=\"_ _9\"></span>lige<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>de ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>t in t<span class=\"_ _9\"></span>he eve<span class=\"_ _9\"></span>nt of a co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t over<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>un o<span class=\"_ _9\"></span>r fu<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ll in re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion to t<span class=\"_ _9\"></span>he P<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t, to s<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of un<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>r fee<span class=\"_ _9\"></span>s unt<span class=\"_ _9\"></span>il co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he Pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d, in cer<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>ain ci<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>ums<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ces, m<span class=\"_ _9\"></span>ay be re<span class=\"_ _9\"></span>q<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d to p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>d apa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he Pr<span class=\"_ _9\"></span>ojec<span class=\"_ _1\"></span>t for a ma<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m of T<span class=\"_ _9\"></span>hai Ba<span class=\"_ _9\"></span>ht 60<span class=\"_ _9\"></span>0 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n to fu<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>ny amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the U<span class=\"_ _9\"></span>OB c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>liti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>too<span class=\"_ _9\"></span>k to ta<span class=\"_ _9\"></span>ke all ne<span class=\"_ _9\"></span>ces<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>he com<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>etio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he Pro<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t as pla<span class=\"_ _9\"></span>nne<span class=\"_ _9\"></span>d. Re<span class=\"_ _9\"></span>d Se<span class=\"_ _9\"></span>a has ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d to i<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>mni<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nuin<span class=\"_ _9\"></span>g ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns (exce<span class=\"_ _9\"></span>pt for t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion to p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>d ap<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s af<span class=\"_ _1\"></span>ter co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>s a con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>uing e<span class=\"_ _9\"></span>vent o<span class=\"_ _9\"></span>f def<span class=\"_ _9\"></span>aul<span class=\"_ _9\"></span>t) a<span class=\"_ _9\"></span>nd as se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y Red S<span class=\"_ _9\"></span>ea ha<span class=\"_ _9\"></span>s ple<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es he<span class=\"_ _9\"></span>ld by i<span class=\"_ _9\"></span>t in Bal<span class=\"_ _9\"></span>i Hai Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed (t<span class=\"_ _9\"></span>he T<span class=\"_ _9\"></span>hai s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f Len<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>at ow<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d deve<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ps t<span class=\"_ _9\"></span>he Pro<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>) (\u2018<span class=\"_ _9\"></span>Bali Ha<span class=\"_ _9\"></span>i\u2019) a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>iliat<span class=\"_ _9\"></span>ed T<span class=\"_ _9\"></span>hai co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ani<span class=\"_ _9\"></span>es.     Th<span class=\"_ _9\"></span>e sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sor s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d wit<span class=\"_ _9\"></span>h UO<span class=\"_ _9\"></span>B pro<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any s<span class=\"_ _9\"></span>hall m<span class=\"_ _9\"></span>aint<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>n a net g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io (t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>atio o<span class=\"_ _9\"></span>f (i<span class=\"_ _9\"></span>) any int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>bte<span class=\"_ _9\"></span>dn<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s owe<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l ins<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>r und<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s any c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es or ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s mai<span class=\"_ _9\"></span>nta<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>d by t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any) to (<span class=\"_ _9\"></span>ii) i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ta<span class=\"_ _9\"></span>ngi<span class=\"_ _9\"></span>ble n<span class=\"_ _9\"></span>et wor<span class=\"_ _1\"></span>th (t<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>al ta<span class=\"_ _9\"></span>ngi<span class=\"_ _9\"></span>ble a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s all ex<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>nal liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f mon<span class=\"_ _9\"></span>ey bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>d or r<span class=\"_ _9\"></span>ais<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny) not ex<span class=\"_ _9\"></span>cee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g 3:<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>. As a<span class=\"_ _9\"></span>t 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany wa<span class=\"_ _9\"></span>s in co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ianc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he afo<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d coven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.      Th<span class=\"_ _9\"></span>e Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d pla<span class=\"_ _9\"></span>nni<span class=\"_ _9\"></span>ng is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd as a r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n has b<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n hal<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>ce 201<span class=\"_ _4\"></span>6, the<span class=\"_ _9\"></span>re is no c<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he pla<span class=\"_ _9\"></span>nni<span class=\"_ _9\"></span>ng is<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>ill be r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>olve<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d it is p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>hat Ba<span class=\"_ _9\"></span>li Hai w<span class=\"_ _9\"></span>ill go i<span class=\"_ _9\"></span>nto li<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>f su<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>n ap<span class=\"_ _9\"></span>plic<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion i<span class=\"_ _9\"></span>s fil<span class=\"_ _9\"></span>ed by i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s. U<span class=\"_ _9\"></span>OB ha<span class=\"_ _9\"></span>s se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>red j<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>gme<span class=\"_ _9\"></span>nt ag<span class=\"_ _9\"></span>ains<span class=\"_ _9\"></span>t B<span class=\"_ _9\"></span>ali Hai f<span class=\"_ _9\"></span>or re<span class=\"_ _9\"></span>pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt of p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>nd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t and a f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t mor<span class=\"_ _1\"></span>tga<span class=\"_ _9\"></span>ge ove<span class=\"_ _9\"></span>r the Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>, and w<span class=\"_ _9\"></span>ill b<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>itl<span class=\"_ _9\"></span>ed to r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>ds of s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h a sal<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d app<span class=\"_ _9\"></span>ly to l<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>te Bali H<span class=\"_ _9\"></span>ai for a<span class=\"_ _9\"></span>ny sh<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ll.     Du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng 201<span class=\"_ _4\"></span>8, UOB ha<span class=\"_ _9\"></span>s mad<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>d of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any fo<span class=\"_ _9\"></span>r cer<span class=\"_ _1\"></span>ta<span class=\"_ _9\"></span>in int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t it co<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s is ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng. T<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any ha<span class=\"_ _9\"></span>s res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>o UOB a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>ted i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s dem<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ds. T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany i<span class=\"_ _9\"></span>s wor<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>los<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>y wit<span class=\"_ _9\"></span>h Re<span class=\"_ _9\"></span>d Sea to r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ute U<span class=\"_ _9\"></span>OB\u2019s de<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>ds (<span class=\"_ _9\"></span>in re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of any li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r whi<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>any w<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>nef<span class=\"_ _9\"></span>it f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he Re<span class=\"_ _9\"></span>d Se<span class=\"_ _9\"></span>a ind<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>y). Th<span class=\"_ _9\"></span>ere w<span class=\"_ _9\"></span>ere a c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>ple of a<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>mpt<span class=\"_ _9\"></span>s to r<span class=\"_ _9\"></span>eac<span class=\"_ _9\"></span>h a com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>omi<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2018 and 201<span class=\"_ _4\"></span>9 whic<span class=\"_ _9\"></span>h have no<span class=\"_ _9\"></span>t mate<span class=\"_ _9\"></span>ria<span class=\"_ _9\"></span>lis<span class=\"_ _9\"></span>ed. T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany h<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>n\u2019t hear<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om Uo<span class=\"_ _9\"></span>B sin<span class=\"_ _9\"></span>ce t<span class=\"_ _9\"></span>hen.     A<span class=\"_ _9\"></span>s bef<span class=\"_ _9\"></span>ore, th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any co<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>nue<span class=\"_ _9\"></span>s to be<span class=\"_ _9\"></span>lieve t<span class=\"_ _9\"></span>hat<span class=\"_ _9\"></span>, give<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Red S<span class=\"_ _9\"></span>ea in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>mni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y in f<span class=\"_ _9\"></span>avou<span class=\"_ _9\"></span>r of th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>, it is not p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>ble t<span class=\"_ _9\"></span>hat any ma<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ial o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>low of r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>our<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>s emb<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng ec<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>omic b<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>efi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s will b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e the o<span class=\"_ _9\"></span>bli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny un<span class=\"_ _9\"></span>der th<span class=\"_ _9\"></span>e sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sor s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d and a<span class=\"_ _9\"></span>s su<span class=\"_ _9\"></span>ch n<span class=\"_ _9\"></span>o prov<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>on ha<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>en i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.2.  T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tee<span class=\"_ _9\"></span>s pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he \u20ac1<span class=\"_ _4\"></span>0.<span class=\"_ _4\"></span>7 milli<span class=\"_ _9\"></span>on (\u00a39<span class=\"_ _4\"></span>.3 milli<span class=\"_ _9\"></span>on) f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y gr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nted b<span class=\"_ _9\"></span>y Deu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>he Hy<span class=\"_ _9\"></span>pot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>kenb<span class=\"_ _9\"></span>ank AG to A<span class=\"_ _9\"></span>BM Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. an<span class=\"_ _9\"></span>d PPBK Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. (fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>ly k<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>wn a<span class=\"_ _9\"></span>s ABK H<span class=\"_ _9\"></span>otel H<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>.). Th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny has e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>er-g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tee w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h Ar<span class=\"_ _9\"></span>ena e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve as of 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 201<span class=\"_ _4\"></span>8 wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny\u2019s gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>e. Note 1<span class=\"_ _3\"></span>3 Pledges,<span class=\"_ _4\"></span> contingent liabilities and c<span class=\"_ _4\"></span>ommitment<span class=\"_ _9\"></span>s c<span class=\"_ _4\"></span>ontinued3. <span class=\"_\"> </span>T<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tee<span class=\"_ _9\"></span>s cos<span class=\"_ _9\"></span>t ove<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t und<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>0 mill<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted b<span class=\"_ _9\"></span>y Ban<span class=\"_ _9\"></span>k Hap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. 4. <span class=\"_\"> </span>I<span class=\"_ _9\"></span>n rel<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n to t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tne<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p wit<span class=\"_ _9\"></span>h Cla<span class=\"_ _9\"></span>l rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he ar<span class=\"_ _1\"></span>t\u2019otel L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>ox<span class=\"_ _9\"></span>ton d<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>lop<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her d<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ail<span class=\"_ _9\"></span>ed at Note 6, t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany h<span class=\"_ _9\"></span>as pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>n gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>es re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ing to p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on, cos<span class=\"_ _9\"></span>t ov<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>ns a<span class=\"_ _9\"></span>nd de<span class=\"_ _9\"></span>lays<span class=\"_ _9\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-55-2": {
   "value": "No<span class=\"_ _9\"></span>te 14 Bor<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>gs Th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs o<span class=\"_ _9\"></span>f the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p are c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pos<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d as fol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>s:\u20ac \u00a3 $ HR<span class=\"_ _9\"></span>K denominated denominated denominated denominated To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Fixed<span class=\"_ _4\"></span> interest rate<span class=\"_ _231\"> </span><span class=\"ls2 ws5\">270,203<span class=\"_ _16f\"> </span>420,635<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>36,540<span class=\"_ _16f\"> </span>727,378</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _106\"> </span><span class=\"ff9b ls2 ws5\">2.41%<span class=\"_ _a1\"> </span>3.61%<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a1\"> </span>1.44%</span>V<span class=\"_ _4\"></span>ariable interest rate<span class=\"_ _1fe\"> </span><span class=\"ls2 ws5\">35,284<span class=\"_ _9a\"> </span>90,990<span class=\"_ _9a\"> </span>15,896<span class=\"_ _94\"> </span>\u2013<span class=\"_ _16f\"> </span>142,170</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _106\"> </span><span class=\"ff9b ls2 ws5\">6.07%<span class=\"_ _a1\"> </span>7.28%<span class=\"_ _a1\"> </span>8.28%<span class=\"_ _94\"> </span>\u2013</span>To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _232\"> </span><span class=\"ls2 ws5\">305,487<span class=\"_ _16f\"> </span>511,625<span class=\"_ _9a\"> </span>15,896<span class=\"_ _9a\"> </span>36,540<span class=\"_ _16f\"> </span>869,548</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _106\"> </span><span class=\"ff9b ls2 ws5\">2.52%<span class=\"_ _a1\"> </span>4.26%<span class=\"_ _a1\"> </span>8.28%<span class=\"_ _a1\"> </span>1.44%<span class=\"_ _a1\"> </span>3.60%</span>Outst<span class=\"_ _9\"></span>anding Maturity analysis<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>2amount<span class=\"_ _125\"> </span><span class=\"ls15c ws135\">Ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _9\"></span> 1<span class=\"_ _9c\"> </span>Ye<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _9\"></span> 2<span class=\"_ _9c\"> </span>Ye<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _9\"></span> 3<span class=\"_ _9c\"> </span>Ye<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 4<span class=\"_ _c9\"> </span>Ye<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _9\"></span> 5<span class=\"_ _18\"> </span></span>Thereaf<span class=\"_ _9\"></span>terT<span class=\"_ _3\"></span>otal bor<span class=\"_ _9\"></span>rowings<span class=\"_ _132\"> </span><span class=\"ff9b ls2 ws5\">869,548<span class=\"_ _9a\"> </span>47,901<span class=\"_ _9a\"> </span>32,651<span class=\"_ _9a\"> </span>61,685<span class=\"_ _16f\"> </span>365,509<span class=\"_ _9a\"> </span>46,199<span class=\"_ _16f\"> </span>315,603</span>Capitalised trans<span class=\"_ _9\"></span>action cost<span class=\"_ _9\"></span>s and other\ue61f<span class=\"_ _4\"></span>adjustment<span class=\"_ _9\"></span>s<span class=\"_ _176\"> </span><span class=\"ff9b ls2 ws5\">(4,816)<span class=\"_ _4e\"> </span>(800)<span class=\"_ _46\"> </span>(800)<span class=\"_ _4e\"> </span>(800)<span class=\"_ _4e\"> </span>(800)<span class=\"_ _4e\"> </span>(800)<span class=\"_ _4e\"> </span>(816)</span>For s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd pl<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s, se<span class=\"_ _9\"></span>e Note 13.\u20ac <span class=\"_ _3\"></span> \u00a3 <span class=\"_ _3\"></span> $ <span class=\"_ _3\"></span> HRK <span class=\"_ _4\"></span> denomina<span class=\"_ _4\"></span>ted <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>denomina<span class=\"_ _4\"></span>ted <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>denomina<span class=\"_ _4\"></span>ted <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>denomina<span class=\"_ _4\"></span>ted <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Fixed inter<span class=\"_ _9\"></span>est r<span class=\"_ _9\"></span>ate<span class=\"_ _1c5\"> </span><span class=\"ls2 ws5\">245,709<span class=\"_ _9e\"> </span>426,481<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>21,530<span class=\"_ _9e\"> </span>693,720</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _233\"> </span><span class=\"ls2 ws5\">2.29%<span class=\"_ _c2\"> </span>3.61%<span class=\"_ _92\"> </span>\u2013<span class=\"_ _c2\"> </span>1.94%</span>Variable intere<span class=\"_ _9\"></span>st ra<span class=\"_ _9\"></span>te<span class=\"_ _234\"> </span><span class=\"ls2 ws5\">19,540<span class=\"_ _e7\"> </span>43,935<span class=\"_ _f5\"> </span>16,381<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>79,856</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _233\"> </span><span class=\"ls2 ws5\">1.87%<span class=\"_ _c2\"> </span>3.58%<span class=\"_ _c2\"> </span>3.50%<span class=\"_ _92\"> </span>\u2013</span>To<span class=\"_ _9\"></span>t<span class=\"_ _1e\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _235\"> </span><span class=\"ls2 ws5\">265,249<span class=\"_ _9e\"> </span>470,416<span class=\"_ _e7\"> </span>16,381<span class=\"_ _e7\"> </span>21,530<span class=\"_ _16c\"> </span>773,576</span>Weighted averag<span class=\"_ _9\"></span>e interes<span class=\"_ _9\"></span>t rate<span class=\"_ _233\"> </span><span class=\"ls2 ws5\">2.26%<span class=\"_ _c2\"> </span>3.61%<span class=\"_ _c2\"> </span>3.50%<span class=\"_ _c2\"> </span>1.94%<span class=\"_ _c2\"> </span>3.09%</span>Ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing Maturity analysis<span class=\"_ _4\"></span> 20<span class=\"_ _4\"></span>2<span class=\"_ _4\"></span>1amount<span class=\"_ _89\"> </span><span class=\"ls92 ws78\">Ye<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 1<span class=\"_ _46\"> </span>Ye<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 2<span class=\"_ _46\"> </span>Ye<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 3<span class=\"_ _46\"> </span>Ye<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>r 4<span class=\"_ _46\"> </span>Ye<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span> 5<span class=\"_ _15\"> </span><span class=\"ls108 ws4d\">Thereafter</span></span>T<span class=\"_ _3\"></span>otal bor<span class=\"_ _9\"></span>rowings<span class=\"_ _236\"> </span><span class=\"ls2 ws5\">773,576<span class=\"_ _e7\"> </span>39,640<span class=\"_ _f5\"> </span>22,893<span class=\"_ _e7\"> </span>17,255<span class=\"_ _e7\"> </span>57,747<span class=\"_ _9e\"> </span>355,328<span class=\"_ _16c\"> </span>280,713</span>Capitalised trans<span class=\"_ _9\"></span>action cost<span class=\"_ _9\"></span>s and other<span class=\"_ _4\"></span> adjustment<span class=\"_ _9\"></span>s<span class=\"_ _160\"> </span><span class=\"ls2 ws5\">(5,452)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _e8\"> </span>(800)<span class=\"_ _a1\"> </span>(1,452)</span>768,124<span class=\"_ _e7\"> </span>38,840<span class=\"_ _f5\"> </span>22,093<span class=\"_ _e7\"> </span>16,455<span class=\"_ _e7\"> </span>56,947<span class=\"_ _9e\"> </span>354,528<span class=\"_ _16c\"> </span>279,261For s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>nd pl<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s, se<span class=\"_ _9\"></span>e Note 13.Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continueda. <span class=\"_\"> </span>Fin<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce a<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s e<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d in t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d: <span class=\"_ _1c\"> </span>Arena Gr<span class=\"_ _4\"></span>and Ka\u017e<span class=\"_ _4\"></span>ela<span class=\"_ _4\"></span> campsit<span class=\"_ _4\"></span>e r<span class=\"_ _4\"></span>efinance <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 9 Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22, Ar<span class=\"_ _9\"></span>ena ha<span class=\"_ _9\"></span>d en<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o a new l<span class=\"_ _9\"></span>oan a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ith PR<span class=\"_ _9\"></span>IV<span class=\"_ _9\"></span>REDN<span class=\"_ _9\"></span>A BAN<span class=\"_ _9\"></span>K<span class=\"_ _9\"></span>A Z<span class=\"_ _9\"></span>AGR<span class=\"_ _9\"></span>EB in Cr<span class=\"_ _9\"></span>oat<span class=\"_ _9\"></span>ia for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose of ref<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s exi<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _4\"></span>0.2 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n loa<span class=\"_ _9\"></span>n us<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>e deve<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>pme<span class=\"_ _9\"></span>nt of A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d Ka<span class=\"_ _9\"></span>\u017eela C<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>ps<span class=\"_ _9\"></span>ite. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y is i<span class=\"_ _9\"></span>n a tot<span class=\"_ _9\"></span>al amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of \u20ac2.<span class=\"_ _4\"></span>9 millio<span class=\"_ _9\"></span>n (\u00a32.5 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n)<span class=\"_ _4\"></span>, mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n 2028 at a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e of 1<span class=\"_ _4\"></span>.5%.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>ng fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e ref<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt o<span class=\"_ _9\"></span>f ar<span class=\"_ _1\"></span>t\u2019otel i<span class=\"_ _9\"></span>n Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 3 Oc<span class=\"_ _1\"></span>tob<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, Are<span class=\"_ _9\"></span>na, t<span class=\"_ _9\"></span>hrou<span class=\"_ _9\"></span>gh i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s who<span class=\"_ _9\"></span>lly o<span class=\"_ _9\"></span>wne<span class=\"_ _9\"></span>d s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y S<span class=\"_ _9\"></span>W Sz<span class=\"_ _9\"></span>\u00e1llo<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>\u00fcze<span class=\"_ _9\"></span>mel<span class=\"_ _9\"></span>tet<span class=\"_ _f\"> </span> Korl<span class=\"_ _9\"></span>\u00e1tol<span class=\"_ _9\"></span>t, en<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to a new l<span class=\"_ _9\"></span>oan agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wit<span class=\"_ _9\"></span>h Er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>te &amp; Stei<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m\u00e4r<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>che b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k d.d. for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>APE<span class=\"_ _9\"></span>X i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n ar<span class=\"_ _1\"></span>t\u2019otel Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is in a t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac2 mil<span class=\"_ _9\"></span>lion (\u00a31<span class=\"_ _4\"></span>.8 millio<span class=\"_ _9\"></span>n), matur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g in 20<span class=\"_ _9\"></span>3<span class=\"_ _4\"></span>1 at a fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f 3.5%.  <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>ng fo<span class=\"_ _9\"></span>r Ar<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>a Stoja C<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>te <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 10 May 2022, A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a ente<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a n<span class=\"_ _9\"></span>ew lo<span class=\"_ _9\"></span>an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th C<span class=\"_ _9\"></span>roat<span class=\"_ _9\"></span>ian B<span class=\"_ _9\"></span>ank f<span class=\"_ _9\"></span>or Re<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd D<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t (HBO<span class=\"_ _9\"></span>R). Ar<span class=\"_ _9\"></span>ena i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s to us<span class=\"_ _9\"></span>e thi<span class=\"_ _9\"></span>s fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y to p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e 75 ups<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>le mo<span class=\"_ _9\"></span>bile h<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Are<span class=\"_ _9\"></span>na Sto<span class=\"_ _9\"></span>ja\ue61fCa<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>e. The f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>s in a to<span class=\"_ _9\"></span>tal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of \u20ac1<span class=\"_ _3\"></span>8.<span class=\"_ _9\"></span>5 milli<span class=\"_ _9\"></span>on (\u00a31<span class=\"_ _3\"></span>6.4 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n)<span class=\"_ _4\"></span>, mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n 2036 a<span class=\"_ _9\"></span>t a fi<span class=\"_ _9\"></span>xed i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of 2.<span class=\"_ _4\"></span>95%.  <span class=\"_ _1c\"> </span>Financing<span class=\"_ _4\"></span> for<span class=\"_ _4\"></span> de<span class=\"_ _4\"></span>velopm<span class=\"_ _4\"></span>ent of<span class=\"_ _4\"></span> art\u2019<span class=\"_ _4\"></span>ot<span class=\"_ _4\"></span>el<span class=\"_ _4\"></span> in Zagr<span class=\"_ _4\"></span>eb<span class=\"_ _4\"></span>, C<span class=\"_ _4\"></span>roat<span class=\"_ _4\"></span>ia <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 30 M<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>h 202<span class=\"_ _9\"></span>2, Are<span class=\"_ _9\"></span>na, th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh it<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y Ul<span class=\"_ _9\"></span>ika d.o.o.<span class=\"_ _4\"></span>, ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d into a n<span class=\"_ _9\"></span>ew lo<span class=\"_ _9\"></span>an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th Er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>te &amp; Steie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m\u00e4r<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>isc<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ank d<span class=\"_ _9\"></span>.d. for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f it<span class=\"_ _9\"></span>s pr<span class=\"_ _9\"></span>emi<span class=\"_ _9\"></span>um li<span class=\"_ _9\"></span>fes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>le ar<span class=\"_ _1\"></span>t\u2019otel i<span class=\"_ _9\"></span>n Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>b, Croat<span class=\"_ _9\"></span>ia. Th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is in a t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>2.6 millio<span class=\"_ _9\"></span>n (\u00a3<span class=\"_ _4\"></span>10.8 million), mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n 203<span class=\"_ _9\"></span>4 at a fi<span class=\"_ _9\"></span>xed i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of 2.<span class=\"_ _9\"></span>2%<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>ng o<span class=\"_ _9\"></span>f Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ra &amp; C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>il<span class=\"_ _9\"></span>l Ho<span class=\"_ _9\"></span>tel i<span class=\"_ _9\"></span>n Rom<span class=\"_ _9\"></span>e, It<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>y <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 22 Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>22, Lon<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>a C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ill Par<span class=\"_ _9\"></span>ent S.r.l<span class=\"_ _4\"></span>, a wh<span class=\"_ _9\"></span>oll<span class=\"_ _9\"></span>y own<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>, enter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a \u20ac<span class=\"_ _9\"></span>25 millio<span class=\"_ _9\"></span>n (\u00a321 milli<span class=\"_ _9\"></span>on) fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th U<span class=\"_ _9\"></span>niCr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it S.p.<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>. (t<span class=\"_ _9\"></span>he \u2018Fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>\u2019). Th<span class=\"_ _9\"></span>e Faci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>wo t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>s: T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nch<span class=\"_ _9\"></span>e A in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of \u20ac1<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>.<span class=\"_ _9\"></span>25 mil<span class=\"_ _9\"></span>lion i<span class=\"_ _9\"></span>s avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for i<span class=\"_ _9\"></span>mme<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ate dr<span class=\"_ _9\"></span>aw<span class=\"_ _9\"></span>dow<span class=\"_ _9\"></span>n u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ning t<span class=\"_ _9\"></span>he Fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t and T<span class=\"_ _4\"></span>r<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>he B in t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u20ac<span class=\"_ _9\"></span>7<span class=\"_ _a\"></span>.75 millio<span class=\"_ _9\"></span>n will b<span class=\"_ _9\"></span>e ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le for d<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>awd<span class=\"_ _9\"></span>own u<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>n co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>on of t<span class=\"_ _9\"></span>he ho<span class=\"_ _9\"></span>tel re<span class=\"_ _9\"></span>fu<span class=\"_ _9\"></span>rb<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hme<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>nd me<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>ng ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m o<span class=\"_ _9\"></span>f the Fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is f<span class=\"_ _9\"></span>our ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s and it w<span class=\"_ _9\"></span>ill be<span class=\"_ _9\"></span>ar an i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of s<span class=\"_ _9\"></span>ix m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h Eur<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>or<span class=\"_ _4\"></span>, whic<span class=\"_ _9\"></span>h wa<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>xed by a<span class=\"_ _9\"></span>n int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap at a r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f 0.60<span class=\"_ _9\"></span>65%, p<span class=\"_ _9\"></span>lus a ma<span class=\"_ _9\"></span>rgi<span class=\"_ _9\"></span>n of 3.2<span class=\"_ _9\"></span>%. <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt as t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap ma<span class=\"_ _9\"></span>tch t<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an (<span class=\"_ _9\"></span>i.e.<span class=\"_ _4\"></span>, notio<span class=\"_ _9\"></span>nal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt, m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t), th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abli<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>ed a h<span class=\"_ _9\"></span>edg<span class=\"_ _9\"></span>e r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o of 1<span class=\"_ _3\"></span>:<span class=\"_ _4\"></span>1 for th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>gi<span class=\"_ _9\"></span>ng rel<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>hip<span class=\"_ _9\"></span>s as t<span class=\"_ _9\"></span>he un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>yin<span class=\"_ _9\"></span>g ri<span class=\"_ _9\"></span>sk of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wap i<span class=\"_ _9\"></span>s id<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ed r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k co<span class=\"_ _9\"></span>mpo<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>nt. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p had a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of \u00a31<span class=\"_ _3\"></span>.<span class=\"_ _9\"></span>2 milli<span class=\"_ _9\"></span>on a<span class=\"_ _9\"></span>nd is i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ude<span class=\"_ _9\"></span>d in o<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>r no<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap i<span class=\"_ _9\"></span>n the a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of \u00a31<span class=\"_ _4\"></span>.2 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ehe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ive in<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>me. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p is v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls in<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ate v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>s inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t qu<span class=\"_ _9\"></span>alit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s, and i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>ves. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air val<span class=\"_ _9\"></span>ue me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s Leve<span class=\"_ _9\"></span>l 2 of th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue hie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>hy<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>Grandis facility <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 25 Ju<span class=\"_ _9\"></span>ne 2021<span class=\"_ _4\"></span>, Gr<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>is Ne<span class=\"_ _9\"></span>the<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ds Ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. (\u2018G<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>s\u2019), a w<span class=\"_ _9\"></span>holl<span class=\"_ _9\"></span>y ow<span class=\"_ _9\"></span>ned s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>, volu<span class=\"_ _9\"></span>nta<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ly pr<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>aid t<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th A<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>al Ba<span class=\"_ _9\"></span>nk AG (\u2018<span class=\"_ _4\"></span>Aare<span class=\"_ _9\"></span>al\u2019<span class=\"_ _9\"></span>) wh<span class=\"_ _9\"></span>ich h<span class=\"_ _9\"></span>ad an o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nce o<span class=\"_ _9\"></span>f \u00a39<span class=\"_ _3\"></span>.<span class=\"_ _9\"></span>2 mil<span class=\"_ _9\"></span>lion. T<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>k cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he ea<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y pre<span class=\"_ _9\"></span>pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt whi<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d to \u00a30.6 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wer<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n ot<span class=\"_ _9\"></span>her ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s co<span class=\"_ _9\"></span>nso<span class=\"_ _9\"></span>lid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d inc<span class=\"_ _9\"></span>ome s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. O<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>7 D<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2021<span class=\"_ _4\"></span>, Gra<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>s and A<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>eal si<span class=\"_ _9\"></span>gne<span class=\"_ _9\"></span>d an a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent to i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e Gr<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>is un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e exi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g Aar<span class=\"_ _9\"></span>eal f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he Du<span class=\"_ _9\"></span>tc<span class=\"_ _9\"></span>h pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent, t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>onal f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y amo<span class=\"_ _9\"></span>unt of \u00a31<span class=\"_ _4\"></span>6.3 mil<span class=\"_ _9\"></span>lion w<span class=\"_ _9\"></span>ill ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e on 16 June 2026 a<span class=\"_ _9\"></span>nd w<span class=\"_ _9\"></span>ill be<span class=\"_ _9\"></span>ar a fi<span class=\"_ _9\"></span>xed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of\ue61f3.3% p<span class=\"_ _9\"></span>er a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>m. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na H<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>tal<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p d.d<span class=\"_ _9\"></span>., Croa<span class=\"_ _9\"></span>tia c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l fi<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g lo<span class=\"_ _9\"></span>an <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 20 S<span class=\"_ _9\"></span>epte<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>, A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a ente<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a n<span class=\"_ _9\"></span>ew lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m wor<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>al fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g loa<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th Z<span class=\"_ _9\"></span>agr<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>a<span class=\"_ _e5\"> </span>k<span class=\"_ _9\"></span>a ba<span class=\"_ _9\"></span>nka d<span class=\"_ _9\"></span>.d. as pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he HBO<span class=\"_ _9\"></span>R pr<span class=\"_ _9\"></span>ogr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>mme fo<span class=\"_ _9\"></span>r in<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce of li<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>dit<span class=\"_ _1\"></span>y por<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>lio fo<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>por<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>th COV<span class=\"_ _9\"></span>ID<span class=\"_ _9\"></span>-<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>9 m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y is in a t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac20 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n (\u00a3<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>6.8 milli<span class=\"_ _9\"></span>on), matu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng on 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2025 a<span class=\"_ _9\"></span>t a fi<span class=\"_ _9\"></span>xed i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate of 0.9% pe<span class=\"_ _9\"></span>r ann<span class=\"_ _9\"></span>um. <span class=\"ff9d\"> </span>Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continued <span class=\"_ _1c\"> </span>FR<span class=\"_ _1\"></span>ANZ fe<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>d Mou<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>tai<span class=\"_ _9\"></span>n Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t Ho<span class=\"_ _9\"></span>tel i<span class=\"_ _9\"></span>n Na<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ld, A<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ria <span class=\"_ _1c\"> </span>O<span class=\"_ _9\"></span>n 24 Novem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, A<span class=\"_ _9\"></span>REN<span class=\"_ _9\"></span>A FR<span class=\"_ _9\"></span>AN<span class=\"_ _9\"></span>Z fer<span class=\"_ _9\"></span>dina<span class=\"_ _9\"></span>nd G<span class=\"_ _9\"></span>mbH, a w<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na, ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o a \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0.5 mil<span class=\"_ _9\"></span>lion (\u00a38.8 mill<span class=\"_ _9\"></span>ion) f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y, matur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g in 203<span class=\"_ _9\"></span>3, wit<span class=\"_ _9\"></span>h Er<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>te Gro<span class=\"_ _9\"></span>up Ba<span class=\"_ _9\"></span>nk AG for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose o<span class=\"_ _9\"></span>f acq<span class=\"_ _9\"></span>uir<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g hote<span class=\"_ _9\"></span>l FR<span class=\"_ _9\"></span>ANZ f<span class=\"_ _9\"></span>erd<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nd M<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>tai<span class=\"_ _9\"></span>n Res<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t in Na<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ld (<span class=\"_ _9\"></span>Au<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ia). b. <span class=\"_ _6\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al c<span class=\"_ _9\"></span>ove<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s mu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t be c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d wi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>h by th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>lev<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>: <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>wo A<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>al fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, fo<span class=\"_ _9\"></span>r Par<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on R<span class=\"_ _9\"></span>iver<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>ank (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>Rive<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ban<span class=\"_ _9\"></span>k hote<span class=\"_ _9\"></span>l\u2018<span class=\"_ _9\"></span>) and a<span class=\"_ _9\"></span>ll si<span class=\"_ _9\"></span>x of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s Dut<span class=\"_ _9\"></span>ch ho<span class=\"_ _9\"></span>tels a<span class=\"_ _9\"></span>nd </span></span>Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dis (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>Dut<span class=\"_ _9\"></span>ch h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s and G<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>is\u2019<span class=\"_ _9\"></span>), the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he ag<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ding f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s doe<span class=\"_ _9\"></span>s not ex<span class=\"_ _9\"></span>cee<span class=\"_ _9\"></span>d 62.2<span class=\"_ _9\"></span>% of t<span class=\"_ _9\"></span>he val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he D<span class=\"_ _9\"></span>utc<span class=\"_ _9\"></span>h hot<span class=\"_ _9\"></span>els a<span class=\"_ _9\"></span>nd Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dis a<span class=\"_ _9\"></span>nd 6<span class=\"_ _9\"></span>0% of t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f the R<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>rb<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k hote<span class=\"_ _9\"></span>l as se<span class=\"_ _9\"></span>t ou<span class=\"_ _9\"></span>t in th<span class=\"_ _9\"></span>e mo<span class=\"_ _9\"></span>st rec<span class=\"_ _9\"></span>ent v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n (l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ue). In ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s mu<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat<span class=\"_ _9\"></span>, on ea<span class=\"_ _9\"></span>ch in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt dat<span class=\"_ _9\"></span>e, the D<span class=\"_ _9\"></span>ebt S<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice Cove<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge Ra<span class=\"_ _9\"></span>tio (<span class=\"_ _9\"></span>DSCR) i<span class=\"_ _9\"></span>s not l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an 1<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>5%. In J<span class=\"_ _9\"></span>anu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>nk a w<span class=\"_ _9\"></span>aive<span class=\"_ _9\"></span>r for t<span class=\"_ _9\"></span>he DSCR a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>oven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>ntil 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 202<span class=\"_ _9\"></span>2 (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n Jul<span class=\"_ _9\"></span>y 2022 b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n the r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>022. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n fo<span class=\"_ _9\"></span>r 2021 was d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>red t<span class=\"_ _9\"></span>o 2022. In D<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>, a<span class=\"_ _9\"></span>s par<span class=\"_ _1\"></span>t of th<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f Gr<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>is un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Du<span class=\"_ _9\"></span>tch h<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>ls f<span class=\"_ _9\"></span>acili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, it wa<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e DSCR cove<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nt will b<span class=\"_ _9\"></span>e te<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m 30 Ju<span class=\"_ _9\"></span>ne 20<span class=\"_ _9\"></span>23 and t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ue wi<span class=\"_ _9\"></span>ll be te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted fr<span class=\"_ _9\"></span>om 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2022 f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he Du<span class=\"_ _9\"></span>tc<span class=\"_ _9\"></span>h hote<span class=\"_ _9\"></span>ls an<span class=\"_ _9\"></span>d Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dis<span class=\"_ _9\"></span>. In Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 202<span class=\"_ _9\"></span>2, the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d a let<span class=\"_ _1\"></span>ter f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ank c<span class=\"_ _9\"></span>onf<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial co<span class=\"_ _9\"></span>vena<span class=\"_ _9\"></span>nt tes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>or Ri<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk Ho<span class=\"_ _9\"></span>tel wi<span class=\"_ _9\"></span>ll be p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ned t<span class=\"_ _9\"></span>o 2023 w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ue in A<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ril 2<span class=\"_ _9\"></span>023 ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he res<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>ts f<span class=\"_ _9\"></span>or 31 Marc<span class=\"_ _9\"></span>h 2023.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e AIG A<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et Man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt (Eur<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>e) Lim<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r Par<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Wes<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>er Br<span class=\"_ _9\"></span>id<span class=\"_ _9\"></span>ge L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on, t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er mu<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure </span></span>th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 70% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>el as s<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>ut in t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>t val<span class=\"_ _9\"></span>uat<span class=\"_ _9\"></span>ion (<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-va<span class=\"_ _9\"></span>lue). In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at, on e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate, th<span class=\"_ _9\"></span>e his<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d DSCR ar<span class=\"_ _9\"></span>e not le<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>40%<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e fl<span class=\"_ _9\"></span>oat<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>ate l<span class=\"_ _9\"></span>eg of t<span class=\"_ _9\"></span>his l<span class=\"_ _9\"></span>oan \u00a36.<span class=\"_ _9\"></span>3 milli<span class=\"_ _9\"></span>on (as at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2020<span class=\"_ _9\"></span>) has a<span class=\"_ _9\"></span>n as<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>ted i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te c<span class=\"_ _9\"></span>ap, hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk of t<span class=\"_ _9\"></span>he all<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>in r<span class=\"_ _9\"></span>ate exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g 3.5%. I<span class=\"_ _9\"></span>n Jan<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>nk a w<span class=\"_ _9\"></span>aive<span class=\"_ _9\"></span>r for t<span class=\"_ _9\"></span>he DSCR an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>oven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>ntil 3<span class=\"_ _9\"></span>0 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 2022 (<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>sive) w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ue in J<span class=\"_ _9\"></span>uly 2<span class=\"_ _9\"></span>022 b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>022. In J<span class=\"_ _9\"></span>anu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>22, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ved f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k a wai<span class=\"_ _9\"></span>ver fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e DSCR an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-va<span class=\"_ _9\"></span>lue c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s un<span class=\"_ _9\"></span>til 30 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 20<span class=\"_ _9\"></span>23 (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t due i<span class=\"_ _9\"></span>n Jul<span class=\"_ _9\"></span>y 2023 b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>023.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ed by C<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>one R<span class=\"_ _9\"></span>eal E<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e Ad<span class=\"_ _9\"></span>vis<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s Eur<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>e LLP<span class=\"_ _3\"></span>, a mem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r of th<span class=\"_ _9\"></span>e MA<span class=\"_ _9\"></span>FF Mut<span class=\"_ _9\"></span>ual F<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al Gro<span class=\"_ _9\"></span>up, for </span></span>Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za V<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ia Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on, th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at t<span class=\"_ _9\"></span>he agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y doe<span class=\"_ _9\"></span>s not ex<span class=\"_ _9\"></span>cee<span class=\"_ _9\"></span>d 75% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he ho<span class=\"_ _9\"></span>tel as s<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>ut in t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on (l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>o<span class=\"_ _9\"></span>-val<span class=\"_ _9\"></span>ue). In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t, on eac<span class=\"_ _9\"></span>h int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t date, t<span class=\"_ _9\"></span>he his<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>l and p<span class=\"_ _9\"></span>roj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d DSCR a<span class=\"_ _9\"></span>re not l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an 180%<span class=\"_ _9\"></span>. In Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _4\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>rom th<span class=\"_ _9\"></span>e ban<span class=\"_ _9\"></span>k a wai<span class=\"_ _9\"></span>ver fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e DSCR an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>oven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>ntil 19 July 202<span class=\"_ _9\"></span>2 wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t due o<span class=\"_ _9\"></span>n 20 J<span class=\"_ _9\"></span>uly 20<span class=\"_ _9\"></span>22 ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 202<span class=\"_ _9\"></span>2. In Ja<span class=\"_ _9\"></span>nuar<span class=\"_ _1\"></span>y 202<span class=\"_ _9\"></span>2, the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>nk a w<span class=\"_ _9\"></span>aive<span class=\"_ _9\"></span>r for t<span class=\"_ _9\"></span>he DSC<span class=\"_ _9\"></span>R and t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ue cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>9 July 20<span class=\"_ _9\"></span>23 (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ue i<span class=\"_ _9\"></span>n Jul<span class=\"_ _9\"></span>y 2023 b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>esu<span class=\"_ _9\"></span>lt<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>23.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ban<span class=\"_ _9\"></span>k Hap<span class=\"_ _9\"></span>oal<span class=\"_ _9\"></span>im Lo<span class=\"_ _9\"></span>an fo<span class=\"_ _9\"></span>r thr<span class=\"_ _9\"></span>ee of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s UK ho<span class=\"_ _9\"></span>tels a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he 4<span class=\"_ _9\"></span>6 unit<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>wn<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Cou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y H<span class=\"_ _9\"></span>all Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on, </span></span>th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ower<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>an d<span class=\"_ _9\"></span>oes n<span class=\"_ _9\"></span>ot exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 65% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he pro<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd u<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d (lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>valu<span class=\"_ _9\"></span>e). In ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion, o<span class=\"_ _9\"></span>n eac<span class=\"_ _9\"></span>h inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate, th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>rs m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e his<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ric<span class=\"_ _9\"></span>al d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ce cove<span class=\"_ _9\"></span>r sh<span class=\"_ _9\"></span>oul<span class=\"_ _9\"></span>d be a<span class=\"_ _9\"></span>t leas<span class=\"_ _9\"></span>t 1<span class=\"_ _3\"></span>10% f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m Mar<span class=\"_ _9\"></span>ch 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, ri<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g to 1<span class=\"_ _4\"></span>20% f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g the t<span class=\"_ _9\"></span>hir<span class=\"_ _9\"></span>d ann<span class=\"_ _9\"></span>iver<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t. In Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he ba<span class=\"_ _9\"></span>nk a wa<span class=\"_ _9\"></span>iver f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he DSCR a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>-to<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s u<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>l 30 M<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>h 2022 w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ue o<span class=\"_ _9\"></span>n 30 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 20<span class=\"_ _9\"></span>22 ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s for 31 Mar<span class=\"_ _9\"></span>ch 20<span class=\"_ _9\"></span>22. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, it wa<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e DSCR cov<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nt for 31 Mar<span class=\"_ _9\"></span>ch 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>022 wi<span class=\"_ _9\"></span>ll be s<span class=\"_ _9\"></span>et at 1<span class=\"_ _3\"></span>10% a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll be t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d over a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod o<span class=\"_ _9\"></span>f six a<span class=\"_ _9\"></span>nd ni<span class=\"_ _9\"></span>ne mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ivel<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>. In Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ank a w<span class=\"_ _9\"></span>aive<span class=\"_ _9\"></span>r for t<span class=\"_ _9\"></span>he DS<span class=\"_ _9\"></span>CR cove<span class=\"_ _9\"></span>nant u<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>l 30 Ma<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>h 2023 (i<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>ive) wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t du<span class=\"_ _9\"></span>e in A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 2023 b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or 31 Marc<span class=\"_ _9\"></span>h 2023. I<span class=\"_ _9\"></span>n Novem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, a<span class=\"_ _9\"></span>n ame<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt to th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wa<span class=\"_ _9\"></span>s sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h it wa<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d to re<span class=\"_ _9\"></span>move t<span class=\"_ _9\"></span>he DSCR c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d inc<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al loa<span class=\"_ _9\"></span>n am<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on by \u00a31 millio<span class=\"_ _9\"></span>n. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">In M<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>h 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, W29 O<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ner L<span class=\"_ _9\"></span>LC ente<span class=\"_ _9\"></span>red i<span class=\"_ _9\"></span>nto a lo<span class=\"_ _9\"></span>an ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt wi<span class=\"_ _9\"></span>th B<span class=\"_ _9\"></span>ank H<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m New Y<span class=\"_ _4\"></span>or<span class=\"_ _9\"></span>k fo<span class=\"_ _9\"></span>r an am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of US$2<span class=\"_ _9\"></span>2.<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>5 millio<span class=\"_ _9\"></span>n </span></span>wh<span class=\"_ _9\"></span>ere PPHE H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l Gro<span class=\"_ _9\"></span>up is a g<span class=\"_ _9\"></span>uar<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>tor<span class=\"_ _4\"></span>. Un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>his a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent, PPH<span class=\"_ _9\"></span>E Hote<span class=\"_ _9\"></span>l Gro<span class=\"_ _9\"></span>up mu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ens<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t it mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ains a<span class=\"_ _9\"></span>n agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate n<span class=\"_ _9\"></span>et wor<span class=\"_ _1\"></span>th of a<span class=\"_ _9\"></span>t lea<span class=\"_ _9\"></span>st U<span class=\"_ _9\"></span>S$3<span class=\"_ _9\"></span>3 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d have liq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h a mar<span class=\"_ _9\"></span>ket v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f at lea<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t US$5 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n. Sinc<span class=\"_ _9\"></span>e Mar<span class=\"_ _9\"></span>ch 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, th<span class=\"_ _9\"></span>e mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y dat<span class=\"_ _9\"></span>e was e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d a few t<span class=\"_ _9\"></span>ime<span class=\"_ _9\"></span>s wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he lat<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t on<span class=\"_ _9\"></span>e, sign<span class=\"_ _9\"></span>ed in S<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y date to 13 Septe<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2023.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ban<span class=\"_ _9\"></span>k Hap<span class=\"_ _9\"></span>oal<span class=\"_ _9\"></span>im lo<span class=\"_ _9\"></span>an re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ng to ar<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>otel L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e agg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he </span></span>ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>acil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y d<span class=\"_ _9\"></span>oes n<span class=\"_ _9\"></span>ot exce<span class=\"_ _9\"></span>ed 75% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>el as s<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>ut in t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>rom 7 A<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ril 2<span class=\"_ _9\"></span>022 onw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ds. T<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t als<span class=\"_ _9\"></span>o en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e DSCR is n<span class=\"_ _9\"></span>ot les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han 1.2 on e<span class=\"_ _9\"></span>ach q<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r tes<span class=\"_ _9\"></span>t da<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m eit<span class=\"_ _9\"></span>her 7 A<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ril 2025 o<span class=\"_ _9\"></span>r one ye<span class=\"_ _9\"></span>ar af<span class=\"_ _1\"></span>ter pr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion. A<span class=\"_ _9\"></span>ny b<span class=\"_ _9\"></span>reac<span class=\"_ _9\"></span>h of t<span class=\"_ _9\"></span>he afo<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s sub<span class=\"_ _9\"></span>je<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to an e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y c<span class=\"_ _9\"></span>ure o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on. Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continuedIn ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, on ea<span class=\"_ _9\"></span>ch te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t date, t<span class=\"_ _9\"></span>he tot<span class=\"_ _9\"></span>al e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of PPHE H<span class=\"_ _9\"></span>otel G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p mus<span class=\"_ _9\"></span>t n<span class=\"_ _9\"></span>ot be l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an: (i) \u00a31<span class=\"_ _4\"></span>50 milli<span class=\"_ _9\"></span>on; and (<span class=\"_ _9\"></span>ii) 2<span class=\"_ _9\"></span>0% of i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t\ue61fval<span class=\"_ _9\"></span>ue. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e \u00a320 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto by Wate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo H<span class=\"_ _9\"></span>otel H<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h San<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er UK Pl<span class=\"_ _9\"></span>c on 23 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>020, </span></span>th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ower m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g loa<span class=\"_ _9\"></span>n do<span class=\"_ _9\"></span>es no<span class=\"_ _9\"></span>t exce<span class=\"_ _9\"></span>ed 4<span class=\"_ _9\"></span>0% of t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za L<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>don Water<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he mo<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ent v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n. Th<span class=\"_ _9\"></span>e DSCR mu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t als<span class=\"_ _9\"></span>o not b<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han 125<span class=\"_ _4\"></span>% on ea<span class=\"_ _9\"></span>ch q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate be<span class=\"_ _9\"></span>ing 3<span class=\"_ _9\"></span>0 Se<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>mbe<span class=\"_ _9\"></span>r 2021<span class=\"_ _4\"></span>. In Ju<span class=\"_ _9\"></span>ne 2021 t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fro<span class=\"_ _9\"></span>m th<span class=\"_ _9\"></span>e ba<span class=\"_ _9\"></span>nk a wa<span class=\"_ _9\"></span>iver f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he DSCR u<span class=\"_ _9\"></span>ntil 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 202<span class=\"_ _9\"></span>2 (i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ve) wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t du<span class=\"_ _9\"></span>e in Jul<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2 bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2022. I<span class=\"_ _9\"></span>n Feb<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>y 2022, th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>as f<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed to 3<span class=\"_ _9\"></span>0 Mar<span class=\"_ _9\"></span>ch 20<span class=\"_ _9\"></span>23 (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t due i<span class=\"_ _9\"></span>n Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2023 b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n the r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 31\ue61fMarch\ue61f2<span class=\"_ _9\"></span>023. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t gr<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>d by Sa<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>der U<span class=\"_ _9\"></span>K Plc to Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Hot<span class=\"_ _9\"></span>els (<span class=\"_ _9\"></span>UK<span class=\"_ _9\"></span>) L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>ant to t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>oro<span class=\"_ _9\"></span>navi<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>us L<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>e </span></span>Bus<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s Inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>on L<span class=\"_ _9\"></span>oan S<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>eme (t<span class=\"_ _9\"></span>he \u2018CL<span class=\"_ _9\"></span>BIL<span class=\"_ _9\"></span>S Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>), the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t at all t<span class=\"_ _9\"></span>ime<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e net w<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>h exce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>s \u00a33<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 mill<span class=\"_ _9\"></span>ion. I<span class=\"_ _9\"></span>n ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion, t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er mu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>: (i<span class=\"_ _9\"></span>) ens<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t the U<span class=\"_ _9\"></span>K bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowi<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s to agg<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>gate U<span class=\"_ _9\"></span>K as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>e do<span class=\"_ _9\"></span>es no<span class=\"_ _9\"></span>t at any ti<span class=\"_ _9\"></span>me exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>%; (ii) e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>hat o<span class=\"_ _9\"></span>n eac<span class=\"_ _9\"></span>h tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate, the U<span class=\"_ _9\"></span>K inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st c<span class=\"_ _9\"></span>over r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io for t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer a<span class=\"_ _9\"></span>nd it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s is gr<span class=\"_ _9\"></span>eate<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>.25 w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate b<span class=\"_ _9\"></span>ein<span class=\"_ _9\"></span>g 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>; (<span class=\"_ _9\"></span>iii) i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e event t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he Wat<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>loo f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed to a<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ve is re<span class=\"_ _9\"></span>pai<span class=\"_ _9\"></span>d or ca<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>elle<span class=\"_ _9\"></span>d, ens<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t the a<span class=\"_ _9\"></span>gg<span class=\"_ _9\"></span>reg<span class=\"_ _9\"></span>ate ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>e of all h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s une<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>umb<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ed by a<span class=\"_ _9\"></span>ny se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y (dete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>min<span class=\"_ _9\"></span>ed in a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>rda<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e mos<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of su<span class=\"_ _9\"></span>ch ho<span class=\"_ _9\"></span>tels) i<span class=\"_ _9\"></span>s at lea<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>wo ti<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>s the a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he to<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l com<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he CL<span class=\"_ _9\"></span>BIL<span class=\"_ _9\"></span>S Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y; an<span class=\"_ _9\"></span>d (iv) mai<span class=\"_ _9\"></span>nta<span class=\"_ _9\"></span>in min<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y of \u00a3<span class=\"_ _9\"></span>3 milli<span class=\"_ _9\"></span>on at al<span class=\"_ _9\"></span>l tim<span class=\"_ _9\"></span>es. I<span class=\"_ _9\"></span>n May 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>, as p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f the f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y ex<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n to \u00a340 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n, it was a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hat th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t da<span class=\"_ _9\"></span>te of th<span class=\"_ _9\"></span>e fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>ll be ex<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d to 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>022 (<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>lus<span class=\"_ _9\"></span>ive) wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>st t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t du<span class=\"_ _9\"></span>e in Ju<span class=\"_ _9\"></span>ly 202<span class=\"_ _9\"></span>2 ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2022. I<span class=\"_ _9\"></span>n Feb<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y 2022, th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t da<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial c<span class=\"_ _9\"></span>oven<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>as f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r ex<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d to 3<span class=\"_ _9\"></span>0 Mar<span class=\"_ _9\"></span>ch 202<span class=\"_ _9\"></span>3 (i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ve) wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t due i<span class=\"_ _9\"></span>n Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2023 b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r 31 March 2<span class=\"_ _9\"></span>023. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e \u00a31<span class=\"_ _3\"></span>.6 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n loa<span class=\"_ _9\"></span>n gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed by S<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r UK Plc to PPH<span class=\"_ _9\"></span>E Liv<span class=\"_ _9\"></span>ing L<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d date<span class=\"_ _9\"></span>d 29 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 20<span class=\"_ _9\"></span>20, the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>age </span></span>ra<span class=\"_ _9\"></span>tio (<span class=\"_ _9\"></span>\u2018ICR<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>) for e<span class=\"_ _9\"></span>ach 12<span class=\"_ _4\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od mu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t not b<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han 125%. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g loa<span class=\"_ _9\"></span>n do<span class=\"_ _9\"></span>es no<span class=\"_ _9\"></span>t exce<span class=\"_ _9\"></span>ed 65% of t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ower<span class=\"_ _9\"></span>\u2019s fr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>d pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>t Ac<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n L<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>e (b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>cen<span class=\"_ _9\"></span>t valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on). <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e UniC<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit S<span class=\"_ _9\"></span>.p.A<span class=\"_ _9\"></span>. f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y for S<span class=\"_ _9\"></span>oci<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>\u00e0 Imm<span class=\"_ _9\"></span>ob<span class=\"_ _9\"></span>iliar<span class=\"_ _9\"></span>e Ale<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ndr<span class=\"_ _9\"></span>o De Ga<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>is S.<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>.l.<span class=\"_ _4\"></span>, sign<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n 22 Fe<span class=\"_ _9\"></span>br<span class=\"_ _9\"></span>ua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 202<span class=\"_ _9\"></span>2, the </span></span>bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>nsu<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t the e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>re te<span class=\"_ _9\"></span>rm o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>oan t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t the o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan d<span class=\"_ _9\"></span>oe<span class=\"_ _9\"></span>s not exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>% of th<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. Fur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ore, f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he ea<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>ier of (<span class=\"_ _9\"></span>i) 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2024; and (i<span class=\"_ _9\"></span>i) t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt da<span class=\"_ _9\"></span>te fa<span class=\"_ _9\"></span>llin<span class=\"_ _9\"></span>g af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>hs fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g the c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ple<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of th<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>eno<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ion (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>fir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate\u2018<span class=\"_ _9\"></span>), The b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer u<span class=\"_ _9\"></span>nde<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span>s to en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n (i) t<span class=\"_ _9\"></span>he EBI<span class=\"_ _9\"></span>TDA of th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r rel<span class=\"_ _9\"></span>atin<span class=\"_ _9\"></span>g to th<span class=\"_ _9\"></span>e 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>h p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ced<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>lev<span class=\"_ _9\"></span>ant te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t dat<span class=\"_ _9\"></span>e and (<span class=\"_ _9\"></span>ii) t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nce cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>me ap<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d (I<span class=\"_ _9\"></span>CR) an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e r<span class=\"_ _9\"></span>atio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n (i) t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>et op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it of t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er ge<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>rat<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n the 1<span class=\"_ _4\"></span>2 mont<span class=\"_ _9\"></span>h pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>od p<span class=\"_ _9\"></span>rec<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ing ea<span class=\"_ _9\"></span>ch t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t dat<span class=\"_ _9\"></span>e and (<span class=\"_ _9\"></span>ii) t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of a<span class=\"_ _9\"></span>ll fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r thi<span class=\"_ _9\"></span>s fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent at t<span class=\"_ _9\"></span>hat te<span class=\"_ _9\"></span>st d<span class=\"_ _9\"></span>ate a<span class=\"_ _9\"></span>re hig<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 2.0 and 7<span class=\"_ _3\"></span>.5% re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly for t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate an<span class=\"_ _9\"></span>d hig<span class=\"_ _9\"></span>her t<span class=\"_ _9\"></span>han 2.<span class=\"_ _9\"></span>5 and 9<span class=\"_ _9\"></span>% re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly fo<span class=\"_ _9\"></span>r eac<span class=\"_ _9\"></span>h tes<span class=\"_ _9\"></span>t d<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eaf<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _4\"></span>.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Deu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>he Hy<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>oth<span class=\"_ _9\"></span>eken<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk AG fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y for ACO Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. a<span class=\"_ _9\"></span>nd AB<span class=\"_ _9\"></span>K Hote<span class=\"_ _9\"></span>l Hol<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g B.<span class=\"_ _3\"></span>V<span class=\"_ _4\"></span>., the bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t </span></span>en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut t<span class=\"_ _9\"></span>he en<span class=\"_ _9\"></span>tir<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an do<span class=\"_ _9\"></span>es n<span class=\"_ _9\"></span>ot exce<span class=\"_ _9\"></span>ed 70% o<span class=\"_ _9\"></span>f the v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he DSCR i<span class=\"_ _9\"></span>s not l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an 1<span class=\"_ _3\"></span>10%. I<span class=\"_ _9\"></span>n Se<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>mbe<span class=\"_ _9\"></span>r 202<span class=\"_ _9\"></span>2, the Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d a let<span class=\"_ _1\"></span>ter f<span class=\"_ _9\"></span>rom t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ank c<span class=\"_ _9\"></span>onf<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>mi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>at all f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l cove<span class=\"_ _9\"></span>nant t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng will b<span class=\"_ _9\"></span>e p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>tp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ed to 3<span class=\"_ _9\"></span>0 Se<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>3.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Deu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>he Hy<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>oth<span class=\"_ _9\"></span>eken<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk AG fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y for Pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k Plaz<span class=\"_ _9\"></span>a Nu<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>rg, t<span class=\"_ _9\"></span>he bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ugh<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e ent<span class=\"_ _9\"></span>ire te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m </span></span>of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e ou<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n do<span class=\"_ _9\"></span>es not e<span class=\"_ _9\"></span>xce<span class=\"_ _9\"></span>ed 65% of t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f the p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he DSCR i<span class=\"_ _9\"></span>s not les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>han 180<span class=\"_ _9\"></span>%.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ba</span></span>ka Ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a d.d. joi<span class=\"_ _9\"></span>nt \u20ac32.0 mil<span class=\"_ _9\"></span>lion a<span class=\"_ _9\"></span>nd HR<span class=\"_ _9\"></span>K 20<span class=\"_ _9\"></span>5.0 millio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat at y<span class=\"_ _9\"></span>ear en<span class=\"_ _9\"></span>d, ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on au<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dalo<span class=\"_ _9\"></span>ne f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er<span class=\"_ _4\"></span>, the DS<span class=\"_ _9\"></span>CR is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>20% d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>fe of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n and t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he N<span class=\"_ _9\"></span>et De<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>/<span class=\"_ _9\"></span>EBITDA (\u2018net l<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e r<span class=\"_ _9\"></span>atio\u2019<span class=\"_ _9\"></span>) is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to or l<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 5.5 at ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 201<span class=\"_ _4\"></span>9<span class=\"_ _3\"></span>, is eq<span class=\"_ _9\"></span>ual t<span class=\"_ _9\"></span>o or low<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an 5.0 at yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2020, an<span class=\"_ _9\"></span>d is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or lo<span class=\"_ _9\"></span>wer t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 4.5 at yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2021 and f<span class=\"_ _9\"></span>or ea<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>ucc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ca<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>dar y<span class=\"_ _9\"></span>ear d<span class=\"_ _9\"></span>uri<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ba</span></span>ka Ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a d.d. \u20ac1<span class=\"_ _4\"></span>0.0 millio<span class=\"_ _9\"></span>n and H<span class=\"_ _9\"></span>RK 60.0 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r mus<span class=\"_ _9\"></span>t e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat at y<span class=\"_ _9\"></span>ear e<span class=\"_ _9\"></span>nd, ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on au<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ted c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tat<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er<span class=\"_ _4\"></span>, the DS<span class=\"_ _9\"></span>CR is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>20% d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d tha<span class=\"_ _9\"></span>t the n<span class=\"_ _9\"></span>et lev<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>age r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to or l<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 5.5 at ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 201<span class=\"_ _3\"></span>9<span class=\"_ _4\"></span>, is eq<span class=\"_ _9\"></span>ual to o<span class=\"_ _9\"></span>r low<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 5.0 at ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 2020, an<span class=\"_ _9\"></span>d is eq<span class=\"_ _9\"></span>ual t<span class=\"_ _9\"></span>o or lo<span class=\"_ _9\"></span>wer t<span class=\"_ _9\"></span>han 4.<span class=\"_ _9\"></span>5 at year e<span class=\"_ _9\"></span>nd 2<span class=\"_ _9\"></span>021 and fo<span class=\"_ _9\"></span>r eac<span class=\"_ _9\"></span>h su<span class=\"_ _9\"></span>cce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>ar yea<span class=\"_ _9\"></span>r du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n. Mor<span class=\"_ _9\"></span>eove<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, unde<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e HRK 6<span class=\"_ _9\"></span>0 milli<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y, the am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n c<span class=\"_ _9\"></span>ann<span class=\"_ _9\"></span>ot exce<span class=\"_ _9\"></span>ed 70% o<span class=\"_ _9\"></span>f the v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e pro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continued <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ers<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>e Ban<span class=\"_ _9\"></span>k \u20ac5.0 milli<span class=\"_ _9\"></span>on a<span class=\"_ _9\"></span>nd \u20ac1<span class=\"_ _4\"></span>0.2 mill<span class=\"_ _9\"></span>ion f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies, t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut t<span class=\"_ _9\"></span>he en<span class=\"_ _9\"></span>tir<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an </span></span>th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e ICR is a<span class=\"_ _9\"></span>t lea<span class=\"_ _9\"></span>st t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e ti<span class=\"_ _9\"></span>mes EB<span class=\"_ _9\"></span>ITDA an<span class=\"_ _9\"></span>d net l<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e whi<span class=\"_ _9\"></span>ch is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to o<span class=\"_ _9\"></span>r lowe<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 7<span class=\"_ _3\"></span>.0 at year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ual o<span class=\"_ _9\"></span>r low<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 4.5 t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reaf<span class=\"_ _1\"></span>ter. The fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt te<span class=\"_ _9\"></span>st w<span class=\"_ _9\"></span>ill b<span class=\"_ _9\"></span>e bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he an<span class=\"_ _9\"></span>nual a<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>sol<span class=\"_ _9\"></span>ida<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or 202<span class=\"_ _9\"></span>2 an<span class=\"_ _9\"></span>d is du<span class=\"_ _9\"></span>e by th<span class=\"_ _9\"></span>e en<span class=\"_ _9\"></span>d of Ju<span class=\"_ _9\"></span>ne 2023.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ers<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>e Ban<span class=\"_ _9\"></span>ka d.d. a<span class=\"_ _9\"></span>nd Z<span class=\"_ _9\"></span>agr<span class=\"_ _9\"></span>eba</span></span>ka Ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a d.d. fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bis<span class=\"_ _9\"></span>hm<span class=\"_ _9\"></span>ent of H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l Bri<span class=\"_ _9\"></span>oni P<span class=\"_ _9\"></span>ula in t<span class=\"_ _9\"></span>he tot<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u20ac<span class=\"_ _9\"></span>24.0 millio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er ha<span class=\"_ _9\"></span>s to co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>y wit<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he fol<span class=\"_ _9\"></span>low<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed cov<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, te<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>nce a ye<span class=\"_ _9\"></span>ar us<span class=\"_ _9\"></span>ing au<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pre<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g year<span class=\"_ _9\"></span>: DSCR 1<span class=\"_ _4\"></span>, whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es th<span class=\"_ _9\"></span>e c<span class=\"_ _9\"></span>ash o<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>enin<span class=\"_ _9\"></span>g bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e for t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, is eq<span class=\"_ _9\"></span>ual to or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 3.0 u<span class=\"_ _9\"></span>ntil 2<span class=\"_ _9\"></span>022 an<span class=\"_ _9\"></span>d 3.5 f<span class=\"_ _9\"></span>rom 2<span class=\"_ _9\"></span>023 on<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>ds<span class=\"_ _9\"></span>. DSCR 2, whi<span class=\"_ _9\"></span>ch ex<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ca<span class=\"_ _9\"></span>sh, is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 1.2 th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gho<span class=\"_ _9\"></span>ut t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an. Ne<span class=\"_ _9\"></span>t leve<span class=\"_ _9\"></span>rag<span class=\"_ _9\"></span>e r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o is eq<span class=\"_ _9\"></span>ual t<span class=\"_ _9\"></span>o or low<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 4.<span class=\"_ _9\"></span>5, the te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g of whi<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>ts f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he 2023 f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial year e<span class=\"_ _9\"></span>nd a<span class=\"_ _9\"></span>nd on<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>ds<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>oan c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nnot e<span class=\"_ _9\"></span>xcee<span class=\"_ _9\"></span>d 70% of t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y us<span class=\"_ _9\"></span>ed as c<span class=\"_ _9\"></span>olla<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>al. T<span class=\"_ _9\"></span>he w<span class=\"_ _9\"></span>ith<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>aw<span class=\"_ _9\"></span>al of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an is al<span class=\"_ _9\"></span>so s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t to a d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it of u<span class=\"_ _9\"></span>p to \u20ac7<span class=\"_ _3\"></span>.0 mill<span class=\"_ _9\"></span>ion, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h has a re<span class=\"_ _9\"></span>lea<span class=\"_ _9\"></span>se me<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>ani<span class=\"_ _9\"></span>sm e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain d<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. Th<span class=\"_ _9\"></span>e net a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s te<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t has to b<span class=\"_ _9\"></span>e at le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t 30<span class=\"_ _9\"></span>%. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e OTP Bank<span class=\"_ _9\"></span>a d.d. f<span class=\"_ _9\"></span>aci<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e pur<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>ase a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>fu<span class=\"_ _9\"></span>rb<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hme<span class=\"_ _9\"></span>nt of G<span class=\"_ _9\"></span>ues<span class=\"_ _9\"></span>t Ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e Hot<span class=\"_ _9\"></span>el </span></span>Riv<span class=\"_ _9\"></span>ier<span class=\"_ _9\"></span>a, Pul<span class=\"_ _9\"></span>a, in th<span class=\"_ _9\"></span>e tot<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u20ac1<span class=\"_ _4\"></span>0.0 millio<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e bor<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer h<span class=\"_ _9\"></span>as to co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g st<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>lon<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d on<span class=\"_ _9\"></span>ce a year u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng au<span class=\"_ _9\"></span>dite<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ced<span class=\"_ _9\"></span>ing y<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>: net l<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tio is e<span class=\"_ _9\"></span>q<span class=\"_ _9\"></span>ual to o<span class=\"_ _9\"></span>r lowe<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 6.0 at y<span class=\"_ _9\"></span>ear en<span class=\"_ _9\"></span>d 2021 an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ual to o<span class=\"_ _9\"></span>r lowe<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 4.5 a<span class=\"_ _9\"></span>t year e<span class=\"_ _9\"></span>nd 202<span class=\"_ _9\"></span>2 an<span class=\"_ _9\"></span>d onw<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ne<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s tes<span class=\"_ _9\"></span>t ha<span class=\"_ _9\"></span>s to be a<span class=\"_ _9\"></span>t leas<span class=\"_ _9\"></span>t 55%<span class=\"_ _9\"></span>. The l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>n con<span class=\"_ _9\"></span>sis<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>wo e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u20ac<span class=\"_ _9\"></span>5.0 millio<span class=\"_ _9\"></span>n eac<span class=\"_ _9\"></span>h. T<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n has a d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>uild u<span class=\"_ _9\"></span>p me<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>nis<span class=\"_ _9\"></span>m, su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain con<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na c<span class=\"_ _9\"></span>ann<span class=\"_ _9\"></span>ot pay d<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ide<span class=\"_ _9\"></span>nd u<span class=\"_ _9\"></span>ntil ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 2021 (and i<span class=\"_ _9\"></span>n line w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual l<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s for e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at us<span class=\"_ _9\"></span>ed gove<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>nme<span class=\"_ _9\"></span>nt su<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t dur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e pan<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>mic) a<span class=\"_ _9\"></span>nd a d<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nd ba<span class=\"_ _9\"></span>sket o<span class=\"_ _9\"></span>f HRK 25.0 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n unt<span class=\"_ _9\"></span>il year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>22. No li<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons o<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t dist<span class=\"_ _9\"></span>ribu<span class=\"_ _9\"></span>tion thereaf<span class=\"_ _9\"></span>ter<span class=\"_ _4\"></span>. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e AIK Ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a a.d. fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se of 8<span class=\"_ _9\"></span>8 Roo<span class=\"_ _9\"></span>ms Ho<span class=\"_ _9\"></span>tel in B<span class=\"_ _9\"></span>elg<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade, Se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>bia, in t<span class=\"_ _9\"></span>he to<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l </span></span>amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of \u20ac4.2 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer (<span class=\"_ _9\"></span>A<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>a 88 Ro<span class=\"_ _9\"></span>oms H<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g d.o.o<span class=\"_ _4\"></span>.) has to en<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he pu<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et is n<span class=\"_ _9\"></span>ot low<span class=\"_ _9\"></span>er by mo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>han 35% w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>n com<span class=\"_ _9\"></span>par<span class=\"_ _9\"></span>ed w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t as de<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ned d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>020 by a<span class=\"_ _9\"></span>n ex<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>l rep<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tor. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ba</span></span>ka b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>a d.d. lo<span class=\"_ _9\"></span>an si<span class=\"_ _9\"></span>gne<span class=\"_ _9\"></span>d in S<span class=\"_ _9\"></span>ept<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>021 as par<span class=\"_ _1\"></span>t of HBO<span class=\"_ _9\"></span>R\u2019s pr<span class=\"_ _9\"></span>ogr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>mme f<span class=\"_ _9\"></span>or in<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce of li<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>olio f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s rela<span class=\"_ _9\"></span>ted w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h COVID<span class=\"_ _9\"></span>-1<span class=\"_ _3\"></span>9 mea<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n amo<span class=\"_ _9\"></span>unt \u20ac<span class=\"_ _9\"></span>20 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n (\u00a3<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>6.8 millio<span class=\"_ _9\"></span>n) the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer m<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at DSCR is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>han 3.5 a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wee<span class=\"_ _9\"></span>n fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t and EB<span class=\"_ _9\"></span>ITDA is l<span class=\"_ _9\"></span>ower t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 4.5 s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing at D<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ber 2023 a<span class=\"_ _9\"></span>nd on<span class=\"_ _9\"></span>war<span class=\"_ _9\"></span>ds<span class=\"_ _9\"></span>.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Ers<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up Ba<span class=\"_ _9\"></span>nk AG loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in Nove<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21 for th<span class=\"_ _9\"></span>e pu<span class=\"_ _9\"></span>rp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e pur<span class=\"_ _9\"></span>cha<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f hote<span class=\"_ _9\"></span>l FR<span class=\"_ _9\"></span>ANZ </span></span>fer<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>and M<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ain Re<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t in N<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>fel<span class=\"_ _9\"></span>d, Aus<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ria, i<span class=\"_ _9\"></span>n the t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt \u20ac10.5 millio<span class=\"_ _9\"></span>n (\u00a38.8 milli<span class=\"_ _9\"></span>on) th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r has to c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ply w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>alo<span class=\"_ _9\"></span>ne cove<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s: pro<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>ted DSC<span class=\"_ _9\"></span>R is eq<span class=\"_ _9\"></span>ual o<span class=\"_ _9\"></span>r gre<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>5 at year e<span class=\"_ _9\"></span>nd 2021 an<span class=\"_ _9\"></span>d his<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>l DSCR is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al or gre<span class=\"_ _9\"></span>ater t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>.35 fr<span class=\"_ _9\"></span>om yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2023 o<span class=\"_ _9\"></span>nwa<span class=\"_ _9\"></span>rds<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n ca<span class=\"_ _9\"></span>nno<span class=\"_ _9\"></span>t exce<span class=\"_ _9\"></span>ed 75% of the p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as co<span class=\"_ _9\"></span>llate<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ng yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2021 to year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>23 an<span class=\"_ _9\"></span>d 65% at th<span class=\"_ _9\"></span>e year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>24 until ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>d 2026. <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e Pri<span class=\"_ _9\"></span>vr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>na ba<span class=\"_ _9\"></span>nk<span class=\"_ _9\"></span>a d.d. loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in Nov<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022 fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of ref<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>ng inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s d<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>e in A<span class=\"_ _9\"></span>rena K<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>ela </span></span>Ca<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>e in pr<span class=\"_ _9\"></span>evio<span class=\"_ _9\"></span>us ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s, in t<span class=\"_ _9\"></span>he tot<span class=\"_ _9\"></span>al a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of \u20ac1<span class=\"_ _4\"></span>8.5 milli<span class=\"_ _9\"></span>on, th<span class=\"_ _9\"></span>e bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r has to c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ply w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h the f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>alon<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>nant<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>: the DS<span class=\"_ _9\"></span>CR is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or g<span class=\"_ _9\"></span>reat<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>.2 d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an, th<span class=\"_ _9\"></span>e net l<span class=\"_ _9\"></span>ever<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n aud<span class=\"_ _9\"></span>ite<span class=\"_ _9\"></span>d s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>alo<span class=\"_ _9\"></span>ne fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or lo<span class=\"_ _9\"></span>wer t<span class=\"_ _9\"></span>han 4<span class=\"_ _9\"></span>.5 fr<span class=\"_ _9\"></span>om 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d for ea<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>ucc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g c<span class=\"_ _9\"></span>alen<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>r year d<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning l<span class=\"_ _9\"></span>ife of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n, and n<span class=\"_ _9\"></span>et leve<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on au<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ed co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>date<span class=\"_ _9\"></span>d fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l st<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to or l<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 6.5 at y<span class=\"_ _9\"></span>ear e<span class=\"_ _9\"></span>nd 2023, an<span class=\"_ _9\"></span>d is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to or l<span class=\"_ _9\"></span>ower t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 5.5 at yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2024 and fo<span class=\"_ _9\"></span>r eac<span class=\"_ _9\"></span>h su<span class=\"_ _9\"></span>cce<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>end<span class=\"_ _9\"></span>ar ye<span class=\"_ _9\"></span>ar du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e rem<span class=\"_ _9\"></span>aini<span class=\"_ _9\"></span>ng li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he loa<span class=\"_ _9\"></span>n. Mo<span class=\"_ _9\"></span>reove<span class=\"_ _9\"></span>r<span class=\"_ _4\"></span>, the a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an c<span class=\"_ _9\"></span>ann<span class=\"_ _9\"></span>ot exc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d 70% of th<span class=\"_ _9\"></span>e val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ties u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as c<span class=\"_ _9\"></span>ollat<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>al.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e HRVA<span class=\"_ _3\"></span>T<span class=\"_ _9\"></span>SK<span class=\"_ _9\"></span>A B<span class=\"_ _9\"></span>ANK<span class=\"_ _1\"></span>A Z<span class=\"_ _9\"></span>A OBN<span class=\"_ _9\"></span>OVU I R<span class=\"_ _1\"></span>A<span class=\"_ _9\"></span>Z<span class=\"_ _9\"></span>VITAK loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in May 20<span class=\"_ _9\"></span>22 for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e of </span></span>mo<span class=\"_ _9\"></span>bile h<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>es in A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na Stoj<span class=\"_ _9\"></span>a Ca<span class=\"_ _9\"></span>mps<span class=\"_ _9\"></span>ite, in t<span class=\"_ _9\"></span>he to<span class=\"_ _9\"></span>tal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt of \u20ac<span class=\"_ _9\"></span>2.<span class=\"_ _4\"></span>9 millio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wer ha<span class=\"_ _9\"></span>s to co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>atio b<span class=\"_ _9\"></span>ei<span class=\"_ _9\"></span>ng at le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t 30<span class=\"_ _9\"></span>% ca<span class=\"_ _9\"></span>lc<span class=\"_ _9\"></span>ulate<span class=\"_ _9\"></span>d ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dal<span class=\"_ _9\"></span>one f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>.Note<span class=\"_ _4\"></span> 1<span class=\"_ _4\"></span>4<span class=\"_ _4\"></span> Borrowings<span class=\"_ _4\"></span> continued <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e ERST<span class=\"_ _9\"></span>E&amp;S<span class=\"_ _9\"></span>TEIERM<span class=\"_ _9\"></span>\u00c4R<span class=\"_ _9\"></span>KISH<span class=\"_ _9\"></span>E BANK d<span class=\"_ _9\"></span>.d. loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in Mar<span class=\"_ _9\"></span>ch 2<span class=\"_ _9\"></span>022 fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cin<span class=\"_ _9\"></span>g the i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t in a hot<span class=\"_ _9\"></span>el </span></span>in Z<span class=\"_ _9\"></span>agr<span class=\"_ _9\"></span>eb, in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u20ac1<span class=\"_ _3\"></span>2 mill<span class=\"_ _9\"></span>ion, t<span class=\"_ _9\"></span>he bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rowe<span class=\"_ _9\"></span>r has t<span class=\"_ _9\"></span>o com<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>y wit<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>olid<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d cove<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s tes<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d on<span class=\"_ _9\"></span>ce a year us<span class=\"_ _9\"></span>ing au<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>ted f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e pre<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g year<span class=\"_ _9\"></span>: DSCR 1 i<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>ual to o<span class=\"_ _9\"></span>r gre<span class=\"_ _9\"></span>ater t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 3.0 unt<span class=\"_ _9\"></span>il 2022 a<span class=\"_ _9\"></span>nd 3.5 f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m 2023 onw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ds. DS<span class=\"_ _9\"></span>CR 2 is e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l or gr<span class=\"_ _9\"></span>eate<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>an 1<span class=\"_ _4\"></span>.2 t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>e life o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>oan. N<span class=\"_ _9\"></span>et le<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>age r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>io is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to or l<span class=\"_ _9\"></span>owe<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 7 at yea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>d 2022 a<span class=\"_ _9\"></span>nd 4.5 a<span class=\"_ _9\"></span>t year e<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>23 and f<span class=\"_ _9\"></span>or ea<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>ucc<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ca<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>dar y<span class=\"_ _9\"></span>ear d<span class=\"_ _9\"></span>uri<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning li<span class=\"_ _9\"></span>fe of t<span class=\"_ _9\"></span>he lo<span class=\"_ _9\"></span>an. T<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of th<span class=\"_ _9\"></span>e loa<span class=\"_ _9\"></span>n ca<span class=\"_ _9\"></span>nno<span class=\"_ _9\"></span>t exce<span class=\"_ _9\"></span>ed 10<span class=\"_ _9\"></span>0% of t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rop<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y us<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s coll<span class=\"_ _9\"></span>ater<span class=\"_ _9\"></span>al. T<span class=\"_ _9\"></span>he e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o has to b<span class=\"_ _9\"></span>e at le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>t 30<span class=\"_ _9\"></span>%.  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">Un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e OTP Bank N<span class=\"_ _9\"></span>yr<span class=\"_ _1\"></span>t loa<span class=\"_ _9\"></span>n sig<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d in Oc<span class=\"_ _1\"></span>tob<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f ref<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>sh<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>, in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of </span></span>\u20ac2 mi<span class=\"_ _9\"></span>llio<span class=\"_ _9\"></span>n, the b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>er ha<span class=\"_ _9\"></span>s to co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ovena<span class=\"_ _9\"></span>nt: A<span class=\"_ _9\"></span>nn<span class=\"_ _9\"></span>ual d<span class=\"_ _9\"></span>ebt s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vic<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>r rat<span class=\"_ _9\"></span>io is e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to o<span class=\"_ _9\"></span>r grea<span class=\"_ _9\"></span>ter t<span class=\"_ _9\"></span>han 1.2 du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e life o<span class=\"_ _9\"></span>f the l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>n.Pur<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>uant t<span class=\"_ _9\"></span>o ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>n ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wit<span class=\"_ _9\"></span>h ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>sid<span class=\"_ _9\"></span>iar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s, th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e sub<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>diar<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s are r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d to re<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>in t<span class=\"_ _9\"></span>heir c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ces f<span class=\"_ _9\"></span>or us<span class=\"_ _9\"></span>e in t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r  hote<span class=\"_ _9\"></span>l op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>re re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fer<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h to ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r ent<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es in t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p wit<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ut a p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>or ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>oval f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m the l<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, ta<span class=\"_ _9\"></span>kin<span class=\"_ _9\"></span>g int<span class=\"_ _9\"></span>o acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t all th<span class=\"_ _9\"></span>e cove<span class=\"_ _9\"></span>nant w<span class=\"_ _9\"></span>aiv<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>eive<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up is i<span class=\"_ _9\"></span>n co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ianc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th all o<span class=\"_ _9\"></span>f it<span class=\"_ _9\"></span>s ba<span class=\"_ _9\"></span>nki<span class=\"_ _9\"></span>ng\ue61fcov<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ts t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t will c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ply w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s\u2019 lo<span class=\"_ _9\"></span>an cov<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s go<span class=\"_ _9\"></span>ing fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ard a<span class=\"_ _9\"></span>nd no a<span class=\"_ _9\"></span>dd<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l wai<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>s wil<span class=\"_ _9\"></span>l be needed.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-62-2": {
   "value": "Note 15 ProvisionsProvision for concession fee on land In accordance with the provisions of the Tourist and Other Construction Land Not Appraised During the Transition and Privatisation Process Act from 2010 (the \u2018TLA\u2019), Arena submitted requests to the Republic of Croatia and the relevant municipality for the award of tourist land concessions in relation to land areas in eight campsites and three tourist resorts in Croatia. The TLA failed to produce the desired impact or to resolve the issues of the ownership/use of the tourist land. This in turn caused far-reaching consequences in the form of lack of investments into tourist land, reduced the international competitiveness of Croatian tourism due to lack of development and reduced income for the state and local municipalities. The Croatian government therefore adopted a new legislation to deal with, inter alia, the so-called tourist land and proprietary relationships between the owner of such land and the owner of the facilities built thereon. In May 2020, the new Non-Appraised Construction Land Act (the \u2018NCLA\u2019) replaced the TLA and all initiated requests based on the TLA were suspended. Pursuant to the NCLA, the ownership of the land underneath the facilities in the campsites that were assessed into the share capital of Arena is now also legally recognised as ownership of Arena, while the Republic of Croatia will be the sole owner of the other land in the camps. In respect to the tourist resorts, the ownership of the land underneath the facilities that have been assessed into the share capital of Arena is now also recognised as ownership of Arena, together with the land surrounding such facilities that makes (together with the relevant facilities) the technological and functional unity. Tourist land in the tourist resorts which was not assessed into the share capital of Arena and which serves the standard usage of the resorts shall be owned by a local municipality. In relation to the land in campsites owned by the Republic of Croatia and the land in tourist reports owned by the local municipalities, Arena will ex lege be deemed long-term (50 years) lessee and will conclude the lease agreement with the state/local municipalities once the procedure envisaged by the NCLA is complete. However, the government has still not adopted the secondary level regulation that would govern the rent payable by the lessees for such lease, nor have the procedures required for the implementation of the Act and actual registration of the ownership over the respective part of land in campsites/tourist resorts been completed. This creates uncertainties in relation to the current and future assets and obligations of Arena. While the TLA was still applicable, Arena paid 50% of the concession fee in respect of the eight campsites and accrued the remaining 50% until entering into the envisaged concession agreements. As the new NCLA has not yet set the rules for the rent payable based on the lease agreement, Arena made assessment of concession fee in the most prudent manner based on the most up-to-date available information. Concession fee liability for 2022 was recognised in the balance sheet under short-term liabilities. The new way of calculation concession fee\ue61falmost doubled Arena\u2019s yearly expenses compared with expenses in the pre-COVID period. There was no payment of concession fee during\ue61f2022.2022  2021  \u00a3\u2019000\u00a3\u2019000Balance as at 1 January 5,057 5,399Exchange rate differences 274 (342)Balance as at 31 December 5,331 5,057",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-63-2": {
   "value": "Note 16 Financial liability in respect of Income Units sold to private investors2022  2021  \u00a3\u2019000\u00a3\u2019000Total liability 139,754 142,573Due from investors for reimbursement of capital expenditure (18,670) (18,022)121,084 124,551This liability originated from the proceeds received from the sale to private investors of the future 999-year cash flows, derived from\ue61fcertain Income Units in Park Plaza Westminster Bridge London. Furthermore, as the investors are required to fund all CAPEX to be made in connection with these rooms, a receivable is recorded in each period for any excess of depreciation expense over the amounts paid by the investors on account of CAPEX. This receivable is offset from the liability to the\ue61finvestors. This liability is amortised over the term of the agreement, that being 999 years.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-64-2": {
   "value": "Note 17 Other financial liabilitiesAs at 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Derivative financial instruments  \u2013 457Lease liabilities (see Note 18) 261,544 245,274Share appreciation rights (Note 6b) \u2013 4,8601Retention liability  2,691 1,082Other  1,259 1,689265,494 253,3621  Retention in relation to the building contract with Gear Construction UK Limited for the design and construction of the art\u2019otel London Hoxton hotel (see Note 29).Note 25 Net expenses for financial liability in respect of Income Units sold to private investorsYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Variable return (see Note 2(k)) 11,947 2,567Reimbursement of depreciation expenses (see Note 2(k)) (1,164) (618)10,783 1,949",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-64-3": {
   "value": "Note 17 Other financial liabilitiesAs at 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Derivative financial instruments  \u2013 457Lease liabilities (see Note 18) 261,544 245,274Share appreciation rights (Note 6b) \u2013 4,8601Retention liability  2,691 1,082Other  1,259 1,689265,494 253,3621  Retention in relation to the building contract with Gear Construction UK Limited for the design and construction of the art\u2019otel London Hoxton hotel (see Note 29).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-65-2": {
   "value": "No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p as a l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>eeTh<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s leas<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>ts f<span class=\"_ _9\"></span>or v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ous i<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ms wh<span class=\"_ _9\"></span>ich m<span class=\"_ _9\"></span>ainl<span class=\"_ _9\"></span>y inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s, inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g lan<span class=\"_ _9\"></span>d, of<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge b<span class=\"_ _9\"></span>uild<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s. L<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>es of lan<span class=\"_ _9\"></span>d have le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>ms b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>een 125 and 1<span class=\"_ _4\"></span>99 yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s whil<span class=\"_ _9\"></span>e hote<span class=\"_ _9\"></span>l bui<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>, of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s and s<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ge have l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s be<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wee<span class=\"_ _9\"></span>n 2 an<span class=\"_ _9\"></span>d 95 year<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s obli<span class=\"_ _9\"></span>gat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er i<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s leas<span class=\"_ _9\"></span>es a<span class=\"_ _9\"></span>re se<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d by th<span class=\"_ _9\"></span>e les<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>\u2019s titl<span class=\"_ _9\"></span>e to t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up al<span class=\"_ _9\"></span>so ha<span class=\"_ _9\"></span>s cer<span class=\"_ _1\"></span>ta<span class=\"_ _9\"></span>in lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th le<span class=\"_ _9\"></span>ase t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ms of 12 mont<span class=\"_ _9\"></span>hs or l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wit<span class=\"_ _9\"></span>h low v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ap<span class=\"_ _9\"></span>plie<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e \u2018sho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m lea<span class=\"_ _9\"></span>se\u2019 a<span class=\"_ _9\"></span>nd \u2018lea<span class=\"_ _9\"></span>se of l<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>-val<span class=\"_ _9\"></span>ue as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s\u2019 re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gnit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n exem<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons f<span class=\"_ _9\"></span>or th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dSet o<span class=\"_ _9\"></span>ut b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w are t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s of r<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ogn<span class=\"_ _9\"></span>ise<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e move<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s dur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e per<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d:Furniture,<span class=\"_ _4\"></span> Hot<span class=\"_ _9\"></span>el O<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>ces <span class=\"_ _4\"></span> fi<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>s and L<span class=\"_ _9\"></span>and <span class=\"_ _4\"></span> buildi<span class=\"_ _4\"></span>ngs<span class=\"_ _4\"></span> an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er <span class=\"_ _4\"></span> eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Cos<span class=\"_ _9\"></span>t:Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022<span class=\"_ _106\"> </span>88,454 <span class=\"_ _15\"> </span>129,032 <span class=\"_ _a1\"> </span>8,640 <span class=\"_ _bf\"> </span>23,873 <span class=\"_ _15\"> </span>249,999 Ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year<span class=\"_ _23d\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _1ae\"> </span>215<span class=\"_ _145\"> </span>50<span class=\"_ _92\"> </span>\u2013<span class=\"_ _91\"> </span>265</span>Re-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>urement of rig<span class=\"_ _9\"></span>ht-of-<span class=\"_ _9\"></span>use as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _23e\"> </span><span class=\"ff9b ls2 ws5\"> 13,028 <span class=\"_ _4e\"> </span> 705 <span class=\"_ _46\"> </span> 501 <span class=\"_ _de\"> </span>\u2013 <span class=\"_ _1f8\"> </span> 14,234 </span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1e5\"> </span><span class=\"ff9b ls2 ws5\"> 1,202 <span class=\"_ _4e\"> </span> 696 <span class=\"_ _1ae\"> </span> 57 <span class=\"_ _de\"> </span>\u2013 <span class=\"_ _9a\"> </span> 1,955 </span>Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022<span class=\"_ _1f7\"> </span> 102,684 <span class=\"_ _1f4\"> </span> 130,648 <span class=\"_ _9a\"> </span> 9,248 <span class=\"_ _16f\"> </span> 23,873 <span class=\"_ _1f4\"> </span> 266,453 Accumulated<span class=\"_ _4\"></span> depreciation<span class=\"_ _4\"></span> and<span class=\"_ _4\"></span> impairment:Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022<span class=\"_ _23f\"> </span>5,384 <span class=\"_ _bf\"> </span>13,331 <span class=\"_ _a1\"> </span>2,737 <span class=\"_ _bf\"> </span>12,626 <span class=\"_ _bf\"> </span>34,078 Provision for depr<span class=\"_ _9\"></span>eciation<span class=\"_ _240\"> </span><span class=\"ff9b ls2 ws5\"> 504 <span class=\"_ _9a\"> </span> 2,761 <span class=\"_ _4e\"> </span> 878 <span class=\"_ _9a\"> </span> 2,410 <span class=\"_ _9a\"> </span> 6,553 </span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1f7\"> </span><span class=\"ff9b ls2 ws5\"> 9 <span class=\"_ _46\"> </span> 342 <span class=\"_ _1ae\"> </span> 28 <span class=\"_ _88\"> </span> \u2013 <span class=\"_ _46\"> </span> 379 </span>Ba<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e as a<span class=\"_ _9\"></span>t 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022<span class=\"_ _241\"> </span> 5,897 <span class=\"_ _16f\"> </span> 16,434 <span class=\"_ _9a\"> </span> 3,643 <span class=\"_ _16f\"> </span> 15,036 <span class=\"_ _16f\"> </span> 41,010 Ne<span class=\"_ _9\"></span>t bo<span class=\"_ _9\"></span>ok va<span class=\"_ _9\"></span>l<span class=\"_ _9\"></span>ue a<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022<span class=\"_ _d8\"> </span> 96,787 <span class=\"_ _1f4\"> </span> 114,214 <span class=\"_ _9a\"> </span> 5,605 <span class=\"_ _9a\"> </span> 8,837 <span class=\"_ _1f4\"> </span> 225,443 Cos<span class=\"_ _9\"></span>t:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _1eb\"> </span>86,693<span class=\"_ _9e\"> </span>130,465<span class=\"_ _e7\"> </span>11,045<span class=\"_ _e7\"> </span>23,873<span class=\"_ _16c\"> </span>252,076Ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e year<span class=\"_ _23d\"> </span>\u2013<span class=\"_ _a4\"> </span>212<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>212Dispos<span class=\"_ _9\"></span>al <span class=\"_ _242\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _125\"> </span>(2,381)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _125\"> </span>(2,381)</span>Re-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>urement of rig<span class=\"_ _9\"></span>ht-of-<span class=\"_ _9\"></span>use as<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _15d\"> </span><span class=\"ls2 ws5\">3,261<span class=\"_ _a4\"> </span>919<span class=\"_ _d2\"> </span>46<span class=\"_ _92\"> </span>\u2013<span class=\"_ _19d\"> </span>4,226</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _1ec\"> </span><span class=\"ls2 ws5\">(1,500)<span class=\"_ _e7\"> </span>(2,564)<span class=\"_ _5d\"> </span>(70)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _125\"> </span>(4,134)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _9b\"> </span>88,454 <span class=\"_ _16f\"> </span>129,032 <span class=\"_ _124\"> </span>8,640 <span class=\"_ _e6\"> </span>23,873 <span class=\"_ _61\"> </span>249,999 Accumulate<span class=\"_ _9\"></span>d depreciat<span class=\"_ _9\"></span>ion and impair<span class=\"_ _9\"></span>ment:Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nua<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y 2021<span class=\"_ _243\"> </span>4,934<span class=\"_ _e7\"> </span>11,184<span class=\"_ _174\"> </span>1,928<span class=\"_ _e7\"> </span>10,236<span class=\"_ _e7\"> </span>28,282Provision for depr<span class=\"_ _9\"></span>eciation<span class=\"_ _244\"> </span><span class=\"ls2 ws5\">461 <span class=\"_ _c2\"> </span>2,699 <span class=\"_ _c2\"> </span>1,117 <span class=\"_ _c2\"> </span>2,390 <span class=\"_ _c2\"> </span>6,667 </span>Dispos<span class=\"_ _9\"></span>al<span class=\"_ _245\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _1ae\"> </span>(290)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _48\"> </span>(290)</span>Adjustment for ex<span class=\"_ _4\"></span>change rate differences<span class=\"_ _246\"> </span><span class=\"ls2 ws5\">(11)<span class=\"_ _e8\"> </span>(552)<span class=\"_ _a4\"> </span>(18)<span class=\"_ _167\"> </span>\u2013<span class=\"_ _48\"> </span>(581)</span>Bala<span class=\"_ _9\"></span>nce a<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21<span class=\"_ _ca\"> </span>5,384 <span class=\"_ _e6\"> </span>13,331 <span class=\"_ _124\"> </span>2,737 <span class=\"_ _e6\"> </span>12,626 <span class=\"_ _e6\"> </span>34,078Net b<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>k val<span class=\"_ _9\"></span>ue as a<span class=\"_ _9\"></span>t 3<span class=\"_ _4\"></span>1 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _122\"> </span>83,070 <span class=\"_ _16f\"> </span>115,701 <span class=\"_ _c2\"> </span>5,903 <span class=\"_ _180\"> </span>11,247 <span class=\"_ _16f\"> </span>215,921Th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f bor<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng cos<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ali<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d dur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e year e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022 wa<span class=\"_ _9\"></span>s \u00a321<span class=\"_ _4\"></span>5 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d (2021<span class=\"_ _4\"></span>: \u00a321<span class=\"_ _3\"></span>2 t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>).No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dImpairment In 202<span class=\"_ _9\"></span>2, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s of im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t.Set o<span class=\"_ _9\"></span>ut b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w are t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s of l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d un<span class=\"_ _9\"></span>der O<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d Ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es) an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s dur<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>d:2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000A<span class=\"_ _9\"></span>s at 1 Ja<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _247\"> </span>251,618<span class=\"_ _183\"> </span><span class=\"ff9c\">254,044</span>Additions<span class=\"_ _23c\"> </span><span class=\"ff9b ls2 ws5\">50<span class=\"_ _8d\"> </span><span class=\"ff9c\">\u2013</span></span>Dispos<span class=\"_ _9\"></span>als<span class=\"_ _248\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _180\"> </span><span class=\"ff9c\">(2,088)</span></span>1Accretion of<span class=\"_ _4\"></span> interest9,952<span class=\"_ _ce\"> </span><span class=\"ff9c\">7,473</span>Reclas<span class=\"_ _9\"></span>sific<span class=\"_ _9\"></span>ation<span class=\"_ _249\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _c9\"> </span><span class=\"ff9c\">(158)</span></span>Paym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _b8\"> </span><span class=\"ff9b\">(14,627)<span class=\"_ _196\"> </span></span>(13,011)Re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y reco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n oth<span class=\"_ _9\"></span>er ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es<span class=\"_ _9f\"> </span><span class=\"ff9b\">3,704<span class=\"_ _ce\"> </span></span>3,565Re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt of l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y adju<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ted a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t rig<span class=\"_ _9\"></span>ht-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _cc\"> </span><span class=\"ff9b\">14,234<span class=\"_ _ce\"> </span></span>4,226E<span class=\"_ _9\"></span>xch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e ra<span class=\"_ _9\"></span>te di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ren<span class=\"_ _9\"></span>ces r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>rd<span class=\"_ _9\"></span>ed in p<span class=\"_ _9\"></span>rof<span class=\"_ _9\"></span>it a<span class=\"_ _9\"></span>nd lo<span class=\"_ _9\"></span>ss<span class=\"_ _1bf\"> </span><span class=\"ff9b\">1,662<span class=\"_ _1ae\"> </span></span>84Adjustment<span class=\"_ _9\"></span>s for<span class=\"_ _4\"></span> foreign e<span class=\"_ _4\"></span>xchange differences<span class=\"_ _24a\"> </span><span class=\"ff9b ls2 ws5\">458<span class=\"_ _180\"> </span><span class=\"ff9c\">(2,517)</span></span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er<span class=\"_ _c\"> </span>267,051<span class=\"_ _183\"> </span><span class=\"ff9c\">251,618</span>Cur<span class=\"_ _9\"></span>rent<span class=\"_ _24b\"> </span><span class=\"ff9b ls2 ws5\">5,507<span class=\"_ _ce\"> </span><span class=\"ff9c\">6,344</span></span>Non-current<span class=\"_ _ae\"> </span><span class=\"ff9b ls2 ws5\">261,544<span class=\"_ _16b\"> </span><span class=\"ff9c\">245,274</span></span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>wi<span class=\"_ _9\"></span>ng c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d du<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022 w<span class=\"_ _9\"></span>as \u00a3<span class=\"_ _9\"></span>215 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d (20<span class=\"_ _9\"></span>21<span class=\"_ _4\"></span>: \u00a3212 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d).Set o<span class=\"_ _9\"></span>ut b<span class=\"_ _9\"></span>elo<span class=\"_ _9\"></span>w is a s<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e leas<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s, c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s and e<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t in t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>ent b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n leas<span class=\"_ _9\"></span>e ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s for a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n 40 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s (\u2018lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>es\u2019<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>ses f<span class=\"_ _9\"></span>or a p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod o<span class=\"_ _9\"></span>f up to 4<span class=\"_ _9\"></span>0 year<span class=\"_ _9\"></span>s (\u2018s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es\u2019<span class=\"_ _9\"></span>).Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31  De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022  \u00a3\u2019<span class=\"_ _4\"></span>000Long-term Sh<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es <span class=\"_ _4\"></span> (&gt;4<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>)(&lt;<span class=\"_ _9\"></span>4<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>)<span class=\"_ _1c1\"> </span><span class=\"ls92 ws78\">To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l</span>Lease li<span class=\"_ _4\"></span>abilities<span class=\"_ _24c\"> </span><span class=\"ff9b ls2 ws5\"> 234,050 <span class=\"_ _17\"> </span> 33,001 <span class=\"_ _fa\"> </span> 267,051 </span>Fi<span class=\"_ _9\"></span>xed le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _24d\"> </span><span class=\"ff9b\"> 9,031 <span class=\"_ _32\"> </span> 5,596 <span class=\"_ _17\"> </span> 14,627 </span>Acc<span class=\"_ _9\"></span>ret<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st <span class=\"_ _24e\"> </span><span class=\"ff9b\"> 8,968 <span class=\"_ _f5\"> </span> 984 <span class=\"_ _1aa\"> </span> 9,952 </span>Depre<span class=\"_ _9\"></span>ciation<span class=\"_ _24f\"> </span><span class=\"ff9b ls2 ws5\"> 3,774 <span class=\"_ _32\"> </span> 2,779 <span class=\"_ _1aa\"> </span> 6,553</span>Y<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31  De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21  \u00a3\u2019<span class=\"_ _4\"></span>000Long-ter<span class=\"_ _9\"></span>m Shor<span class=\"_ _9\"></span>t-t<span class=\"_ _4\"></span>erm lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> (&gt;4<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>)(&lt;4<span class=\"_ _1\"></span>0<span class=\"_ _9\"></span>)<span class=\"_ _125\"> </span><span class=\"ls1a9 ws19b\">To<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>a<span class=\"_ _1\"></span>l</span>Lease li<span class=\"_ _4\"></span>abilities<span class=\"_ _250\"> </span><span class=\"ls2 ws5\">216,204<span class=\"_ _98\"> </span>35,414<span class=\"_ _183\"> </span>251,618</span>Fi<span class=\"_ _9\"></span>xed le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _251\"> </span>9,176<span class=\"_ _ce\"> </span>3,835<span class=\"_ _17c\"> </span>13,011Acc<span class=\"_ _9\"></span>ret<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n of inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st <span class=\"_ _252\"> </span>7,380<span class=\"_ _48\"> </span>93<span class=\"_ _ba\"> </span>7,473Depre<span class=\"_ _9\"></span>ciation<span class=\"_ _253\"> </span><span class=\"ls2 ws5\">3,611<span class=\"_ _ce\"> </span>3,056<span class=\"_ _ce\"> </span>6,667</span>No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dDet<span class=\"_ _9\"></span>ail<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>gar<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g cer<span class=\"_ _1\"></span>tai<span class=\"_ _9\"></span>n lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s are as b<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>ow:(a) <span class=\"_ _1\"></span>O<span class=\"_ _9\"></span>n 29 Ja<span class=\"_ _9\"></span>nuar<span class=\"_ _1\"></span>y 2020, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h it<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ubs<span class=\"_ _9\"></span>idi<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y A<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>na, ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o a 45<span class=\"_ _9\"></span>-yea<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e deve<span class=\"_ _9\"></span>lop<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion of a con<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y b<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed ho<span class=\"_ _9\"></span>tel i<span class=\"_ _9\"></span>n Zag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>b, Croat<span class=\"_ _9\"></span>ia. T<span class=\"_ _9\"></span>he de<span class=\"_ _9\"></span>velo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>, whic<span class=\"_ _9\"></span>h is s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o obt<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>ning t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sar<span class=\"_ _1\"></span>y pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mit<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>nvolve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e conv<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n of an i<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>ic bu<span class=\"_ _9\"></span>ildi<span class=\"_ _9\"></span>ng in a p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>me lo<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on in t<span class=\"_ _9\"></span>he hi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>ic he<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y. Once o<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ene<span class=\"_ _9\"></span>d, thi<span class=\"_ _9\"></span>s 1<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>8<span class=\"_ _9\"></span>-r<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>m hote<span class=\"_ _9\"></span>l will i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e a de<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>au<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d bar, wellne<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s and s<span class=\"_ _9\"></span>pa f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s, fit<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>s cen<span class=\"_ _9\"></span>tre, eve<span class=\"_ _9\"></span>nt sp<span class=\"_ _9\"></span>ace a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ki<span class=\"_ _9\"></span>ng.(b) Gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>dis h<span class=\"_ _9\"></span>as a la<span class=\"_ _9\"></span>nd le<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ld int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t, ex<span class=\"_ _9\"></span>pir<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g in 20<span class=\"_ _9\"></span>95, of Holm<span class=\"_ _9\"></span>es Ho<span class=\"_ _9\"></span>tel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on. B<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>ates<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>view t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>t was s<span class=\"_ _9\"></span>ign<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n 29 Se<span class=\"_ _9\"></span>pte<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the a<span class=\"_ _9\"></span>nnu<span class=\"_ _9\"></span>al re<span class=\"_ _9\"></span>nt am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to \u00a31<span class=\"_ _3\"></span>,<span class=\"_ _9\"></span>250 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>s has a<span class=\"_ _9\"></span>n opt<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he lea<span class=\"_ _9\"></span>se to a t<span class=\"_ _9\"></span>ot<span class=\"_ _9\"></span>al of 1<span class=\"_ _4\"></span>25 year<span class=\"_ _9\"></span>s, ex<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng in 21<span class=\"_ _4\"></span>21<span class=\"_ _3\"></span>. T<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>any al<span class=\"_ _9\"></span>so ha<span class=\"_ _9\"></span>s an o<span class=\"_ _9\"></span>ptio<span class=\"_ _9\"></span>n to te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>te th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se in 2<span class=\"_ _9\"></span>059<span class=\"_ _3\"></span>.(c) <span class=\"_ _1e\"></span>Ri<span class=\"_ _9\"></span>ver<span class=\"_ _9\"></span>ba<span class=\"_ _9\"></span>nk Ho<span class=\"_ _9\"></span>tel Ho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>ing B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. ha<span class=\"_ _9\"></span>s a lan<span class=\"_ _9\"></span>d lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>, exp<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>ing i<span class=\"_ _9\"></span>n 21<span class=\"_ _3\"></span>25, fo<span class=\"_ _9\"></span>r Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on R<span class=\"_ _9\"></span>iver<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>, su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>view ever<span class=\"_ _1\"></span>y fi<span class=\"_ _9\"></span>ve year<span class=\"_ _9\"></span>s, b<span class=\"_ _9\"></span>ase<span class=\"_ _9\"></span>d on C<span class=\"_ _9\"></span>PI. Bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e late<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ren<span class=\"_ _9\"></span>t revi<span class=\"_ _9\"></span>ew, ef<span class=\"_ _9\"></span>fec<span class=\"_ _1\"></span>tive f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m 10 May 201<span class=\"_ _3\"></span>5, th<span class=\"_ _9\"></span>e ann<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to \u00a31<span class=\"_ _3\"></span>,<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>01 thousand.(d) O<span class=\"_ _9\"></span>n 1<span class=\"_ _4\"></span>8 June 2<span class=\"_ _9\"></span>01<span class=\"_ _3\"></span>2, Par<span class=\"_ _9\"></span>k Roy<span class=\"_ _9\"></span>al Hot<span class=\"_ _9\"></span>el Ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. (\u2018<span class=\"_ _9\"></span>Par<span class=\"_ _9\"></span>k Roya<span class=\"_ _9\"></span>l\u2019) c<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>ple<span class=\"_ _9\"></span>ted t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>has<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>ld pr<span class=\"_ _9\"></span>op<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y at 628 Wes<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>n Aven<span class=\"_ _9\"></span>ue, Par<span class=\"_ _9\"></span>k Royal, L<span class=\"_ _9\"></span>ond<span class=\"_ _9\"></span>on (t<span class=\"_ _9\"></span>he \u2018<span class=\"_ _9\"></span>Sit<span class=\"_ _9\"></span>e\u2019), whi<span class=\"_ _9\"></span>ch w<span class=\"_ _9\"></span>as a d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent s<span class=\"_ _9\"></span>ite o<span class=\"_ _9\"></span>n on<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>e mai<span class=\"_ _9\"></span>n tho<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>ghf<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>es in<span class=\"_ _9\"></span>to Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on, for \u00a36.0 mill<span class=\"_ _9\"></span>ion. S<span class=\"_ _9\"></span>imul<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>ous<span class=\"_ _9\"></span>ly, Park Roy<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e sa<span class=\"_ _9\"></span>le of t<span class=\"_ _9\"></span>he Si<span class=\"_ _9\"></span>te at a pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e of \u00a3<span class=\"_ _9\"></span>7<span class=\"_ _a\"></span>.0 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d the l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>k of th<span class=\"_ _9\"></span>e Site a<span class=\"_ _9\"></span>t an ini<span class=\"_ _9\"></span>tial r<span class=\"_ _9\"></span>ent of \u00a3<span class=\"_ _9\"></span>30<span class=\"_ _9\"></span>6 th<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>er yea<span class=\"_ _9\"></span>r for 1<span class=\"_ _4\"></span>70 years<span class=\"_ _9\"></span>. Bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he lat<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt rev<span class=\"_ _9\"></span>iew, wit<span class=\"_ _9\"></span>h ef<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t f<span class=\"_ _9\"></span>rom 15 June 2<span class=\"_ _9\"></span>022, th<span class=\"_ _9\"></span>e ann<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>ent amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ts t<span class=\"_ _9\"></span>o \u00a34<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>7 tho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d.(e) <span class=\"_ _9\"></span>O<span class=\"_ _9\"></span>n 20 Ju<span class=\"_ _9\"></span>ly 201<span class=\"_ _4\"></span>7<span class=\"_ _a\"></span>, Water<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o Hot<span class=\"_ _9\"></span>el Ho<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. co<span class=\"_ _9\"></span>mpl<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e sal<span class=\"_ _9\"></span>e of Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n Water<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o for \u00a31<span class=\"_ _4\"></span>6<span class=\"_ _3\"></span>1<span class=\"_ _4\"></span>.5 milli<span class=\"_ _9\"></span>on s<span class=\"_ _9\"></span>ubj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o a lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>bac<span class=\"_ _9\"></span>k fo<span class=\"_ _9\"></span>r 1<span class=\"_ _3\"></span>9<span class=\"_ _9\"></span>9 yea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e init<span class=\"_ _9\"></span>ial re<span class=\"_ _9\"></span>nt of \u00a3<span class=\"_ _9\"></span>5.6 milli<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>er yea<span class=\"_ _9\"></span>r will hav<span class=\"_ _9\"></span>e ann<span class=\"_ _9\"></span>ual in<span class=\"_ _9\"></span>fla<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n adj<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s s<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>jec<span class=\"_ _1\"></span>t to a ca<span class=\"_ _9\"></span>p of 4% and coll<span class=\"_ _9\"></span>ar of 2<span class=\"_ _9\"></span>%. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng are t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>:A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Deprecia<span class=\"_ _4\"></span>tion<span class=\"_ _4\"></span> expense <span class=\"_ _c\"> </span><span class=\"ff9b ls2 ws5\">6,553<span class=\"_ _ba\"> </span><span class=\"ff9c\">6,667</span></span>Interest expense on lease<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities<span class=\"_ _254\"> </span><span class=\"ff9b ls2 ws5\">9,737<span class=\"_ _ce\"> </span><span class=\"ff9c\">7,261</span></span>E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>o low<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>es)<span class=\"_ _255\"> </span><span class=\"ff9b\">169<span class=\"_ _46\"> </span></span>129E<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>o low<span class=\"_ _9\"></span>-v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n rent e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s)<span class=\"_ _1ea\"> </span><span class=\"ff9b\">877<span class=\"_ _46\"> </span></span>944Varia<span class=\"_ _9\"></span>ble l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed in r<span class=\"_ _9\"></span>ent e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s)<span class=\"_ _256\"> </span><span class=\"ff9b\">1,544<span class=\"_ _ce\"> </span></span>1,561T<span class=\"_ _4\"></span>ota<span class=\"_ _9\"></span>l a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t rec<span class=\"_ _9\"></span>og<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d in p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>it o<span class=\"_ _9\"></span>r lo<span class=\"_ _9\"></span>ss<span class=\"_ _257\"> </span>18,880<span class=\"_ _98\"> </span><span class=\"ff9c\">16,562</span>Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>d tot<span class=\"_ _9\"></span>al c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h out<span class=\"_ _1\"></span>flo<span class=\"_ _9\"></span>ws fo<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s of \u00a31<span class=\"_ _3\"></span>7<span class=\"_ _a\"></span>,<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>7 t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d in 202<span class=\"_ _9\"></span>2 (2021<span class=\"_ _3\"></span>: \u00a31<span class=\"_ _4\"></span>5,645 t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>d). No<span class=\"_ _9\"></span>te 18 Lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>dTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>nfo<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on on t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s vari<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ayme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>udi<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e mag<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>e in re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion to f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in 2022 a<span class=\"_ _9\"></span>nd 20<span class=\"_ _9\"></span>21<span class=\"_ _3\"></span>:A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022Fi<span class=\"_ _9\"></span>xed V<span class=\"_ _4\"></span>ariable pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Fi<span class=\"_ _9\"></span>xed re<span class=\"_ _9\"></span>nt<span class=\"_ _258\"> </span><span class=\"ff9b\">13,369<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>13,369</span>Varia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ent w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h mini<span class=\"_ _9\"></span>mum p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _259\"> </span><span class=\"ff9b\">1,258<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _180\"> </span>1,258</span>Variable rent only<span class=\"_ _25a\"> </span><span class=\"ff9b ls2 ws5\">\u2013<span class=\"_ _180\"> </span>1,544<span class=\"_ _180\"> </span>1,544</span>A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021Fixed<span class=\"_ _4\"></span> Variable payments payments To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Fi<span class=\"_ _9\"></span>xed re<span class=\"_ _9\"></span>nt<span class=\"_ _25b\"> </span>12,253<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _17c\"> </span>12,253Varia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ent w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h mini<span class=\"_ _9\"></span>mum p<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _1e3\"> </span>758<span class=\"_ _75\"> </span>5<span class=\"_ _4e\"> </span>763Variable rent only<span class=\"_ _25a\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _ce\"> </span>1,556<span class=\"_ _ce\"> </span>1,556</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-70-2": {
   "value": "Note 19 Other payables and accrualsAs at 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Current portion of lease liabilities 5,507 6,344Current portion of share appreciation rights (Note 6b) 5,519 540Employees 4,640 1,666VAT and taxes 14,514 11,891Accrued interest 3,128 3,089Corporate income taxes 130 56Accrued expenses 26,808 20,252Advance payments received 8,238 6,021Accrued rent 4,402 2,458Variable income payment to holders of Income Units 4,137 8601Related parties3,712 \u2013Other 109 \u201380,844 53,1771  Majority of this balance (\u00a33,527 thousand) relates to an accrual for costs of the building contract with Gear Construction UK Limited for the design and construction of the art\u2019otel London Hoxton hotel that were paid after the balance sheet date (see Note 29).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-72-2": {
   "value": "Note 21 Operating expensesYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Salaries and related expenses 109,412 68,710Franchise, reservation and commissions expenses (see Note 13(c)(i)) 28,419 12,186Food and beverage  16,471 8,675Insurance and property taxes 19,156 10,004Utilities 11,570 7,736Administration costs 7,905 3,607Maintenance 6,839 4,693Laundry, linen and cleaning 5,472 1,941Supplies 4,573 2,186IT expenses 2,195 1,639Communication, travel and transport 1,939 1,141Marketing expenses 1,864 1,523Government grants payroll (183) (12,079)Government grants fixed costs (2,461) (9,578)Defined contribution pension premiums 4,588 3,174Other expenses  15,328 8,250233,087 113,808",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-72-3": {
   "value": "Note 21 Operating expensesYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Salaries and related expenses 109,412 68,710Franchise, reservation and commissions expenses (see Note 13(c)(i)) 28,419 12,186Food and beverage  16,471 8,675Insurance and property taxes 19,156 10,004Utilities 11,570 7,736Administration costs 7,905 3,607Maintenance 6,839 4,693Laundry, linen and cleaning 5,472 1,941Supplies 4,573 2,186IT expenses 2,195 1,639Communication, travel and transport 1,939 1,141Marketing expenses 1,864 1,523Government grants payroll (183) (12,079)Government grants fixed costs (2,461) (9,578)Defined contribution pension premiums 4,588 3,174Other expenses  15,328 8,250233,087 113,808",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-73-2": {
   "value": "Note 22 Financial expensesYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Interest and other finance expenses on bank loans 24,815 24,015Interest on lease liabilities 9,737 7,261Foreign exchange differences, net 2,012 \u2013Other 693 9337,257 31,369Note 23 Financial incomeYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Income from Park Plaza County Hall London Units 887 27Interest on bank deposits 375 163Foreign exchange differences, net \u2013 42Interest and other financial income from jointly controlled entities (see Note 29(b)) 117 101Other 137 \u20131,516 333",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-73-3": {
   "value": "Note 22 Financial expensesYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Interest and other finance expenses on bank loans 24,815 24,015Interest on lease liabilities 9,737 7,261Foreign exchange differences, net 2,012 \u2013Other 693 9337,257 31,369",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-74-3": {
   "value": "Note 23 Financial incomeYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Income from Park Plaza County Hall London Units 887 27Interest on bank deposits 375 163Foreign exchange differences, net \u2013 42Interest and other financial income from jointly controlled entities (see Note 29(b)) 117 101Other 137 \u20131,516 333",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-77-2": {
   "value": "Note 26 Income taxesa.  Tax benefit (expense) included in the income statementYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Current taxes (394) (350)Adjustments in respect of current income tax of previous year 87 61Deferred taxes 3,663 5,3403,356 5,051b.  The following are the major deferred tax (liabilities) and assets recognised by the Group and changes therein during the\ue61fperiod:Tax loss  carry forward  Property, plant and timing and equipment difference on and intangible Tax provisions assets   incentives Total  \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance as at 1 January 2022  8,334 (11,009) 5,660 2,985Amounts charged to income statement  4,134 274 (745) 3,663Change in tax rateAdjustments for exchange rate differences 460 (399) 278 339Balance as at 31 December 2022 12,928 (11,134) 5,193 6,987Balance as at 1 January 2021  4,208 (11,999) 6,043 (1,748)Amounts charged to income statement  3,962 1,378 \u2013 5,340Amount recognised in business combination (see Note 3(a)) 378 (908) \u2013 (530)Adjustments for exchange rate differences (214) 520 (383) (77)Balance as at 31 December 2021 8,334 (11,009) 5,660 2,985  The above deferred taxes have been set off when they relate to the same jurisdictions and presented in the consolidated financial statements as follows:As at 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Deferred tax assets 12,909 10,221Deferred tax liabilities (5,922) (7,236)6,987 2,985Note 26 Income taxes continuedc.  Reconciliation between tax benefit (expense) and the product of accounting profit multiplied by the Group\u2019s tax rate is\ue61fas\ue61ffollows:Year ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Profit before income taxes 11,456 (57,555)Expected tax at the tax rate of the United Kingdom 19% (2021: 19%) (2,177) 10,936Adjustments in respect of:Effects of other tax rates  1,265 2,594Non-deductible expenses (3,825) (8,269)Utilisation of carried forward losses and temporary differences for which deferred tax assets were not previously recorded 5,406 291Temporary differences for which no deferred tax asset was recorded  (211)Non-taxable income 135 114Unrecognised current year tax losses  (1,695) (5,299)Recognition of deferred tax asset on losses from previous years 4,072 3,634Other differences  175 1,261Income tax benefit (expense) reported in the income statement  3,356 5,051d.  Tax laws applicable to the Group companies: (i)  The Company is subject to taxation under the laws of Guernsey. The Company is therefore taxed at the standard rate of 0%.(ii) Foreign subsidiaries are subject to income taxes in their country of domicile in respect of their income, as follows: 1.  Taxation in the Netherlands: corporate income tax rate is 25.8%.2.  Taxation in the United Kingdom: corporate income tax rate for domiciled companies and for non-domiciled companies is 19% (2021: 19%).3.  Taxation in Germany: aggregated corporate tax rate and trade income rate 29.7%.4.  Taxation in Hungary: corporate income tax rate 9%.5.  Taxation in Croatia: corporate income tax rate 18%.6.  Taxation in Italy: aggregated corporate tax rate (IRES) and local tax (IRAP) rate 27.9%.7.   Taxation in Austria: corporate income tax rate 25%.8.  Taxation in Serbia: corporate income tax rate 15%.Note 26 Income taxes continued  Corporate tax rate in the UK \u2013 In March 2021, the UK government adopted the Spring Budget 2021 which included an increase in the UK corporate tax rate from 19% to 25% from 1 April 2023.   Corporate tax rate in the Netherlands \u2013 In 2020, under the 2021 tax plan which was adopted on 15 December 2020 it was decided that the reduction in corporate income tax rate to 21.7% will be cancelled and the tax rate will remain at 25%. In 2021, under the 2022 tax plan which was adopted on 21 December 2021, it was decided that the corporate income tax rate will increase to 25.8% starting 1 January 2022.e.  Losses carried forward for tax purposes  The Group has carried forward losses for tax purposes estimated at approximately \u00a3208.8 million (2021: \u00a3200.8 million). The Group did not establish deferred tax assets in respect of losses amounting to \u00a3152.6 million (2021: \u00a3161.5 million) which may be carried forward indefinitely.  The carried forward losses relate to individual companies in the Group, each in its own tax jurisdiction. When analysing the recovery of these losses the Group assesses the likelihood that these losses can be utilised against future trading profits. In this analysis the Group concluded that for the majority of these companies it is not highly likely that future profits will be achieved that can be offset against these losses, mainly due to the nature of their trade (i.e. holding companies or tax exempt activities). Based on this uncertain profitability, the Company determined that it could not recognise deferred tax assets for the majority of the losses. The Company is performing this analysis on an ongoing basis. f.   Tax incentives  In May 2019, based on confirmation from the Ministry of Economy and pursuant to the Investment Promotion and Development of Investment Climate Act in Croatia, Arena became eligible to claim incentive allowances. Investments eligible for incentives are investments done in Arena One 99 Glamping Campsite, Arena Grand Ka\u017eela Campsite, Hotel Brioni, Verudela Beach self-catering apartment complexes, among others.   Arena has the right to use the investment tax credits until 2027. The execution of the investment project is subject to supervision by the relevant institutions throughout the period of use of the tax credits and Arena will need to present regular annual reports to the tax authority in which it will evidence that the conditions for the use of the tax credits are met. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-77-3": {
   "value": "Note 26 Income taxesa.  Tax benefit (expense) included in the income statementYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Current taxes (394) (350)Adjustments in respect of current income tax of previous year 87 61Deferred taxes 3,663 5,3403,356 5,051b.  The following are the major deferred tax (liabilities) and assets recognised by the Group and changes therein during the\ue61fperiod:Tax loss  carry forward  Property, plant and timing and equipment difference on and intangible Tax provisions assets   incentives Total  \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance as at 1 January 2022  8,334 (11,009) 5,660 2,985Amounts charged to income statement  4,134 274 (745) 3,663Change in tax rateAdjustments for exchange rate differences 460 (399) 278 339Balance as at 31 December 2022 12,928 (11,134) 5,193 6,987Balance as at 1 January 2021  4,208 (11,999) 6,043 (1,748)Amounts charged to income statement  3,962 1,378 \u2013 5,340Amount recognised in business combination (see Note 3(a)) 378 (908) \u2013 (530)Adjustments for exchange rate differences (214) 520 (383) (77)Balance as at 31 December 2021 8,334 (11,009) 5,660 2,985  The above deferred taxes have been set off when they relate to the same jurisdictions and presented in the consolidated financial statements as follows:As at 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Deferred tax assets 12,909 10,221Deferred tax liabilities (5,922) (7,236)6,987 2,985Note 26 Income taxes continuedc.  Reconciliation between tax benefit (expense) and the product of accounting profit multiplied by the Group\u2019s tax rate is\ue61fas\ue61ffollows:Year ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Profit before income taxes 11,456 (57,555)Expected tax at the tax rate of the United Kingdom 19% (2021: 19%) (2,177) 10,936Adjustments in respect of:Effects of other tax rates  1,265 2,594Non-deductible expenses (3,825) (8,269)Utilisation of carried forward losses and temporary differences for which deferred tax assets were not previously recorded 5,406 291Temporary differences for which no deferred tax asset was recorded  (211)Non-taxable income 135 114Unrecognised current year tax losses  (1,695) (5,299)Recognition of deferred tax asset on losses from previous years 4,072 3,634Other differences  175 1,261Income tax benefit (expense) reported in the income statement  3,356 5,051d.  Tax laws applicable to the Group companies: (i)  The Company is subject to taxation under the laws of Guernsey. The Company is therefore taxed at the standard rate of 0%.(ii) Foreign subsidiaries are subject to income taxes in their country of domicile in respect of their income, as follows: 1.  Taxation in the Netherlands: corporate income tax rate is 25.8%.2.  Taxation in the United Kingdom: corporate income tax rate for domiciled companies and for non-domiciled companies is 19% (2021: 19%).3.  Taxation in Germany: aggregated corporate tax rate and trade income rate 29.7%.4.  Taxation in Hungary: corporate income tax rate 9%.5.  Taxation in Croatia: corporate income tax rate 18%.6.  Taxation in Italy: aggregated corporate tax rate (IRES) and local tax (IRAP) rate 27.9%.7.   Taxation in Austria: corporate income tax rate 25%.8.  Taxation in Serbia: corporate income tax rate 15%.Note 26 Income taxes continued  Corporate tax rate in the UK \u2013 In March 2021, the UK government adopted the Spring Budget 2021 which included an increase in the UK corporate tax rate from 19% to 25% from 1 April 2023.   Corporate tax rate in the Netherlands \u2013 In 2020, under the 2021 tax plan which was adopted on 15 December 2020 it was decided that the reduction in corporate income tax rate to 21.7% will be cancelled and the tax rate will remain at 25%. In 2021, under the 2022 tax plan which was adopted on 21 December 2021, it was decided that the corporate income tax rate will increase to 25.8% starting 1 January 2022.e.  Losses carried forward for tax purposes  The Group has carried forward losses for tax purposes estimated at approximately \u00a3208.8 million (2021: \u00a3200.8 million). The Group did not establish deferred tax assets in respect of losses amounting to \u00a3152.6 million (2021: \u00a3161.5 million) which may be carried forward indefinitely.  The carried forward losses relate to individual companies in the Group, each in its own tax jurisdiction. When analysing the recovery of these losses the Group assesses the likelihood that these losses can be utilised against future trading profits. In this analysis the Group concluded that for the majority of these companies it is not highly likely that future profits will be achieved that can be offset against these losses, mainly due to the nature of their trade (i.e. holding companies or tax exempt activities). Based on this uncertain profitability, the Company determined that it could not recognise deferred tax assets for the majority of the losses. The Company is performing this analysis on an ongoing basis. f.   Tax incentives  In May 2019, based on confirmation from the Ministry of Economy and pursuant to the Investment Promotion and Development of Investment Climate Act in Croatia, Arena became eligible to claim incentive allowances. Investments eligible for incentives are investments done in Arena One 99 Glamping Campsite, Arena Grand Ka\u017eela Campsite, Hotel Brioni, Verudela Beach self-catering apartment complexes, among others.   Arena has the right to use the investment tax credits until 2027. The execution of the investment project is subject to supervision by the relevant institutions throughout the period of use of the tax credits and Arena will need to present regular annual reports to the tax authority in which it will evidence that the conditions for the use of the tax credits are met. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-77-5": {
   "value": "Note 26 Income taxesa.  Tax benefit (expense) included in the income statementYear ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Current taxes (394) (350)Adjustments in respect of current income tax of previous year 87 61Deferred taxes 3,663 5,3403,356 5,051b.  The following are the major deferred tax (liabilities) and assets recognised by the Group and changes therein during the\ue61fperiod:Tax loss  carry forward  Property, plant and timing and equipment difference on and intangible Tax provisions assets   incentives Total  \u00a3\u2019000\u00a3\u2019000\u00a3\u2019000\u00a3\u2019000Balance as at 1 January 2022  8,334 (11,009) 5,660 2,985Amounts charged to income statement  4,134 274 (745) 3,663Change in tax rateAdjustments for exchange rate differences 460 (399) 278 339Balance as at 31 December 2022 12,928 (11,134) 5,193 6,987Balance as at 1 January 2021  4,208 (11,999) 6,043 (1,748)Amounts charged to income statement  3,962 1,378 \u2013 5,340Amount recognised in business combination (see Note 3(a)) 378 (908) \u2013 (530)Adjustments for exchange rate differences (214) 520 (383) (77)Balance as at 31 December 2021 8,334 (11,009) 5,660 2,985  The above deferred taxes have been set off when they relate to the same jurisdictions and presented in the consolidated financial statements as follows:As at 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Deferred tax assets 12,909 10,221Deferred tax liabilities (5,922) (7,236)6,987 2,985Note 26 Income taxes continuedc.  Reconciliation between tax benefit (expense) and the product of accounting profit multiplied by the Group\u2019s tax rate is\ue61fas\ue61ffollows:Year ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Profit before income taxes 11,456 (57,555)Expected tax at the tax rate of the United Kingdom 19% (2021: 19%) (2,177) 10,936Adjustments in respect of:Effects of other tax rates  1,265 2,594Non-deductible expenses (3,825) (8,269)Utilisation of carried forward losses and temporary differences for which deferred tax assets were not previously recorded 5,406 291Temporary differences for which no deferred tax asset was recorded  (211)Non-taxable income 135 114Unrecognised current year tax losses  (1,695) (5,299)Recognition of deferred tax asset on losses from previous years 4,072 3,634Other differences  175 1,261Income tax benefit (expense) reported in the income statement  3,356 5,051d.  Tax laws applicable to the Group companies: (i)  The Company is subject to taxation under the laws of Guernsey. The Company is therefore taxed at the standard rate of 0%.(ii) Foreign subsidiaries are subject to income taxes in their country of domicile in respect of their income, as follows: 1.  Taxation in the Netherlands: corporate income tax rate is 25.8%.2.  Taxation in the United Kingdom: corporate income tax rate for domiciled companies and for non-domiciled companies is 19% (2021: 19%).3.  Taxation in Germany: aggregated corporate tax rate and trade income rate 29.7%.4.  Taxation in Hungary: corporate income tax rate 9%.5.  Taxation in Croatia: corporate income tax rate 18%.6.  Taxation in Italy: aggregated corporate tax rate (IRES) and local tax (IRAP) rate 27.9%.7.   Taxation in Austria: corporate income tax rate 25%.8.  Taxation in Serbia: corporate income tax rate 15%.Note 26 Income taxes continued  Corporate tax rate in the UK \u2013 In March 2021, the UK government adopted the Spring Budget 2021 which included an increase in the UK corporate tax rate from 19% to 25% from 1 April 2023.   Corporate tax rate in the Netherlands \u2013 In 2020, under the 2021 tax plan which was adopted on 15 December 2020 it was decided that the reduction in corporate income tax rate to 21.7% will be cancelled and the tax rate will remain at 25%. In 2021, under the 2022 tax plan which was adopted on 21 December 2021, it was decided that the corporate income tax rate will increase to 25.8% starting 1 January 2022.e.  Losses carried forward for tax purposes  The Group has carried forward losses for tax purposes estimated at approximately \u00a3208.8 million (2021: \u00a3200.8 million). The Group did not establish deferred tax assets in respect of losses amounting to \u00a3152.6 million (2021: \u00a3161.5 million) which may be carried forward indefinitely.  The carried forward losses relate to individual companies in the Group, each in its own tax jurisdiction. When analysing the recovery of these losses the Group assesses the likelihood that these losses can be utilised against future trading profits. In this analysis the Group concluded that for the majority of these companies it is not highly likely that future profits will be achieved that can be offset against these losses, mainly due to the nature of their trade (i.e. holding companies or tax exempt activities). Based on this uncertain profitability, the Company determined that it could not recognise deferred tax assets for the majority of the losses. The Company is performing this analysis on an ongoing basis. f.   Tax incentives  In May 2019, based on confirmation from the Ministry of Economy and pursuant to the Investment Promotion and Development of Investment Climate Act in Croatia, Arena became eligible to claim incentive allowances. Investments eligible for incentives are investments done in Arena One 99 Glamping Campsite, Arena Grand Ka\u017eela Campsite, Hotel Brioni, Verudela Beach self-catering apartment complexes, among others.   Arena has the right to use the investment tax credits until 2027. The execution of the investment project is subject to supervision by the relevant institutions throughout the period of use of the tax credits and Arena will need to present regular annual reports to the tax authority in which it will evidence that the conditions for the use of the tax credits are met. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-80-2": {
   "value": "Note 27 Earnings per shareThe following reflects the income and share data used in the basic earnings per share computations:Year ended 31 December2022  2021  \u00a3\u2019000\u00a3\u2019000Profit (loss) attributable to equity holders of the parent 10,159 (52,129)Weighted average number of ordinary shares outstanding 42,523 42,539Potentially dilutive instruments 399,294 in 2022 had an immaterial effect on the basic earnings per share (2021: 177,027 were not considered, since their effect is antidilutive).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-81-2": {
   "value": "Note 2<span class=\"_ _4\"></span>8 SegmentsFor m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s are d<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d into O<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d Hote<span class=\"_ _9\"></span>l Op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s and M<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>nd C<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al Ser<span class=\"_ _1\"></span>vic<span class=\"_ _9\"></span>es Ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s (for f<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>th<span class=\"_ _9\"></span>er d<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>ails s<span class=\"_ _9\"></span>ee N<span class=\"_ _9\"></span>ote 1<span class=\"_ _4\"></span>3(c)(<span class=\"_ _9\"></span>i)). Ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d Hot<span class=\"_ _9\"></span>el Op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s are f<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>th<span class=\"_ _9\"></span>er di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto fo<span class=\"_ _9\"></span>ur re<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>: the Net<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>rla<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>s, Ge<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>many<span class=\"_ _4\"></span>, Cro<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>a and t<span class=\"_ _9\"></span>he U<span class=\"_ _9\"></span>nite<span class=\"_ _9\"></span>d Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m. Ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>ndi<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ual h<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s in Hu<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y, Ser<span class=\"_ _9\"></span>bia, It<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>y and A<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ia. Th<span class=\"_ _9\"></span>e op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>sul<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of eac<span class=\"_ _9\"></span>h of t<span class=\"_ _9\"></span>he afo<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d se<span class=\"_ _9\"></span>gme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ar<span class=\"_ _9\"></span>e mon<span class=\"_ _9\"></span>itor<span class=\"_ _9\"></span>ed s<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>ly fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ose o<span class=\"_ _9\"></span>f res<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>rce a<span class=\"_ _9\"></span>lloc<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>fo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>man<span class=\"_ _9\"></span>ce as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>sm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. Se<span class=\"_ _9\"></span>gme<span class=\"_ _9\"></span>nt p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>nce i<span class=\"_ _9\"></span>s eval<span class=\"_ _9\"></span>uate<span class=\"_ _9\"></span>d ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on EBI<span class=\"_ _9\"></span>TDA, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>ame b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is as f<span class=\"_ _9\"></span>or fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial repor<span class=\"_ _9\"></span>ting purp<span class=\"_ _9\"></span>oses in the consolidat<span class=\"_ _4\"></span>ed income statement.Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>022Management Th<span class=\"_ _9\"></span>e Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ed an<span class=\"_ _9\"></span>d Ce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al 12Netherlands Germany<span class=\"_ _4\"></span> Kingdom Croatia OtherSe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>s Adjustme<span class=\"_ _9\"></span>ntsConsolidated \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000RevenueThi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _136\"> </span><span class=\"ff9b\">41,573<span class=\"_ _32\"> </span>17,724<span class=\"_ _17\"> </span>190,105<span class=\"_ _1aa\"> </span>69,237<span class=\"_ _180\"> </span>6,344<span class=\"_ _125\"> </span>5,108<span class=\"_ _18b\"> </span>330,091</span>Inter-seg<span class=\"_ _9\"></span>ment<span class=\"_ _28a\"> </span><span class=\"ff9b ls2 ws5\">16<span class=\"_ _19d\"> </span>302<span class=\"_ _19d\"> </span>168<span class=\"_ _140\"> </span>32,365<span class=\"_ _127\"> </span>(32,851)</span>T<span class=\"_ _3\"></span>otal revenue<span class=\"_ _1ab\"> </span><span class=\"ff9b ls2 ws5\">41,573<span class=\"_ _1aa\"> </span>17,740<span class=\"_ _17\"> </span>190,407<span class=\"_ _32\"> </span>69,405<span class=\"_ _180\"> </span>6,344<span class=\"_ _9a\"> </span>37,473<span class=\"_ _127\"> </span>(32,851)<span class=\"_ _16f\"> </span>330,091</span>Segment<span class=\"_ _4\"></span> EB<span class=\"_ _4\"></span>ITD<span class=\"_ _4\"></span>A<span class=\"_ _c3\"> </span><span class=\"ff9b ls2 ws5\">11,163<span class=\"_ _180\"> </span>6,368<span class=\"_ _1aa\"> </span>56,218<span class=\"_ _32\"> </span>21,426<span class=\"_ _83\"> </span>(629)<span class=\"_ _76\"> </span>37<span class=\"_ _28b\"> </span>94,583</span>Depreciation,<span class=\"_ _4\"></span> amor<span class=\"_ _9\"></span>tisation<span class=\"_ _28c\"> </span><span class=\"ff9b ls2 ws5\">(40,006)</span>Financial expenses<span class=\"_ _1bc\"> </span><span class=\"ff9b ls2 ws5\">(37,257)</span>Financial income<span class=\"_ _28d\"> </span><span class=\"ff9b ls2 ws5\">1,516</span>Net e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s for li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _220\"> </span><span class=\"ff9b ls2 ws5\">(10,783)</span>Othe<span class=\"_ _9\"></span>r income (<span class=\"_ _4\"></span>expenses),<span class=\"_ _4\"></span> net<span class=\"_ _18f\"> </span><span class=\"ff9b ls2 ws5\">3,201</span>Sha<span class=\"_ _9\"></span>re in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult of j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s<span class=\"_ _28e\"> </span><span class=\"ff9b\">202</span>Prof<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax<span class=\"_ _28f\"> </span><span class=\"ff9b\">11,456</span>1 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ar<span class=\"_ _1\"></span>t\u2019ote<span class=\"_ _9\"></span>l Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t in H<span class=\"_ _9\"></span>ung<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y, 88 R<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>ms H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in B<span class=\"_ _9\"></span>elg<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e, Ser<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>ia, Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>a &amp; Ca<span class=\"_ _9\"></span>rg<span class=\"_ _9\"></span>ill H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in Ro<span class=\"_ _9\"></span>me, I<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ly, and F<span class=\"_ _9\"></span>R<span class=\"_ _9\"></span>AN<span class=\"_ _9\"></span>Z fer<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Mo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>in Re<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>n Na<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ld, A<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>a.2 <span class=\"_ _b\"> </span>Consist of<span class=\"_ _4\"></span> inter-company el<span class=\"_ _4\"></span>iminations.Th<span class=\"_ _9\"></span>e Un<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ed 2Netherlands Germany<span class=\"_ _4\"></span> Kingdom Croatia O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er Adjustme<span class=\"_ _9\"></span>ntsConsolidated \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Geogr<span class=\"_ _9\"></span>aphic<span class=\"_ _9\"></span>al informatio<span class=\"_ _9\"></span>n1Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent assets194,833<span class=\"_ _32\"> </span>72,537<span class=\"_ _17\"> </span>949,931<span class=\"_ _17\"> </span>241,312<span class=\"_ _1aa\"> </span>59,307<span class=\"_ _126\"> </span>55,512<span class=\"_ _16b\"> </span>1,573,4321 <span class=\"_ _b\"> </span>No<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>his p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t of p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, plan<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t, r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s.2 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>is in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of Ma<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d Ce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al Se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s.Note 2<span class=\"_ _4\"></span>8 Segments<span class=\"_ _4\"></span> continuedY<span class=\"_ _4\"></span>ear e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>21Managemen<span class=\"_ _4\"></span>t Th<span class=\"_ _9\"></span>e United an<span class=\"_ _9\"></span>d Ce<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>al 12Netherlands Germany Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m Croatia OtherSer<span class=\"_ _9\"></span>vices Adjustment<span class=\"_ _9\"></span>sConsolidated \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000RevenueThi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _290\"> </span>10,352<span class=\"_ _ce\"> </span>6,618<span class=\"_ _17c\"> </span>75,277<span class=\"_ _98\"> </span>44,618<span class=\"_ _4e\"> </span>853<span class=\"_ _174\"> </span>3,659<span class=\"_ _62\"> </span>141,377Inter-seg<span class=\"_ _9\"></span>ment<span class=\"_ _229\"> </span><span class=\"ls2 ws5\">14,308<span class=\"_ _9d\"> </span>(14,308)</span>T<span class=\"_ _3\"></span>otal revenue<span class=\"_ _d\"> </span><span class=\"ls2 ws5\">10,352<span class=\"_ _ce\"> </span>6,618<span class=\"_ _17c\"> </span>75,277<span class=\"_ _98\"> </span>44,618<span class=\"_ _4e\"> </span>853<span class=\"_ _e7\"> </span>17,967<span class=\"_ _9d\"> </span>(14,308)<span class=\"_ _16c\"> </span>141,377</span>Segment<span class=\"_ _4\"></span> EB<span class=\"_ _4\"></span>ITD<span class=\"_ _4\"></span>A<span class=\"_ _52\"> </span><span class=\"ls2 ws5\">1,071<span class=\"_ _9a\"> </span>6,671<span class=\"_ _17c\"> </span>11,221<span class=\"_ _98\"> </span>14,556<span class=\"_ _174\"> </span>(853)<span class=\"_ _a1\"> </span>(7,601)<span class=\"_ _291\"> </span>25,065</span>Depreciation,<span class=\"_ _4\"></span> amor<span class=\"_ _9\"></span>tisation and impair<span class=\"_ _9\"></span>ment<span class=\"_ _292\"> </span><span class=\"ls2 ws5\">(43,283)</span>Financial expenses<span class=\"_ _293\"> </span><span class=\"ls2 ws5\">(31,369)</span>Financial income<span class=\"_ _294\"> </span><span class=\"ls2 ws5\">333</span>Net e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s for li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to pr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s<span class=\"_ _295\"> </span><span class=\"ls2 ws5\">(1,949)</span>Othe<span class=\"_ _9\"></span>r income (<span class=\"_ _4\"></span>expenses),<span class=\"_ _4\"></span> net<span class=\"_ _18f\"> </span><span class=\"ls2 ws5\">(5,634)</span>Sha<span class=\"_ _9\"></span>re in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ult of j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s<span class=\"_ _296\"> </span>(718)Prof<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax<span class=\"_ _297\"> </span>(57,555)1 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ar<span class=\"_ _1\"></span>t\u2019ote<span class=\"_ _9\"></span>l Bu<span class=\"_ _9\"></span>da<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t in H<span class=\"_ _9\"></span>ung<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y, 88 R<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>ms H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in B<span class=\"_ _9\"></span>elg<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e, Ser<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>ia, Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>a &amp; Ca<span class=\"_ _9\"></span>rg<span class=\"_ _9\"></span>ill H<span class=\"_ _9\"></span>ote<span class=\"_ _9\"></span>l in Ro<span class=\"_ _9\"></span>me, I<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ly, and F<span class=\"_ _9\"></span>R<span class=\"_ _9\"></span>AN<span class=\"_ _9\"></span>Z fer<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>d Mo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>in Re<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>n Na<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>ld, A<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>a.2 <span class=\"_ _b\"> </span>Consist of<span class=\"_ _4\"></span> inter-company el<span class=\"_ _4\"></span>iminations.Th<span class=\"_ _9\"></span>e United 2Netherlands Germany Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m Croatia O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> Adjustment<span class=\"_ _9\"></span>sConsolidated \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Geogr<span class=\"_ _9\"></span>aphic<span class=\"_ _9\"></span>al informatio<span class=\"_ _9\"></span>n1Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent assets188,701<span class=\"_ _98\"> </span>71,402<span class=\"_ _183\"> </span>869,324<span class=\"_ _183\"> </span>217,779<span class=\"_ _17c\"> </span>64,442<span class=\"_ _83\"> </span>53,878<span class=\"_ _298\"> </span>1,465,5261 <span class=\"_ _b\"> </span>No<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>his p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>t of p<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, plan<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d eq<span class=\"_ _9\"></span>ui<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t, r<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>t-<span class=\"_ _9\"></span>of-<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s.2 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>is in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of Ma<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d Ce<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>al Se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-83-2": {
   "value": "No<span class=\"_ _9\"></span>te 29 Re<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies a. <span class=\"_ _8\"> </span>Balances<span class=\"_ _4\"></span> with rela<span class=\"_ _4\"></span>ted p<span class=\"_ _4\"></span>artiesA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Loa<span class=\"_ _9\"></span>ns to j<span class=\"_ _9\"></span>oint ve<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>s (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>a)<span class=\"_ _1c3\"> </span><span class=\"ff9b\">5,573<span class=\"_ _ba\"> </span></span>5,222Shor<span class=\"_ _9\"></span>t-term receivables<span class=\"_ _4\"></span> <span class=\"_ _192\"> </span><span class=\"ff9b ls2 ws5\">100<span class=\"_ _1ae\"> </span><span class=\"ff9c\">56</span></span>Paya<span class=\"_ _9\"></span>ble to G<span class=\"_ _9\"></span>C Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t M<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent L<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>ted<span class=\"_ _242\"> </span><span class=\"ff9b\">(185)<span class=\"_ _9d\"> </span></span>(125)Paya<span class=\"_ _9\"></span>ble to G<span class=\"_ _9\"></span>ear C<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion U<span class=\"_ _9\"></span>K Li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d (se<span class=\"_ _9\"></span>e Note<span class=\"_ _9\"></span>s 1<span class=\"_ _4\"></span>7 and 1<span class=\"_ _4\"></span>9)<span class=\"_ _299\"> </span><span class=\"ff9b\">(6,218)<span class=\"_ _17c\"> </span></span>(1,082)b.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>T<span class=\"_ _4\"></span>ransactions with related<span class=\"_ _4\"></span> partiesA<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Co<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th GC P<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed<span class=\"_ _29a\"> </span><span class=\"ff9b\">(300)<span class=\"_ _4e\"> </span></span>(60)Co<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f tr<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th G<span class=\"_ _9\"></span>ear C<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on UK L<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d<span class=\"_ _29b\"> </span><span class=\"ff9b\">(47,872)<span class=\"_ _196\"> </span></span>(27,735)Ren<span class=\"_ _9\"></span>t inc<span class=\"_ _9\"></span>ome f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m su<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>-le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e of of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ice s<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ce<span class=\"_ _29c\"> </span><span class=\"ff9b\">67<span class=\"_ _46\"> </span></span>173Managem<span class=\"_ _4\"></span>ent f<span class=\"_ _4\"></span>ee r<span class=\"_ _4\"></span>even<span class=\"_ _4\"></span>ue from<span class=\"_ _4\"></span> joi<span class=\"_ _4\"></span>ntly<span class=\"_ _4\"></span> contro<span class=\"_ _4\"></span>lled<span class=\"_ _4\"></span> entiti<span class=\"_ _4\"></span>es<span class=\"_ _29d\"> </span><span class=\"ff9b ls2 ws5\">822<span class=\"_ _46\"> </span><span class=\"ff9c\">271</span></span>Interest income from jointly<span class=\"_ _4\"></span> controlled entities<span class=\"_ _29e\"> </span><span class=\"ff9b ls2 ws5\">118<span class=\"_ _46\"> </span><span class=\"ff9c\">101</span></span>c. <span class=\"_ _7\"> </span>S<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>t ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>ns w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>es (i) <span class=\"_ _7\"> </span><span class=\"ff9b ls2 ws5\">Co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _4\"></span>ote<span class=\"_ _9\"></span>l Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on H<span class=\"_ _9\"></span>ox<span class=\"_ _9\"></span>ton<span class=\"ff9c\"> \u2013 F<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>prov<span class=\"_ _9\"></span>al by t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ent s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>eho<span class=\"_ _9\"></span>ld<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s, on 7 A<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ril 2<span class=\"_ _9\"></span>020 t<span class=\"_ _9\"></span>he </span></span>Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto a bu<span class=\"_ _9\"></span>ild<span class=\"_ _9\"></span>ing co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t wi<span class=\"_ _9\"></span>th G<span class=\"_ _9\"></span>ear C<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on UK L<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d (\u2018Gea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>\u2019) fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>sig<span class=\"_ _9\"></span>n and c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on ho<span class=\"_ _9\"></span>tel o<span class=\"_ _9\"></span>n a \u2018tu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>key<span class=\"_ _9\"></span>\u2019 bas<span class=\"_ _9\"></span>is (t<span class=\"_ _9\"></span>he \u2018b<span class=\"_ _9\"></span>uild<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019<span class=\"_ _9\"></span>). Unde<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e bui<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t Gear a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y for t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>ign a<span class=\"_ _9\"></span>nd co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n of t<span class=\"_ _9\"></span>he mai<span class=\"_ _9\"></span>n wor<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s for t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>esi<span class=\"_ _9\"></span>gn a<span class=\"_ _9\"></span>nd bu<span class=\"_ _9\"></span>ild of a<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on fo<span class=\"_ _9\"></span>r a lum<span class=\"_ _9\"></span>p su<span class=\"_ _9\"></span>m of \u00a31<span class=\"_ _3\"></span>6<span class=\"_ _9\"></span>0 millio<span class=\"_ _9\"></span>n (excl<span class=\"_ _9\"></span>usi<span class=\"_ _9\"></span>ve of VA<span class=\"_ _3\"></span>T<span class=\"_ _9\"></span>) (t<span class=\"_ _9\"></span>he \u2018C<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t Su<span class=\"_ _9\"></span>m\u2019). O<span class=\"_ _9\"></span>f thi<span class=\"_ _9\"></span>s am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t, c.\u00a3<span class=\"_ _9\"></span>24.6 millio<span class=\"_ _9\"></span>n is ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>nal s<span class=\"_ _9\"></span>ums<span class=\"_ _9\"></span>, pr<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>ril<span class=\"_ _9\"></span>y in res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of FF&amp;E a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>it ou<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he hot<span class=\"_ _9\"></span>el wh<span class=\"_ _9\"></span>ich a<span class=\"_ _9\"></span>re de<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ile<span class=\"_ _9\"></span>d and s<span class=\"_ _9\"></span>et o<span class=\"_ _9\"></span>ut as p<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l sum<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>uild<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t.  T<span class=\"_ _9\"></span>his m<span class=\"_ _9\"></span>ight ca<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e tot<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t paya<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e to Gea<span class=\"_ _9\"></span>r UK un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r the b<span class=\"_ _9\"></span>uil<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t to be g<span class=\"_ _9\"></span>rea<span class=\"_ _9\"></span>ter or l<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>an t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t Su<span class=\"_ _9\"></span>m. On to<span class=\"_ _9\"></span>p of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t S<span class=\"_ _9\"></span>um, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up n<span class=\"_ _9\"></span>ovat<span class=\"_ _9\"></span>ed ce<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ain e<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>lati<span class=\"_ _9\"></span>ng to t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to G<span class=\"_ _9\"></span>ear at c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t su<span class=\"_ _9\"></span>bje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t to a c<span class=\"_ _9\"></span>ap o<span class=\"_ _9\"></span>f \u00a36 milli<span class=\"_ _9\"></span>on (excl<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ive of VA<span class=\"_ _3\"></span>T<span class=\"_ _9\"></span>).  Ge<span class=\"_ _9\"></span>ar is r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d to co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>lete t<span class=\"_ _9\"></span>he w<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ks t<span class=\"_ _9\"></span>o be exe<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ted u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>uild<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t by 2024.  <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ear ma<span class=\"_ _9\"></span>kes mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hly a<span class=\"_ _9\"></span>ppl<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>ns f<span class=\"_ _9\"></span>or pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in li<span class=\"_ _9\"></span>ne wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>uil<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t a<span class=\"_ _9\"></span>nd fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on in<span class=\"_ _9\"></span>du<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _1\"></span>y cont<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual nor<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he ap<span class=\"_ _9\"></span>pli<span class=\"_ _9\"></span>ca<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>ll be v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d by A<span class=\"_ _9\"></span>ECOM ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e Empl<span class=\"_ _9\"></span>oyer<span class=\"_ _9\"></span>\u2019s age<span class=\"_ _9\"></span>nt an<span class=\"_ _9\"></span>d pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>ing c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>nage<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s, wh<span class=\"_ _9\"></span>o is ap<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>oint<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>he Em<span class=\"_ _9\"></span>ploy<span class=\"_ _9\"></span>er bu<span class=\"_ _9\"></span>t has a d<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>o ac<span class=\"_ _9\"></span>t f<span class=\"_ _9\"></span>air<span class=\"_ _9\"></span>ly i<span class=\"_ _9\"></span>n acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Emp<span class=\"_ _9\"></span>loyer<span class=\"_ _9\"></span>\u2019s Age<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ill als<span class=\"_ _9\"></span>o be r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>or as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng any a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons by G<span class=\"_ _9\"></span>ear f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s of tim<span class=\"_ _9\"></span>e, var<span class=\"_ _9\"></span>iat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s or ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal s<span class=\"_ _9\"></span>cop<span class=\"_ _9\"></span>e of wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k or ad<span class=\"_ _9\"></span>dit<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al lo<span class=\"_ _9\"></span>ss a<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>/<span class=\"_ _4\"></span>or ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>e un<span class=\"_ _9\"></span>der t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>uil<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g agr<span class=\"_ _9\"></span>eem<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>G<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>\u2019s obl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>he bu<span class=\"_ _9\"></span>ildi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t are s<span class=\"_ _9\"></span>up<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d by a co<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>rat<span class=\"_ _9\"></span>e gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>e fr<span class=\"_ _9\"></span>om Re<span class=\"_ _9\"></span>d Sea H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s Li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d, an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>oc<span class=\"_ _9\"></span>iate of Eu<span class=\"_ _9\"></span>ro Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>old<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. an<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>fore a r<span class=\"_ _9\"></span>ela<span class=\"_ _9\"></span>ted p<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>t<span class=\"_ _9\"></span>y of th<span class=\"_ _9\"></span>e Com<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ny<span class=\"_ _4\"></span>, in th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt of 10% of t<span class=\"_ _9\"></span>he Co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t Sum (t<span class=\"_ _9\"></span>he \u2018cor<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te gu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ante<span class=\"_ _9\"></span>e\u2019<span class=\"_ _9\"></span>). The co<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>por<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e gua<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pire<span class=\"_ _9\"></span>s on t<span class=\"_ _9\"></span>he la<span class=\"_ _9\"></span>ter of<span class=\"_ _9\"></span>: (i<span class=\"_ _9\"></span>) th<span class=\"_ _9\"></span>e ex<span class=\"_ _9\"></span>pir<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>wo<span class=\"_ _9\"></span>-ye<span class=\"_ _9\"></span>ar de<span class=\"_ _9\"></span>fec<span class=\"_ _1\"></span>ts rec<span class=\"_ _1\"></span>tif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on p<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iod w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s pr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>al co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>let<span class=\"_ _9\"></span>ion of t<span class=\"_ _9\"></span>he w<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ks; a<span class=\"_ _9\"></span>nd (<span class=\"_ _9\"></span>ii) t<span class=\"_ _9\"></span>he is<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he lat<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>efe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t in<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>\u2019s app<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>al or fi<span class=\"_ _9\"></span>nal te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>nic<span class=\"_ _9\"></span>al au<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>.  <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>f ente<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>to th<span class=\"_ _9\"></span>e bui<span class=\"_ _9\"></span>ldi<span class=\"_ _9\"></span>ng co<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>ac<span class=\"_ _1\"></span>t, th<span class=\"_ _9\"></span>e Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n Proj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t M<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent A<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent d<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d 21 June 2<span class=\"_ _9\"></span>01<span class=\"_ _3\"></span>8 w<span class=\"_ _9\"></span>as te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>ted. (ii) <span class=\"_ _9\"></span><span class=\"ff9b ls2 ws5\">S<span class=\"_ _9\"></span>ub<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e sp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>e<span class=\"ff9c\"> \u2013 A me<span class=\"_ _9\"></span>mbe<span class=\"_ _9\"></span>r of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up h<span class=\"_ _9\"></span>as agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>d to su<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>-l<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>e a sm<span class=\"_ _9\"></span>all ar<span class=\"_ _9\"></span>ea of of<span class=\"_ _1\"></span>fice s<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ce to m<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ber<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>r af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>iliat<span class=\"_ _9\"></span>es </span></span>of th<span class=\"_ _9\"></span>e Red S<span class=\"_ _9\"></span>ea Gr<span class=\"_ _9\"></span>oup a<span class=\"_ _9\"></span>t it<span class=\"_ _9\"></span>s C<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y Hall c<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te of<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ice i<span class=\"_ _9\"></span>n Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n. T<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>nt pay<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e by th<span class=\"_ _9\"></span>e Red S<span class=\"_ _9\"></span>ea Gr<span class=\"_ _9\"></span>oup t<span class=\"_ _9\"></span>o PPHE Hot<span class=\"_ _9\"></span>el Gro<span class=\"_ _9\"></span>up is ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t at w<span class=\"_ _9\"></span>hich t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>lor<span class=\"_ _9\"></span>d is le<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>ng su<span class=\"_ _9\"></span>ch s<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>ce to PPHE H<span class=\"_ _9\"></span>otel G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p. (iii) <span class=\"_ _a\"></span><span class=\"ff9b ls2 ws2d\">Pre-<span class=\"_ _9\"></span>Construc<span class=\"_ _9\"></span>tion and<span class=\"_ _4\"></span> Maintenance<span class=\"_ _4\"></span> Contrac<span class=\"_ _9\"></span>t<span class=\"ff9c ls43 ws5\"> \u2013 The Gro<span class=\"_ _9\"></span>up f<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ly us<span class=\"_ _9\"></span>es GC P<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt L<span class=\"_ _9\"></span>imit<span class=\"_ _9\"></span>ed (GC<span class=\"_ _9\"></span>) to un<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ake<span class=\"_ _9\"></span> </span></span>pre<span class=\"_ _9\"></span>lim<span class=\"_ _9\"></span>inar<span class=\"_ _1\"></span>y as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sme<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g ap<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>ais<span class=\"_ _9\"></span>al wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>k, an<span class=\"_ _9\"></span>d pr<span class=\"_ _9\"></span>ovid<span class=\"_ _9\"></span>e ini<span class=\"_ _9\"></span>tial e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion c<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her, GC provi<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ad<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>hoc m<span class=\"_ _9\"></span>aint<span class=\"_ _9\"></span>ena<span class=\"_ _9\"></span>nce w<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>k wh<span class=\"_ _9\"></span>en re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s var<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>us si<span class=\"_ _9\"></span>tes<span class=\"_ _9\"></span>. Acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>ly<span class=\"_ _4\"></span>, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s ente<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a<span class=\"_ _9\"></span>n agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wit<span class=\"_ _9\"></span>h GC<span class=\"_ _9\"></span> for t<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>rovi<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n of p<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>ainte<span class=\"_ _9\"></span>na<span class=\"_ _9\"></span>nce s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>s by GC to t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p for a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d ann<span class=\"_ _9\"></span>ual r<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>aine<span class=\"_ _9\"></span>r of \u00a360,<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0.No<span class=\"_ _9\"></span>te 29 Re<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies c<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>ed(i<span class=\"_ _9\"></span>v) <span class=\"_ _a\"></span>T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns i<span class=\"_ _9\"></span>n the o<span class=\"_ _9\"></span>rdi<span class=\"_ _9\"></span>nar<span class=\"_ _1\"></span>y cou<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>se of b<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>ine<span class=\"_ _9\"></span>ss, i<span class=\"_ _9\"></span>n co<span class=\"_ _9\"></span>nne<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he u<span class=\"_ _9\"></span>se of h<span class=\"_ _9\"></span>otel f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies (s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h as ove<span class=\"_ _9\"></span>rn<span class=\"_ _9\"></span>ight r<span class=\"_ _9\"></span>oo<span class=\"_ _9\"></span>m st<span class=\"_ _9\"></span>ay<span class=\"_ _9\"></span>s and foo<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d bev<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>s) are b<span class=\"_ _9\"></span>ein<span class=\"_ _9\"></span>g cha<span class=\"_ _9\"></span>rg<span class=\"_ _9\"></span>ed at m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket pr<span class=\"_ _9\"></span>ice<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ons o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ur o<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>lly.(v) <span class=\"_ _1e\"></span><span class=\"ff9b ls1c ws18\">Londra &amp;<span class=\"_ _4\"></span> Cargill project management<span class=\"_ _4\"></span> agreement<span class=\"ff9c ls2 ws5\"> \u2013 On 26 Aug<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>t 202<span class=\"_ _9\"></span>2, the Gr<span class=\"_ _9\"></span>oup e<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>d into a<span class=\"_ _9\"></span>n agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t wit<span class=\"_ _9\"></span>h GC Pr<span class=\"_ _9\"></span>ojec<span class=\"_ _1\"></span>t </span></span>Man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt Li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r the p<span class=\"_ _9\"></span>rov<span class=\"_ _9\"></span>isi<span class=\"_ _9\"></span>on of p<span class=\"_ _9\"></span>roje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vice<span class=\"_ _9\"></span>s to t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up i<span class=\"_ _9\"></span>n res<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>velo<span class=\"_ _9\"></span>pm<span class=\"_ _9\"></span>ent o<span class=\"_ _9\"></span>f Hote<span class=\"_ _9\"></span>l Lo<span class=\"_ _9\"></span>ndr<span class=\"_ _9\"></span>a &amp; C<span class=\"_ _9\"></span>arg<span class=\"_ _9\"></span>ill in R<span class=\"_ _9\"></span>ome, It<span class=\"_ _9\"></span>aly f<span class=\"_ _9\"></span>or a fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d tot<span class=\"_ _9\"></span>al fe<span class=\"_ _9\"></span>e of \u00a364<span class=\"_ _9\"></span>0,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 to b<span class=\"_ _9\"></span>e pa<span class=\"_ _9\"></span>id in m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>hly i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>alme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e dur<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion o<span class=\"_ _9\"></span>f the p<span class=\"_ _9\"></span>roj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e con<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ual f<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ame<span class=\"_ _9\"></span>wor<span class=\"_ _9\"></span>k is t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>am<span class=\"_ _9\"></span>e as fo<span class=\"_ _9\"></span>r all su<span class=\"_ _9\"></span>ch p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>or pr<span class=\"_ _9\"></span>oje<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>nage<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>o wit<span class=\"_ _9\"></span>h GC Pr<span class=\"_ _9\"></span>ojec<span class=\"_ _1\"></span>t Manage<span class=\"_ _9\"></span>ment Li<span class=\"_ _9\"></span>mited.Su<span class=\"_ _9\"></span>mm<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>y of t<span class=\"_ _9\"></span>he re<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>or E<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve a<span class=\"_ _9\"></span>nd No<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>Exe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ive D<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e yea<span class=\"_ _9\"></span>r e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022:Ba<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>la<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y Pensio<span class=\"_ _4\"></span>n O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er an<span class=\"_ _9\"></span>d fe<span class=\"_ _9\"></span>es Bo<span class=\"_ _9\"></span>nu<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> contributions benefits To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Chairman and Executive D<span class=\"_ _4\"></span>irec<span class=\"_ _9\"></span>tors<span class=\"_ _d6\"> </span><span class=\"ff9b ls2 ws5\">1,148<span class=\"_ _91\"> </span>531<span class=\"_ _8d\"> </span>64<span class=\"_ _145\"> </span>13<span class=\"_ _125\"> </span>1,756</span>Non-E<span class=\"_ _9\"></span>xecutive Directors <span class=\"_ _29f\"> </span><span class=\"ff9b ls2 ws5\">284<span class=\"_ _92\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _1ae\"> </span></span>284</span>1,432<span class=\"_ _1ae\"> </span>531<span class=\"_ _145\"> </span>64<span class=\"_ _8d\"> </span>13<span class=\"_ _125\"> </span>2,040Su<span class=\"_ _9\"></span>mmar<span class=\"_ _1\"></span>y of th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>mun<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on fo<span class=\"_ _9\"></span>r E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>ve an<span class=\"_ _9\"></span>d No<span class=\"_ _9\"></span>n-<span class=\"_ _9\"></span>E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ive D<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e year e<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ed 31 Dec<span class=\"_ _9\"></span>emb<span class=\"_ _9\"></span>er 2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>:Sal<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y Bas<span class=\"_ _9\"></span>e s<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y sa<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e Pen<span class=\"_ _4\"></span>sion O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er an<span class=\"_ _9\"></span>d fee<span class=\"_ _9\"></span>s options <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>contribu<span class=\"_ _9\"></span>tions be<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>fit<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Chairman and Executive D<span class=\"_ _4\"></span>irec<span class=\"_ _9\"></span>tors<span class=\"_ _2a0\"> </span><span class=\"ls2 ws5\">953<span class=\"_ _d2\"> </span>47<span class=\"_ _a4\"> </span>115<span class=\"_ _145\"> </span>16<span class=\"_ _19d\"> </span>1,131</span>Non-E<span class=\"_ _9\"></span>xecutive Directors <span class=\"_ _2a1\"> </span><span class=\"ls2 ws5\">269<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>269</span>1,222<span class=\"_ _d2\"> </span>47<span class=\"_ _a4\"> </span>115<span class=\"_ _145\"> </span>16<span class=\"_ _19d\"> </span>1,400Di<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>\u2019 in<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in e<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>pl<span class=\"_ _9\"></span>oyee s<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve pl<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nA<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the E<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>ve Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d sha<span class=\"_ _9\"></span>re op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns to p<span class=\"_ _9\"></span>urc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>se 70,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 or<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>es (2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>: 29<span class=\"_ _4\"></span>,3<span class=\"_ _9\"></span>08). 25,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 o<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons wer<span class=\"_ _9\"></span>e\ue61ffu<span class=\"_ _9\"></span>lly exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>ble w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h an exe<span class=\"_ _9\"></span>rci<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ce of \u00a31<span class=\"_ _3\"></span>4.<span class=\"_ _9\"></span>30 (2<span class=\"_ _9\"></span>021<span class=\"_ _3\"></span>: 25,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>) an<span class=\"_ _9\"></span>d 23,0<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>0 op<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns we<span class=\"_ _9\"></span>re f<span class=\"_ _9\"></span>ully e<span class=\"_ _9\"></span>xerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e wit<span class=\"_ _9\"></span>h a \u00a3nil e<span class=\"_ _9\"></span>xerc<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e pr<span class=\"_ _9\"></span>ice (2021<span class=\"_ _4\"></span>: 4,30<span class=\"_ _9\"></span>8). No s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e opt<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s wer<span class=\"_ _9\"></span>e gr<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ed to N<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>E<span class=\"_ _9\"></span>xec<span class=\"_ _9\"></span>uti<span class=\"_ _9\"></span>ve Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Boa<span class=\"_ _9\"></span>rd. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-2": {
   "value": "No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>sTh<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s, com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ba<span class=\"_ _9\"></span>nk bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s, c<span class=\"_ _9\"></span>ash a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e main p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>ese f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s is t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s ope<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>iou<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>hich a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tly f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns.Changes in<span class=\"_ _4\"></span> financial liabilities arising<span class=\"_ _4\"></span> from financing activitiesRe-mea<span class=\"_ _9\"></span>sure-A<span class=\"_ _9\"></span>s at 1 Re-mea<span class=\"_ _9\"></span>sure-ment ag<span class=\"_ _4\"></span>ainst Re-mea<span class=\"_ _9\"></span>sure-Foreign<span class=\"_ _4\"></span> A<span class=\"_ _9\"></span>s at 31 January <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>C<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h <span class=\"_ _3\"></span> ment through right-of-use ment ag<span class=\"_ _4\"></span>ainst exchange<span class=\"_ _4\"></span> Ne<span class=\"_ _9\"></span>w le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>/ December 2022 <span class=\"_ _3\"></span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> equity <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>movement<span class=\"_ _4\"></span> lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s, n<span class=\"_ _9\"></span>et O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 2022 <span class=\"_ _3\"></span> \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ff9b ls2 ws5\">729,284<span class=\"_ _12f\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _183\"> </span>16,091<span class=\"_ _195\"> </span>100,415<span class=\"_ _12d\"> </span>(28,159)<span class=\"_ _17\"> </span>817,631</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _1c8\"> </span><span class=\"ff9b ls2 ws5\">245,274<span class=\"_ _96\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _12f\"> </span></span>3,704<span class=\"_ _9d\"> </span>14,234<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>307<span class=\"_ _76\"> </span>50<span class=\"_ _1c8\"> </span>(2,024)<span class=\"_ _17\"> </span>261,545</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of\ue61fI<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _98\"> </span><span class=\"ff9b\">124,551<span class=\"_ _115\"> </span>(3,388)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _ba\"> </span>(78)<span class=\"_ _17\"> </span>121,085</span>Derivative financia<span class=\"_ _4\"></span>l instr<span class=\"_ _9\"></span>uments<span class=\"_ _f7\"> </span><span class=\"ff9b ls2 ws5\">457<span class=\"_ _98\"> </span>(109)<span class=\"_ _174\"> </span>(9,814)<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _282\"> </span>(71)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _169\"> </span>\u2013<span class=\"_ _17\"> </span>(30,539)</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _eb\"> </span><span class=\"ff9b ls2 ws5\">4,860<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _1c8\"> </span>(4,860)<span class=\"_ _8d\"> </span>\u2013</span>Curre<span class=\"_ _9\"></span>nt share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _2a2\"> </span><span class=\"ff9b ls2 ws5\">540<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _88\"> </span></span>119<span class=\"_ _d7\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _76\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _298\"> </span>4,860<span class=\"_ _180\"> </span>5,519</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing loa<span class=\"_ _9\"></span>ns\ue61fan<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s<span class=\"_ _8f\"> </span><span class=\"ff9b\">38,840<span class=\"_ _12d\"> </span>(21,330)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _17c\"> </span>3,187<span class=\"_ _16c\"> </span>(2,440)<span class=\"_ _115\"> </span>28,844<span class=\"_ _1aa\"> </span>47,101</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y6,344<span class=\"_ _115\"> </span>(4,890)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>151<span class=\"_ _167\"> </span>\u2013<span class=\"_ _2a3\"> </span>3,901<span class=\"_ _180\"> </span>5,5061,150,150<span class=\"_ _12d\"> </span>(29,717)<span class=\"_ _c9\"> </span>(5,991)<span class=\"_ _9d\"> </span>14,234<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _183\"> </span>19,665<span class=\"_ _16c\"> </span>98,025<span class=\"_ _298\"> </span>2,484<span class=\"_ _f\"> </span>1,227,8481 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.Changes in<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities arising<span class=\"_ _4\"></span> from financing<span class=\"_ _4\"></span> activitiesRe-Re-measurement A<span class=\"_ _9\"></span>s at 1 measurement against For<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n A<span class=\"_ _9\"></span>s at 31 Januar<span class=\"_ _9\"></span>y <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>Cash<span class=\"ls2 ws5\"> </span>through profit right-<span class=\"_ _9\"></span>of-use exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge New l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s/ December 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> an<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> moveme<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>, net O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-bear<span class=\"_ _9\"></span>ing loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _2a4\"> </span><span class=\"ls2 ws5\">721,006<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _bf\"> </span>(18,013)<span class=\"_ _98\"> </span>38,886<span class=\"_ _bf\"> </span>(12,595)<span class=\"_ _16b\"> </span>729,284</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _94\"> </span><span class=\"ls2 ws5\">243,650<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _85\"> </span>3,565<span class=\"_ _85\"> </span>4,226<span class=\"_ _e7\"> </span>(2,250)<span class=\"_ _180\"> </span>(2,088)<span class=\"_ _180\"> </span>(1,829)<span class=\"_ _183\"> </span>245,274</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in respec<span class=\"_ _9\"></span>t <span class=\"ls2 ws5\"> </span>of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to  pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s<span class=\"_ _47\"> </span><span class=\"ls2 ws5\">126,155<span class=\"_ _180\"> </span>(1,390)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _e8\"> </span>(214)<span class=\"_ _183\"> </span>124,551</span>Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d2\"> </span><span class=\"ls2 ws5\">880<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _a4\"> </span>(53)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _e8\"> </span>(370)<span class=\"_ _4e\"> </span>457</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share <span class=\"ls2 ws5\"> </span>app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _ef\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _9a\"> </span>6,435<span class=\"_ _99\"> </span>(1,575)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _282\"> </span>4,860</span>Cur<span class=\"_ _9\"></span>rent share ap<span class=\"_ _9\"></span>prec<span class=\"_ _9\"></span>iation rig<span class=\"_ _9\"></span>hts<span class=\"_ _bb\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _46\"> </span>715<span class=\"_ _10e\"> </span>(175)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _a5\"> </span>540</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing <span class=\"ls2 ws5\"> </span>loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ls2 ws5\">36,369<span class=\"_ _c7\"> </span>(9,486)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(844)<span class=\"_ _180\"> </span>(2,388)<span class=\"_ _17c\"> </span>15,189<span class=\"_ _c7\"> </span>38,840</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y10,393<span class=\"_ _180\"> </span>(6,825)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(267)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _282\"> </span>3,043<span class=\"_ _282\"> </span>6,3441,138,453<span class=\"_ _1aa\"> </span>(10,551)<span class=\"_ _19d\"> </span>1,815<span class=\"_ _85\"> </span>4,226<span class=\"_ _16c\"> </span>(21,427)<span class=\"_ _17c\"> </span>34,410<span class=\"_ _9d\"> </span>3,224<span class=\"_ _be\"> </span>1,150,1501 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedTh<span class=\"_ _9\"></span>e main r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>w inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk, c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ris<span class=\"_ _9\"></span>k an<span class=\"_ _9\"></span>d liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. T<span class=\"_ _9\"></span>he Bo<span class=\"_ _9\"></span>ard o<span class=\"_ _9\"></span>f Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s revi<span class=\"_ _9\"></span>ews a<span class=\"_ _9\"></span>nd ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s for m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ging e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>mma<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>low. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _3\"></span>s a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es in r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>et ou<span class=\"_ _9\"></span>t in No<span class=\"_ _9\"></span>te 2.a. <span class=\"_\"> </span>Int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk f<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>es p<span class=\"_ _9\"></span>rim<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily to t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s long<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th a fl<span class=\"_ _9\"></span>oati<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y is t<span class=\"_ _9\"></span>o mana<span class=\"_ _9\"></span>ge it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s usi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d-<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>. T<span class=\"_ _3\"></span>o m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>s to exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, at s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>cif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>als, t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ts c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d by ref<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>o an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>upo<span class=\"_ _9\"></span>n not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>re, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up us<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s. Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>is rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s cas<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow is n<span class=\"_ _9\"></span>ot sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly s<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ive to p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ble c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in ma<span class=\"_ _9\"></span>rket i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. Poss<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s do, how<span class=\"_ _9\"></span>ever<span class=\"_ _4\"></span>, af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y as t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps ar<span class=\"_ _9\"></span>e des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d to he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t obl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to mit<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k th<span class=\"_ _9\"></span>at c<span class=\"_ _9\"></span>an p<span class=\"_ _9\"></span>oten<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly cr<span class=\"_ _1\"></span>ys<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>allis<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e ref<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nce, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s:  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>7 F<span class=\"_ _9\"></span>ebr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022, PPHE Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to a for<span class=\"_ _1\"></span>wa<span class=\"_ _9\"></span>rd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ith B<span class=\"_ _9\"></span>ank H<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. (B<span class=\"_ _9\"></span>HI) in </span></span>ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure o<span class=\"_ _9\"></span>f the \u00a31<span class=\"_ _4\"></span>80 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th BH<span class=\"_ _9\"></span>I to fu<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n (th<span class=\"_ _9\"></span>e \u2018Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>). The i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a n<span class=\"_ _9\"></span>otio<span class=\"_ _9\"></span>nal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>80 mi<span class=\"_ _9\"></span>llion, a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>% pe<span class=\"_ _9\"></span>r year s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g Sep<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2024 in lin<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s st<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 20 Ju<span class=\"_ _9\"></span>ne 2024 PPHE Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>ee mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>h Son<span class=\"_ _9\"></span>ia an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t of 1.4<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>65% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g not<span class=\"_ _9\"></span>iona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap w<span class=\"_ _9\"></span>ill mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e on 8 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 203<span class=\"_ _9\"></span>0 in l<span class=\"_ _9\"></span>ine w<span class=\"_ _9\"></span>ith t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>l mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y da<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g a six-<span class=\"_ _9\"></span>year e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n).  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt as t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap m<span class=\"_ _9\"></span>atc<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan (<span class=\"_ _9\"></span>i.e.<span class=\"_ _4\"></span>, noti<span class=\"_ _9\"></span>onal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt, m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt), th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hed a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o of 1<span class=\"_ _3\"></span>:<span class=\"_ _4\"></span>1 for t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nsh<span class=\"_ _9\"></span>ips a<span class=\"_ _9\"></span>s the u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k of th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap is i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ntic<span class=\"_ _9\"></span>al t<span class=\"_ _9\"></span>o the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ri<span class=\"_ _9\"></span>sk c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a31<span class=\"_ _3\"></span>8.4 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d is inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>her n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>.4 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>rde<span class=\"_ _9\"></span>d as ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r comprehens<span class=\"_ _4\"></span>ive<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 25 Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2022, Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls (<span class=\"_ _9\"></span>UK<span class=\"_ _9\"></span>) lt<span class=\"_ _9\"></span>d, a who<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany, enter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto t<span class=\"_ _9\"></span>wo f<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate </span></span>sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th S<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r UK Plc i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o par<span class=\"_ _1\"></span>tial<span class=\"_ _9\"></span>ly he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _4\"></span>65.6 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d \u00a320<span class=\"_ _9\"></span>8.6 mil<span class=\"_ _9\"></span>lion l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>ns th<span class=\"_ _9\"></span>at are e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ed in J<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>e 2026. T<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wap h<span class=\"_ _9\"></span>as a no<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>00 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2026 un<span class=\"_ _9\"></span>til 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2031 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td wi<span class=\"_ _9\"></span>ll rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h So<span class=\"_ _9\"></span>nia a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll pay a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d ra<span class=\"_ _9\"></span>te of in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>94<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nd inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ha<span class=\"_ _9\"></span>s a noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0<span class=\"_ _9\"></span>0 milli<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eby o<span class=\"_ _9\"></span>n a qu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>sis s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>26 unti<span class=\"_ _9\"></span>l 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>31 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h Eur<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e of int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>95% on th<span class=\"_ _9\"></span>e noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e a ma<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y ear<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n at 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>026. Al<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d into t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps to s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve as an e<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nomi<span class=\"_ _9\"></span>c he<span class=\"_ _9\"></span>dge a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps d<span class=\"_ _9\"></span>o not q<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>FRS 9 du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>. Acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ingl<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>se inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps a<span class=\"_ _9\"></span>re ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022, t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s have a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a39<span class=\"_ _4\"></span>.8 millio<span class=\"_ _9\"></span>n and a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a39<span class=\"_ _4\"></span>.7 million f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r end<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me in the consolidated income<span class=\"_ _4\"></span> st<span class=\"_ _9\"></span>atement.   <span class=\"_ _fa\"> </span>Th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ned a<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ve are v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e mod<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te va<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>us i<span class=\"_ _9\"></span>npu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t qua<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, a<span class=\"_ _9\"></span>nd i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s Level 2 o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue hie<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>hy<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o has ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>us yea<span class=\"_ _9\"></span>rs t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>hat d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>bove. <span class=\"_ _1b\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f all of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et of \u00a3<span class=\"_ _9\"></span>30.5 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n (2021<span class=\"_ _4\"></span>: liabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of \u00a3457 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>). No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedIn<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>siti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>tyTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>mon<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y to a r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>y po<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes o<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d, af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t of h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing. W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h all ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pro<span class=\"_ _9\"></span>fit b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x is af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s, as fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s:Ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax \u00a3<span class=\"_ _9\"></span>\u20190<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>01Increase in floatin<span class=\"_ _4\"></span>g interest rateGBP<span class=\"_ _bb\"> </span><span class=\"ls9 wsa\">EUR<span class=\"_ _126\"> </span><span class=\"ls2 ws5\">US Do<span class=\"_ _9\"></span>ll<span class=\"_ _9\"></span>ar</span></span>1%<span class=\"_ _22d\"> </span><span class=\"ff9b ls2 ws5\">910<span class=\"_ _8c\"> </span>89<span class=\"_ _104\"> </span>159</span>2%<span class=\"_ _25b\"> </span><span class=\"ff9b ls2 ws5\">1,820<span class=\"_ _104\"> </span>177<span class=\"_ _bb\"> </span>318</span>5%<span class=\"_ _2a5\"> </span><span class=\"ff9b ls2 ws5\">4,550<span class=\"_ _104\"> </span>443<span class=\"_ _bb\"> </span>795</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d mo<span class=\"_ _9\"></span>vem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t in f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ana<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s is b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>y ob<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t env<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t, s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly h<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span> vol<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>an in p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ior y<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>.b. <span class=\"_ _6\"> </span>C<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>nly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>hy thi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. It has p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>cie<span class=\"_ _9\"></span>s in pl<span class=\"_ _9\"></span>ace to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mad<span class=\"_ _9\"></span>e to cu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th an a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit hi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. The C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany<span class=\"_ _9\"></span>\u2019s pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at sa<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>o cus<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>rs a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h adv<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, in ca<span class=\"_ _9\"></span>sh o<span class=\"_ _9\"></span>r by maj<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it c<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s). Since t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es on<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ird p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>, the<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or co<span class=\"_ _9\"></span>llate<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>ts w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h thi<span class=\"_ _9\"></span>rd p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Fur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mor<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as no d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y on a<span class=\"_ _9\"></span>ny of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mon<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>red o<span class=\"_ _9\"></span>n an o<span class=\"_ _9\"></span>ngo<span class=\"_ _9\"></span>ing b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s. Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>oni<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t me<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>nd we<span class=\"_ _9\"></span>ek<span class=\"_ _9\"></span>ly re<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>n in<span class=\"_ _9\"></span>div<span class=\"_ _9\"></span>idu<span class=\"_ _9\"></span>al ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ces of r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re eq<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es s<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>e a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of a<span class=\"_ _9\"></span>ll tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns i<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure to b<span class=\"_ _9\"></span>ad d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up, whic<span class=\"_ _9\"></span>h co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent in s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>isk a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om de<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ult of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, wit<span class=\"_ _9\"></span>h a ma<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>um ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h at b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>s.c. <span class=\"_\"> </span>Liquidit<span class=\"_ _9\"></span>y risk <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>s to mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ain a b<span class=\"_ _9\"></span>alan<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of f<span class=\"_ _9\"></span>und<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>lex<span class=\"_ _9\"></span>ibi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h the u<span class=\"_ _9\"></span>se of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k over<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ba<span class=\"_ _9\"></span>nk lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s poli<span class=\"_ _9\"></span>cy i<span class=\"_ _9\"></span>s to ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>diu<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>ank f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>o conve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>em in<span class=\"_ _9\"></span>to lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>gs w<span class=\"_ _9\"></span>hen r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>d a st<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ng liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>th a<span class=\"_ _9\"></span>n over<span class=\"_ _9\"></span>all c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ba<span class=\"_ _9\"></span>lanc<span class=\"_ _9\"></span>e of \u00a31<span class=\"_ _3\"></span>6<span class=\"_ _9\"></span>3.6 mill<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le b<span class=\"_ _9\"></span>elow s<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y prof<span class=\"_ _9\"></span>ile of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s finan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 2021 bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n contr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>tual un<span class=\"_ _9\"></span>disco<span class=\"_ _9\"></span>unted paym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s.A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>an 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 2 <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 3 to 5 &gt; 5 yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings19,319<span class=\"_ _9a\"> </span>56,534<span class=\"_ _9a\"> </span>59,962<span class=\"_ _16f\"> </span>545,414<span class=\"_ _16f\"> </span>322,947<span class=\"_ _115\"> </span>1,004,176Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld 2to\ue61fpr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s3,285<span class=\"_ _125\"> </span>9,855<span class=\"_ _9a\"> </span>13,140<span class=\"_ _9a\"> </span>39,420<span class=\"_ _16f\"> </span>121,084<span class=\"_ _16f\"> </span>186,7843Lease li<span class=\"_ _4\"></span>ability3,248<span class=\"_ _125\"> </span>9,919<span class=\"_ _9a\"> </span>13,498<span class=\"_ _9a\"> </span>39,848<span class=\"_ _16f\"> </span>890,068<span class=\"_ _16f\"> </span>956,581T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _2a6\"> </span><span class=\"ff9b\">13,565<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>13,565</span>Other liabilities<span class=\"_ _149\"> </span><span class=\"ff9b ls2 ws5\">37,707<span class=\"_ _9a\"> </span>37,630<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>18,062<span class=\"_ _9a\"> </span>93,399</span>77,124<span class=\"_ _16f\"> </span>113,938<span class=\"_ _9a\"> </span>86,600<span class=\"_ _16f\"> </span>624,682<span class=\"_ _115\"> </span>1,352,161<span class=\"_ _be\"> </span>2,254,505A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ear 2 <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ear 3 t<span class=\"_ _9\"></span>o 5 &gt; 5 yea<span class=\"_ _9\"></span>rs To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings15,863<span class=\"_ _e7\"> </span>47,249<span class=\"_ _f5\"> </span>46,130<span class=\"_ _16c\"> </span>492,447<span class=\"_ _16c\"> </span>299,642<span class=\"_ _9e\"> </span>901,331Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to 2pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s493<span class=\"_ _174\"> </span>1,477<span class=\"_ _19d\"> </span>9,198<span class=\"_ _e7\"> </span>39,420<span class=\"_ _9e\"> </span>124,551<span class=\"_ _16c\"> </span>175,139Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d8\"> </span><span class=\"ls2 ws5\">57<span class=\"_ _a4\"> </span>171<span class=\"_ _fb\"> </span>229<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>457</span>3Lease li<span class=\"_ _4\"></span>ability3,653<span class=\"_ _e7\"> </span>18,019<span class=\"_ _f5\"> </span>12,962<span class=\"_ _e7\"> </span>36,170<span class=\"_ _16c\"> </span>605,497<span class=\"_ _9e\"> </span>676,301T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _ca\"> </span>16,650<span class=\"_ _94\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,650Other liabilities<span class=\"_ _2a7\"> </span><span class=\"ls2 ws5\">23,097<span class=\"_ _e7\"> </span>24,035<span class=\"_ _174\"> </span>4,860<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,304<span class=\"_ _e7\"> </span>68,296</span>59,813<span class=\"_ _e7\"> </span>90,951<span class=\"_ _f5\"> </span>73,379<span class=\"_ _16c\"> </span>568,037<span class=\"_ _1f4\"> </span>1,045,994<span class=\"_ _18\"> </span>1,838,1741 <span class=\"_ _b\"> </span>Se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 14 for f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on.2 <span class=\"_ _b\"> </span>Pre<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g to di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt d<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he 9<span class=\"_ _9\"></span>99-<span class=\"_ _9\"></span>yea<span class=\"_ _9\"></span>r te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>.3 <span class=\"_ _b\"> </span>Le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th u<span class=\"_ _9\"></span>pw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ew<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>s in on<span class=\"_ _9\"></span>e le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e CPI<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PI in t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>, fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hav<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>en e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>als a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ent U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed CP<span class=\"_ _9\"></span>Is<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PIs, r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly, exc<span class=\"_ _9\"></span>ept P<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Wa<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span> 50 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on W<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of 199 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s as s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. A<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o, th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s do n<span class=\"_ _9\"></span>ot t<span class=\"_ _9\"></span>ake i<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>o acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>r of 2%<span class=\"_ _9\"></span>. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p\u2019s mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt be<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ab<span class=\"_ _9\"></span>ove t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>ev<span class=\"_ _9\"></span>ant c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>w ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s to w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p wo<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>d be r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ly exposed in the ordinary course of business.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedd.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Capital management <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _1\"></span>y obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s capi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t main<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ins a s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ong c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd h<span class=\"_ _9\"></span>ealt<span class=\"_ _9\"></span>hy c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to su<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t it<span class=\"_ _9\"></span>s bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mis<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>der v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ure a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>akes a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to it i<span class=\"_ _9\"></span>n lig<span class=\"_ _9\"></span>ht of c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>itio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up mo<span class=\"_ _9\"></span>nito<span class=\"_ _9\"></span>rs c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a gea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng r<span class=\"_ _9\"></span>atio, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is net b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l plu<span class=\"_ _9\"></span>s net b<span class=\"_ _9\"></span>ank d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>y is to keep t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en 5<span class=\"_ _9\"></span>0% an<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>%. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin ne<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. C<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve.2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Interest-bearing bank loans and<span class=\"_ _4\"></span> borrowings<span class=\"_ _2a8\"> </span><span class=\"ff9b ls2 ws5\">864,732<span class=\"_ _183\"> </span><span class=\"ff9c\">768,124</span></span>Le<span class=\"_ _9\"></span>ss \u2013 c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>ash e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _19c\"> </span><span class=\"ff9b\">(163,589)<span class=\"_ _1b\"> </span></span>(136,802)Le<span class=\"_ _9\"></span>ss \u2013 l<span class=\"_ _9\"></span>ong<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh<span class=\"_ _2a9\"> </span><span class=\"ff9b\">(9,272)<span class=\"_ _17c\"> </span></span>(8,121)Le<span class=\"_ _9\"></span>ss \u2013 s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _b4\"> </span><span class=\"ff9b\">(9,229)<span class=\"_ _17c\"> </span></span>(5,204)Le<span class=\"_ _9\"></span>ss \u2013 i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es<span class=\"_ _226\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _12f\"> </span></span>(22)Net debt<span class=\"_ _208\"> </span><span class=\"ff9b ls2 ws5\">682,642<span class=\"_ _183\"> </span><span class=\"ff9c\">617,975</span></span>Equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _210\"> </span><span class=\"ff9b ls2 ws5\">503,245<span class=\"_ _183\"> </span><span class=\"ff9c\">447,211</span></span>Hedging reser<span class=\"_ _1\"></span>ve<span class=\"_ _2aa\"> </span><span class=\"ff9b ls2 ws5\">(20,398)<span class=\"_ _1c1\"> </span><span class=\"ff9c\">434</span></span>T<span class=\"_ _3\"></span>otal capital<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">482,847<span class=\"_ _183\"> </span><span class=\"ff9c\">447,645</span></span>Capital and net debt<span class=\"_ _211\"> </span><span class=\"ff9b ls2 ws5\">1,165,489<span class=\"_ _fa\"> </span><span class=\"ff9c\">1,065,620</span></span>Gearing r<span class=\"_ _9\"></span>atio<span class=\"_ _2ab\"> </span><span class=\"ff9b ls2 ws5\">58,6%<span class=\"_ _165\"> </span><span class=\"ff9c\">58.0%</span></span>e. <span class=\"_ _8\"> </span>Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue o<span class=\"_ _9\"></span>f f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>t whic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d in a cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n willi<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an in a f<span class=\"_ _9\"></span>orc<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n sa<span class=\"_ _9\"></span>le. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng me<span class=\"_ _9\"></span>tho<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>ere us<span class=\"_ _9\"></span>ed to e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>s:  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>eir c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s la<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>ly d<span class=\"_ _9\"></span>ue to t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies als<span class=\"_ _9\"></span>o ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t as th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>c cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s ref<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t the m<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns f<span class=\"_ _9\"></span>rom b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s is es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed by d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>utu<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tes c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t on s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s, cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Fair<span class=\"_ _4\"></span> value<span class=\"_ _4\"></span> hier<span class=\"_ _4\"></span>arch<span class=\"_ _4\"></span>y <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng hie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>hy for d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g an<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s by a va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he low<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t lev<span class=\"_ _9\"></span>el in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t tha<span class=\"_ _9\"></span>t is sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue so d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d: <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>: <span class=\"ff9c fc3 ls20 ws10\">quoted (<span class=\"_ _4\"></span>unadjusted) prices in<span class=\"_ _4\"></span> ac<span class=\"_ _9\"></span>tive<span class=\"_ _4\"></span> markets for identical<span class=\"_ _4\"></span> asset<span class=\"_ _9\"></span>s or l<span class=\"_ _4\"></span>iabiliti<span class=\"_ _4\"></span>es.</span> <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 2: <span class=\"ff9c fc3\">ot<span class=\"_ _9\"></span>her te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h all in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch have s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nifi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue ar<span class=\"_ _9\"></span>e obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly </span>or indirectly. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 3: <span class=\"ff9c fc3\">te<span class=\"_ _9\"></span>chn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h us<span class=\"_ _9\"></span>e inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h have a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t are n<span class=\"_ _9\"></span>ot ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le </span>market data.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>Fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>itie<span class=\"_ _9\"></span>s is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om q<span class=\"_ _9\"></span>uote<span class=\"_ _9\"></span>d mar<span class=\"_ _9\"></span>ket p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces i<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive ma<span class=\"_ _9\"></span>rket<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. A mar<span class=\"_ _9\"></span>ket i<span class=\"_ _9\"></span>s reg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive if q<span class=\"_ _9\"></span>uot<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>re rea<span class=\"_ _9\"></span>dil<span class=\"_ _9\"></span>y and r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ular<span class=\"_ _9\"></span>ly av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m an exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, de<span class=\"_ _9\"></span>aler, broker, indu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up, pr<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>ng se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice or reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y age<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, and t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y occ<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>n an ar<span class=\"_ _9\"></span>m\u2019s len<span class=\"_ _9\"></span>gt<span class=\"_ _9\"></span>h bas<span class=\"_ _9\"></span>is. Th<span class=\"_ _9\"></span>e quo<span class=\"_ _9\"></span>ted m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket pr<span class=\"_ _9\"></span>ice u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt b<span class=\"_ _9\"></span>id pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e. The<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in   Leve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s into d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s. De<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>lue c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>por<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>us inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it q<span class=\"_ _9\"></span>uali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>par<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>ves<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny to Cla<span class=\"_ _9\"></span>l (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>b) whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s valu<span class=\"_ _9\"></span>ed by u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e Blac<span class=\"_ _9\"></span>k\u2013<span class=\"_ _9\"></span>Sc<span class=\"_ _9\"></span>hole<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>ds 4<span class=\"_ _9\"></span>6 In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Ha<span class=\"_ _9\"></span>ll Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n w<span class=\"_ _9\"></span>hich w<span class=\"_ _9\"></span>ere v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ed by e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>nal v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ator u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng a dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>e. Th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he us<span class=\"_ _9\"></span>e of o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le mar<span class=\"_ _9\"></span>ket d<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>a wh<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>t is ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le an<span class=\"_ _9\"></span>d rel<span class=\"_ _9\"></span>y as li<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e as po<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>le on e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s. If a<span class=\"_ _9\"></span>ll sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>np<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>n ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt are o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, the i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in Le<span class=\"_ _9\"></span>vel 2. If on<span class=\"_ _9\"></span>e or mo<span class=\"_ _9\"></span>re of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ket dat<span class=\"_ _9\"></span>a, th<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in L<span class=\"_ _9\"></span>evel 3. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>eld t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue: Liabilities31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _2ac\"> </span><span class=\"ff9b ls2 ws5\">5,519<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _180\"> </span>5,519<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _156\"> </span><span class=\"ff9b\">30,539<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>30,539<span class=\"_ _8d\"> </span>\u2013</span>Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2ad\"> </span><span class=\"ff9b\">16,100<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>16,100<span class=\"_ _8d\"> </span>\u2013</span> <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p hel<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e: Liabilities31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _2ae\"> </span>457<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _4e\"> </span>457<span class=\"_ _8d\"> </span>\u2013Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _137\"> </span><span class=\"ls2 ws5\">5,400<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _ce\"> </span>5,400<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies<span class=\"_ _a7\"> </span>22<span class=\"_ _1ae\"> </span>22<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8d\"> </span>\u2013Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2a6\"> </span>15,800<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _98\"> </span>15,800<span class=\"_ _8d\"> </span>\u2013No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>022 a<span class=\"_ _9\"></span>nd 2021<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n Level 1 a<span class=\"_ _9\"></span>nd L<span class=\"_ _9\"></span>evel 2 f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs i<span class=\"_ _9\"></span>nto or o<span class=\"_ _9\"></span>ut o<span class=\"_ _9\"></span>f Leve<span class=\"_ _9\"></span>l 3 fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e who<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tes th<span class=\"_ _9\"></span>eir f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>re as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:Ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt  Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue  3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>itiesBank bor<span class=\"_ _9\"></span>rowings<span class=\"_ _268\"> </span><span class=\"ffa4 ls2 ws5\">864,732<span class=\"_ _16b\"> </span><span class=\"ffa3\">768,124<span class=\"_ _16f\"> </span></span>811,179<span class=\"_ _183\"> </span><span class=\"ffa3\">784,167</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-3": {
   "value": "No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>sTh<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s, com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ba<span class=\"_ _9\"></span>nk bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s, c<span class=\"_ _9\"></span>ash a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e main p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>ese f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s is t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s ope<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>iou<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>hich a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tly f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns.Changes in<span class=\"_ _4\"></span> financial liabilities arising<span class=\"_ _4\"></span> from financing activitiesRe-mea<span class=\"_ _9\"></span>sure-A<span class=\"_ _9\"></span>s at 1 Re-mea<span class=\"_ _9\"></span>sure-ment ag<span class=\"_ _4\"></span>ainst Re-mea<span class=\"_ _9\"></span>sure-Foreign<span class=\"_ _4\"></span> A<span class=\"_ _9\"></span>s at 31 January <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>C<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h <span class=\"_ _3\"></span> ment through right-of-use ment ag<span class=\"_ _4\"></span>ainst exchange<span class=\"_ _4\"></span> Ne<span class=\"_ _9\"></span>w le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>/ December 2022 <span class=\"_ _3\"></span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> equity <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>movement<span class=\"_ _4\"></span> lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s, n<span class=\"_ _9\"></span>et O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 2022 <span class=\"_ _3\"></span> \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ff9b ls2 ws5\">729,284<span class=\"_ _12f\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _183\"> </span>16,091<span class=\"_ _195\"> </span>100,415<span class=\"_ _12d\"> </span>(28,159)<span class=\"_ _17\"> </span>817,631</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _1c8\"> </span><span class=\"ff9b ls2 ws5\">245,274<span class=\"_ _96\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _12f\"> </span></span>3,704<span class=\"_ _9d\"> </span>14,234<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>307<span class=\"_ _76\"> </span>50<span class=\"_ _1c8\"> </span>(2,024)<span class=\"_ _17\"> </span>261,545</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of\ue61fI<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _98\"> </span><span class=\"ff9b\">124,551<span class=\"_ _115\"> </span>(3,388)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _ba\"> </span>(78)<span class=\"_ _17\"> </span>121,085</span>Derivative financia<span class=\"_ _4\"></span>l instr<span class=\"_ _9\"></span>uments<span class=\"_ _f7\"> </span><span class=\"ff9b ls2 ws5\">457<span class=\"_ _98\"> </span>(109)<span class=\"_ _174\"> </span>(9,814)<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _282\"> </span>(71)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _169\"> </span>\u2013<span class=\"_ _17\"> </span>(30,539)</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _eb\"> </span><span class=\"ff9b ls2 ws5\">4,860<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _1c8\"> </span>(4,860)<span class=\"_ _8d\"> </span>\u2013</span>Curre<span class=\"_ _9\"></span>nt share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _2a2\"> </span><span class=\"ff9b ls2 ws5\">540<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _88\"> </span></span>119<span class=\"_ _d7\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _76\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _298\"> </span>4,860<span class=\"_ _180\"> </span>5,519</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing loa<span class=\"_ _9\"></span>ns\ue61fan<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s<span class=\"_ _8f\"> </span><span class=\"ff9b\">38,840<span class=\"_ _12d\"> </span>(21,330)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _17c\"> </span>3,187<span class=\"_ _16c\"> </span>(2,440)<span class=\"_ _115\"> </span>28,844<span class=\"_ _1aa\"> </span>47,101</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y6,344<span class=\"_ _115\"> </span>(4,890)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>151<span class=\"_ _167\"> </span>\u2013<span class=\"_ _2a3\"> </span>3,901<span class=\"_ _180\"> </span>5,5061,150,150<span class=\"_ _12d\"> </span>(29,717)<span class=\"_ _c9\"> </span>(5,991)<span class=\"_ _9d\"> </span>14,234<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _183\"> </span>19,665<span class=\"_ _16c\"> </span>98,025<span class=\"_ _298\"> </span>2,484<span class=\"_ _f\"> </span>1,227,8481 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.Changes in<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities arising<span class=\"_ _4\"></span> from financing<span class=\"_ _4\"></span> activitiesRe-Re-measurement A<span class=\"_ _9\"></span>s at 1 measurement against For<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n A<span class=\"_ _9\"></span>s at 31 Januar<span class=\"_ _9\"></span>y <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>Cash<span class=\"ls2 ws5\"> </span>through profit right-<span class=\"_ _9\"></span>of-use exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge New l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s/ December 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> an<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> moveme<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>, net O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-bear<span class=\"_ _9\"></span>ing loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _2a4\"> </span><span class=\"ls2 ws5\">721,006<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _bf\"> </span>(18,013)<span class=\"_ _98\"> </span>38,886<span class=\"_ _bf\"> </span>(12,595)<span class=\"_ _16b\"> </span>729,284</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _94\"> </span><span class=\"ls2 ws5\">243,650<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _85\"> </span>3,565<span class=\"_ _85\"> </span>4,226<span class=\"_ _e7\"> </span>(2,250)<span class=\"_ _180\"> </span>(2,088)<span class=\"_ _180\"> </span>(1,829)<span class=\"_ _183\"> </span>245,274</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in respec<span class=\"_ _9\"></span>t <span class=\"ls2 ws5\"> </span>of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to  pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s<span class=\"_ _47\"> </span><span class=\"ls2 ws5\">126,155<span class=\"_ _180\"> </span>(1,390)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _e8\"> </span>(214)<span class=\"_ _183\"> </span>124,551</span>Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d2\"> </span><span class=\"ls2 ws5\">880<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _a4\"> </span>(53)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _e8\"> </span>(370)<span class=\"_ _4e\"> </span>457</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share <span class=\"ls2 ws5\"> </span>app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _ef\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _9a\"> </span>6,435<span class=\"_ _99\"> </span>(1,575)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _282\"> </span>4,860</span>Cur<span class=\"_ _9\"></span>rent share ap<span class=\"_ _9\"></span>prec<span class=\"_ _9\"></span>iation rig<span class=\"_ _9\"></span>hts<span class=\"_ _bb\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _46\"> </span>715<span class=\"_ _10e\"> </span>(175)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _a5\"> </span>540</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing <span class=\"ls2 ws5\"> </span>loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ls2 ws5\">36,369<span class=\"_ _c7\"> </span>(9,486)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(844)<span class=\"_ _180\"> </span>(2,388)<span class=\"_ _17c\"> </span>15,189<span class=\"_ _c7\"> </span>38,840</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y10,393<span class=\"_ _180\"> </span>(6,825)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(267)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _282\"> </span>3,043<span class=\"_ _282\"> </span>6,3441,138,453<span class=\"_ _1aa\"> </span>(10,551)<span class=\"_ _19d\"> </span>1,815<span class=\"_ _85\"> </span>4,226<span class=\"_ _16c\"> </span>(21,427)<span class=\"_ _17c\"> </span>34,410<span class=\"_ _9d\"> </span>3,224<span class=\"_ _be\"> </span>1,150,1501 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedTh<span class=\"_ _9\"></span>e main r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>w inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk, c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ris<span class=\"_ _9\"></span>k an<span class=\"_ _9\"></span>d liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. T<span class=\"_ _9\"></span>he Bo<span class=\"_ _9\"></span>ard o<span class=\"_ _9\"></span>f Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s revi<span class=\"_ _9\"></span>ews a<span class=\"_ _9\"></span>nd ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s for m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ging e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>mma<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>low. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _3\"></span>s a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es in r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>et ou<span class=\"_ _9\"></span>t in No<span class=\"_ _9\"></span>te 2.a. <span class=\"_\"> </span>Int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk f<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>es p<span class=\"_ _9\"></span>rim<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily to t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s long<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th a fl<span class=\"_ _9\"></span>oati<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y is t<span class=\"_ _9\"></span>o mana<span class=\"_ _9\"></span>ge it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s usi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d-<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>. T<span class=\"_ _3\"></span>o m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>s to exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, at s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>cif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>als, t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ts c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d by ref<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>o an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>upo<span class=\"_ _9\"></span>n not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>re, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up us<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s. Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>is rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s cas<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow is n<span class=\"_ _9\"></span>ot sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly s<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ive to p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ble c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in ma<span class=\"_ _9\"></span>rket i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. Poss<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s do, how<span class=\"_ _9\"></span>ever<span class=\"_ _4\"></span>, af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y as t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps ar<span class=\"_ _9\"></span>e des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d to he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t obl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to mit<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k th<span class=\"_ _9\"></span>at c<span class=\"_ _9\"></span>an p<span class=\"_ _9\"></span>oten<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly cr<span class=\"_ _1\"></span>ys<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>allis<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e ref<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nce, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s:  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>7 F<span class=\"_ _9\"></span>ebr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022, PPHE Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to a for<span class=\"_ _1\"></span>wa<span class=\"_ _9\"></span>rd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ith B<span class=\"_ _9\"></span>ank H<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. (B<span class=\"_ _9\"></span>HI) in </span></span>ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure o<span class=\"_ _9\"></span>f the \u00a31<span class=\"_ _4\"></span>80 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th BH<span class=\"_ _9\"></span>I to fu<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n (th<span class=\"_ _9\"></span>e \u2018Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>). The i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a n<span class=\"_ _9\"></span>otio<span class=\"_ _9\"></span>nal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>80 mi<span class=\"_ _9\"></span>llion, a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>% pe<span class=\"_ _9\"></span>r year s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g Sep<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2024 in lin<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s st<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 20 Ju<span class=\"_ _9\"></span>ne 2024 PPHE Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>ee mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>h Son<span class=\"_ _9\"></span>ia an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t of 1.4<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>65% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g not<span class=\"_ _9\"></span>iona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap w<span class=\"_ _9\"></span>ill mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e on 8 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 203<span class=\"_ _9\"></span>0 in l<span class=\"_ _9\"></span>ine w<span class=\"_ _9\"></span>ith t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>l mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y da<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g a six-<span class=\"_ _9\"></span>year e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n).  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt as t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap m<span class=\"_ _9\"></span>atc<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan (<span class=\"_ _9\"></span>i.e.<span class=\"_ _4\"></span>, noti<span class=\"_ _9\"></span>onal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt, m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt), th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hed a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o of 1<span class=\"_ _3\"></span>:<span class=\"_ _4\"></span>1 for t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nsh<span class=\"_ _9\"></span>ips a<span class=\"_ _9\"></span>s the u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k of th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap is i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ntic<span class=\"_ _9\"></span>al t<span class=\"_ _9\"></span>o the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ri<span class=\"_ _9\"></span>sk c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a31<span class=\"_ _3\"></span>8.4 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d is inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>her n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>.4 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>rde<span class=\"_ _9\"></span>d as ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r comprehens<span class=\"_ _4\"></span>ive<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 25 Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2022, Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls (<span class=\"_ _9\"></span>UK<span class=\"_ _9\"></span>) lt<span class=\"_ _9\"></span>d, a who<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany, enter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto t<span class=\"_ _9\"></span>wo f<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate </span></span>sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th S<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r UK Plc i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o par<span class=\"_ _1\"></span>tial<span class=\"_ _9\"></span>ly he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _4\"></span>65.6 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d \u00a320<span class=\"_ _9\"></span>8.6 mil<span class=\"_ _9\"></span>lion l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>ns th<span class=\"_ _9\"></span>at are e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ed in J<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>e 2026. T<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wap h<span class=\"_ _9\"></span>as a no<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>00 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2026 un<span class=\"_ _9\"></span>til 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2031 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td wi<span class=\"_ _9\"></span>ll rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h So<span class=\"_ _9\"></span>nia a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll pay a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d ra<span class=\"_ _9\"></span>te of in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>94<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nd inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ha<span class=\"_ _9\"></span>s a noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0<span class=\"_ _9\"></span>0 milli<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eby o<span class=\"_ _9\"></span>n a qu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>sis s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>26 unti<span class=\"_ _9\"></span>l 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>31 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h Eur<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e of int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>95% on th<span class=\"_ _9\"></span>e noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e a ma<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y ear<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n at 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>026. Al<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d into t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps to s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve as an e<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nomi<span class=\"_ _9\"></span>c he<span class=\"_ _9\"></span>dge a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps d<span class=\"_ _9\"></span>o not q<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>FRS 9 du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>. Acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ingl<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>se inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps a<span class=\"_ _9\"></span>re ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022, t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s have a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a39<span class=\"_ _4\"></span>.8 millio<span class=\"_ _9\"></span>n and a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a39<span class=\"_ _4\"></span>.7 million f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r end<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me in the consolidated income<span class=\"_ _4\"></span> st<span class=\"_ _9\"></span>atement.   <span class=\"_ _fa\"> </span>Th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ned a<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ve are v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e mod<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te va<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>us i<span class=\"_ _9\"></span>npu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t qua<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, a<span class=\"_ _9\"></span>nd i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s Level 2 o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue hie<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>hy<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o has ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>us yea<span class=\"_ _9\"></span>rs t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>hat d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>bove. <span class=\"_ _1b\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f all of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et of \u00a3<span class=\"_ _9\"></span>30.5 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n (2021<span class=\"_ _4\"></span>: liabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of \u00a3457 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>). No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedIn<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>siti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>tyTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>mon<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y to a r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>y po<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes o<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d, af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t of h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing. W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h all ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pro<span class=\"_ _9\"></span>fit b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x is af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s, as fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s:Ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax \u00a3<span class=\"_ _9\"></span>\u20190<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>01Increase in floatin<span class=\"_ _4\"></span>g interest rateGBP<span class=\"_ _bb\"> </span><span class=\"ls9 wsa\">EUR<span class=\"_ _126\"> </span><span class=\"ls2 ws5\">US Do<span class=\"_ _9\"></span>ll<span class=\"_ _9\"></span>ar</span></span>1%<span class=\"_ _22d\"> </span><span class=\"ff9b ls2 ws5\">910<span class=\"_ _8c\"> </span>89<span class=\"_ _104\"> </span>159</span>2%<span class=\"_ _25b\"> </span><span class=\"ff9b ls2 ws5\">1,820<span class=\"_ _104\"> </span>177<span class=\"_ _bb\"> </span>318</span>5%<span class=\"_ _2a5\"> </span><span class=\"ff9b ls2 ws5\">4,550<span class=\"_ _104\"> </span>443<span class=\"_ _bb\"> </span>795</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d mo<span class=\"_ _9\"></span>vem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t in f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ana<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s is b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>y ob<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t env<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t, s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly h<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span> vol<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>an in p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ior y<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>.b. <span class=\"_ _6\"> </span>C<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>nly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>hy thi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. It has p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>cie<span class=\"_ _9\"></span>s in pl<span class=\"_ _9\"></span>ace to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mad<span class=\"_ _9\"></span>e to cu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th an a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit hi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. The C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany<span class=\"_ _9\"></span>\u2019s pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at sa<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>o cus<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>rs a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h adv<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, in ca<span class=\"_ _9\"></span>sh o<span class=\"_ _9\"></span>r by maj<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it c<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s). Since t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es on<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ird p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>, the<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or co<span class=\"_ _9\"></span>llate<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>ts w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h thi<span class=\"_ _9\"></span>rd p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Fur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mor<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as no d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y on a<span class=\"_ _9\"></span>ny of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mon<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>red o<span class=\"_ _9\"></span>n an o<span class=\"_ _9\"></span>ngo<span class=\"_ _9\"></span>ing b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s. Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>oni<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t me<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>nd we<span class=\"_ _9\"></span>ek<span class=\"_ _9\"></span>ly re<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>n in<span class=\"_ _9\"></span>div<span class=\"_ _9\"></span>idu<span class=\"_ _9\"></span>al ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ces of r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re eq<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es s<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>e a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of a<span class=\"_ _9\"></span>ll tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns i<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure to b<span class=\"_ _9\"></span>ad d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up, whic<span class=\"_ _9\"></span>h co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent in s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>isk a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om de<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ult of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, wit<span class=\"_ _9\"></span>h a ma<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>um ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h at b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>s.c. <span class=\"_\"> </span>Liquidit<span class=\"_ _9\"></span>y risk <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>s to mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ain a b<span class=\"_ _9\"></span>alan<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of f<span class=\"_ _9\"></span>und<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>lex<span class=\"_ _9\"></span>ibi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h the u<span class=\"_ _9\"></span>se of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k over<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ba<span class=\"_ _9\"></span>nk lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s poli<span class=\"_ _9\"></span>cy i<span class=\"_ _9\"></span>s to ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>diu<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>ank f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>o conve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>em in<span class=\"_ _9\"></span>to lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>gs w<span class=\"_ _9\"></span>hen r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>d a st<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ng liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>th a<span class=\"_ _9\"></span>n over<span class=\"_ _9\"></span>all c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ba<span class=\"_ _9\"></span>lanc<span class=\"_ _9\"></span>e of \u00a31<span class=\"_ _3\"></span>6<span class=\"_ _9\"></span>3.6 mill<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le b<span class=\"_ _9\"></span>elow s<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y prof<span class=\"_ _9\"></span>ile of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s finan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 2021 bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n contr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>tual un<span class=\"_ _9\"></span>disco<span class=\"_ _9\"></span>unted paym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s.A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>an 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 2 <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 3 to 5 &gt; 5 yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings19,319<span class=\"_ _9a\"> </span>56,534<span class=\"_ _9a\"> </span>59,962<span class=\"_ _16f\"> </span>545,414<span class=\"_ _16f\"> </span>322,947<span class=\"_ _115\"> </span>1,004,176Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld 2to\ue61fpr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s3,285<span class=\"_ _125\"> </span>9,855<span class=\"_ _9a\"> </span>13,140<span class=\"_ _9a\"> </span>39,420<span class=\"_ _16f\"> </span>121,084<span class=\"_ _16f\"> </span>186,7843Lease li<span class=\"_ _4\"></span>ability3,248<span class=\"_ _125\"> </span>9,919<span class=\"_ _9a\"> </span>13,498<span class=\"_ _9a\"> </span>39,848<span class=\"_ _16f\"> </span>890,068<span class=\"_ _16f\"> </span>956,581T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _2a6\"> </span><span class=\"ff9b\">13,565<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>13,565</span>Other liabilities<span class=\"_ _149\"> </span><span class=\"ff9b ls2 ws5\">37,707<span class=\"_ _9a\"> </span>37,630<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>18,062<span class=\"_ _9a\"> </span>93,399</span>77,124<span class=\"_ _16f\"> </span>113,938<span class=\"_ _9a\"> </span>86,600<span class=\"_ _16f\"> </span>624,682<span class=\"_ _115\"> </span>1,352,161<span class=\"_ _be\"> </span>2,254,505A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ear 2 <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ear 3 t<span class=\"_ _9\"></span>o 5 &gt; 5 yea<span class=\"_ _9\"></span>rs To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings15,863<span class=\"_ _e7\"> </span>47,249<span class=\"_ _f5\"> </span>46,130<span class=\"_ _16c\"> </span>492,447<span class=\"_ _16c\"> </span>299,642<span class=\"_ _9e\"> </span>901,331Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to 2pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s493<span class=\"_ _174\"> </span>1,477<span class=\"_ _19d\"> </span>9,198<span class=\"_ _e7\"> </span>39,420<span class=\"_ _9e\"> </span>124,551<span class=\"_ _16c\"> </span>175,139Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d8\"> </span><span class=\"ls2 ws5\">57<span class=\"_ _a4\"> </span>171<span class=\"_ _fb\"> </span>229<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>457</span>3Lease li<span class=\"_ _4\"></span>ability3,653<span class=\"_ _e7\"> </span>18,019<span class=\"_ _f5\"> </span>12,962<span class=\"_ _e7\"> </span>36,170<span class=\"_ _16c\"> </span>605,497<span class=\"_ _9e\"> </span>676,301T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _ca\"> </span>16,650<span class=\"_ _94\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,650Other liabilities<span class=\"_ _2a7\"> </span><span class=\"ls2 ws5\">23,097<span class=\"_ _e7\"> </span>24,035<span class=\"_ _174\"> </span>4,860<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,304<span class=\"_ _e7\"> </span>68,296</span>59,813<span class=\"_ _e7\"> </span>90,951<span class=\"_ _f5\"> </span>73,379<span class=\"_ _16c\"> </span>568,037<span class=\"_ _1f4\"> </span>1,045,994<span class=\"_ _18\"> </span>1,838,1741 <span class=\"_ _b\"> </span>Se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 14 for f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on.2 <span class=\"_ _b\"> </span>Pre<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g to di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt d<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he 9<span class=\"_ _9\"></span>99-<span class=\"_ _9\"></span>yea<span class=\"_ _9\"></span>r te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>.3 <span class=\"_ _b\"> </span>Le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th u<span class=\"_ _9\"></span>pw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ew<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>s in on<span class=\"_ _9\"></span>e le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e CPI<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PI in t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>, fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hav<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>en e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>als a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ent U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed CP<span class=\"_ _9\"></span>Is<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PIs, r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly, exc<span class=\"_ _9\"></span>ept P<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Wa<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span> 50 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on W<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of 199 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s as s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. A<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o, th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s do n<span class=\"_ _9\"></span>ot t<span class=\"_ _9\"></span>ake i<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>o acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>r of 2%<span class=\"_ _9\"></span>. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p\u2019s mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt be<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ab<span class=\"_ _9\"></span>ove t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>ev<span class=\"_ _9\"></span>ant c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>w ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s to w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p wo<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>d be r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ly exposed in the ordinary course of business.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedd.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Capital management <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _1\"></span>y obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s capi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t main<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ins a s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ong c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd h<span class=\"_ _9\"></span>ealt<span class=\"_ _9\"></span>hy c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to su<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t it<span class=\"_ _9\"></span>s bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mis<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>der v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ure a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>akes a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to it i<span class=\"_ _9\"></span>n lig<span class=\"_ _9\"></span>ht of c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>itio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up mo<span class=\"_ _9\"></span>nito<span class=\"_ _9\"></span>rs c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a gea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng r<span class=\"_ _9\"></span>atio, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is net b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l plu<span class=\"_ _9\"></span>s net b<span class=\"_ _9\"></span>ank d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>y is to keep t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en 5<span class=\"_ _9\"></span>0% an<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>%. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin ne<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. C<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve.2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Interest-bearing bank loans and<span class=\"_ _4\"></span> borrowings<span class=\"_ _2a8\"> </span><span class=\"ff9b ls2 ws5\">864,732<span class=\"_ _183\"> </span><span class=\"ff9c\">768,124</span></span>Le<span class=\"_ _9\"></span>ss \u2013 c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>ash e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _19c\"> </span><span class=\"ff9b\">(163,589)<span class=\"_ _1b\"> </span></span>(136,802)Le<span class=\"_ _9\"></span>ss \u2013 l<span class=\"_ _9\"></span>ong<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh<span class=\"_ _2a9\"> </span><span class=\"ff9b\">(9,272)<span class=\"_ _17c\"> </span></span>(8,121)Le<span class=\"_ _9\"></span>ss \u2013 s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _b4\"> </span><span class=\"ff9b\">(9,229)<span class=\"_ _17c\"> </span></span>(5,204)Le<span class=\"_ _9\"></span>ss \u2013 i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es<span class=\"_ _226\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _12f\"> </span></span>(22)Net debt<span class=\"_ _208\"> </span><span class=\"ff9b ls2 ws5\">682,642<span class=\"_ _183\"> </span><span class=\"ff9c\">617,975</span></span>Equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _210\"> </span><span class=\"ff9b ls2 ws5\">503,245<span class=\"_ _183\"> </span><span class=\"ff9c\">447,211</span></span>Hedging reser<span class=\"_ _1\"></span>ve<span class=\"_ _2aa\"> </span><span class=\"ff9b ls2 ws5\">(20,398)<span class=\"_ _1c1\"> </span><span class=\"ff9c\">434</span></span>T<span class=\"_ _3\"></span>otal capital<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">482,847<span class=\"_ _183\"> </span><span class=\"ff9c\">447,645</span></span>Capital and net debt<span class=\"_ _211\"> </span><span class=\"ff9b ls2 ws5\">1,165,489<span class=\"_ _fa\"> </span><span class=\"ff9c\">1,065,620</span></span>Gearing r<span class=\"_ _9\"></span>atio<span class=\"_ _2ab\"> </span><span class=\"ff9b ls2 ws5\">58,6%<span class=\"_ _165\"> </span><span class=\"ff9c\">58.0%</span></span>e. <span class=\"_ _8\"> </span>Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue o<span class=\"_ _9\"></span>f f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>t whic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d in a cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n willi<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an in a f<span class=\"_ _9\"></span>orc<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n sa<span class=\"_ _9\"></span>le. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng me<span class=\"_ _9\"></span>tho<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>ere us<span class=\"_ _9\"></span>ed to e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>s:  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>eir c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s la<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>ly d<span class=\"_ _9\"></span>ue to t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies als<span class=\"_ _9\"></span>o ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t as th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>c cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s ref<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t the m<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns f<span class=\"_ _9\"></span>rom b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s is es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed by d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>utu<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tes c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t on s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s, cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Fair<span class=\"_ _4\"></span> value<span class=\"_ _4\"></span> hier<span class=\"_ _4\"></span>arch<span class=\"_ _4\"></span>y <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng hie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>hy for d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g an<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s by a va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he low<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t lev<span class=\"_ _9\"></span>el in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t tha<span class=\"_ _9\"></span>t is sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue so d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d: <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>: <span class=\"ff9c fc3 ls20 ws10\">quoted (<span class=\"_ _4\"></span>unadjusted) prices in<span class=\"_ _4\"></span> ac<span class=\"_ _9\"></span>tive<span class=\"_ _4\"></span> markets for identical<span class=\"_ _4\"></span> asset<span class=\"_ _9\"></span>s or l<span class=\"_ _4\"></span>iabiliti<span class=\"_ _4\"></span>es.</span> <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 2: <span class=\"ff9c fc3\">ot<span class=\"_ _9\"></span>her te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h all in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch have s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nifi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue ar<span class=\"_ _9\"></span>e obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly </span>or indirectly. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 3: <span class=\"ff9c fc3\">te<span class=\"_ _9\"></span>chn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h us<span class=\"_ _9\"></span>e inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h have a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t are n<span class=\"_ _9\"></span>ot ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le </span>market data.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>Fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>itie<span class=\"_ _9\"></span>s is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om q<span class=\"_ _9\"></span>uote<span class=\"_ _9\"></span>d mar<span class=\"_ _9\"></span>ket p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces i<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive ma<span class=\"_ _9\"></span>rket<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. A mar<span class=\"_ _9\"></span>ket i<span class=\"_ _9\"></span>s reg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive if q<span class=\"_ _9\"></span>uot<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>re rea<span class=\"_ _9\"></span>dil<span class=\"_ _9\"></span>y and r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ular<span class=\"_ _9\"></span>ly av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m an exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, de<span class=\"_ _9\"></span>aler, broker, indu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up, pr<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>ng se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice or reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y age<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, and t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y occ<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>n an ar<span class=\"_ _9\"></span>m\u2019s len<span class=\"_ _9\"></span>gt<span class=\"_ _9\"></span>h bas<span class=\"_ _9\"></span>is. Th<span class=\"_ _9\"></span>e quo<span class=\"_ _9\"></span>ted m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket pr<span class=\"_ _9\"></span>ice u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt b<span class=\"_ _9\"></span>id pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e. The<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in   Leve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s into d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s. De<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>lue c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>por<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>us inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it q<span class=\"_ _9\"></span>uali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>par<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>ves<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny to Cla<span class=\"_ _9\"></span>l (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>b) whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s valu<span class=\"_ _9\"></span>ed by u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e Blac<span class=\"_ _9\"></span>k\u2013<span class=\"_ _9\"></span>Sc<span class=\"_ _9\"></span>hole<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>ds 4<span class=\"_ _9\"></span>6 In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Ha<span class=\"_ _9\"></span>ll Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n w<span class=\"_ _9\"></span>hich w<span class=\"_ _9\"></span>ere v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ed by e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>nal v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ator u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng a dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>e. Th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he us<span class=\"_ _9\"></span>e of o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le mar<span class=\"_ _9\"></span>ket d<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>a wh<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>t is ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le an<span class=\"_ _9\"></span>d rel<span class=\"_ _9\"></span>y as li<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e as po<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>le on e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s. If a<span class=\"_ _9\"></span>ll sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>np<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>n ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt are o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, the i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in Le<span class=\"_ _9\"></span>vel 2. If on<span class=\"_ _9\"></span>e or mo<span class=\"_ _9\"></span>re of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ket dat<span class=\"_ _9\"></span>a, th<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in L<span class=\"_ _9\"></span>evel 3. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>eld t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue: Liabilities31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _2ac\"> </span><span class=\"ff9b ls2 ws5\">5,519<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _180\"> </span>5,519<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _156\"> </span><span class=\"ff9b\">30,539<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>30,539<span class=\"_ _8d\"> </span>\u2013</span>Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2ad\"> </span><span class=\"ff9b\">16,100<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>16,100<span class=\"_ _8d\"> </span>\u2013</span> <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p hel<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e: Liabilities31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _2ae\"> </span>457<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _4e\"> </span>457<span class=\"_ _8d\"> </span>\u2013Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _137\"> </span><span class=\"ls2 ws5\">5,400<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _ce\"> </span>5,400<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies<span class=\"_ _a7\"> </span>22<span class=\"_ _1ae\"> </span>22<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8d\"> </span>\u2013Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2a6\"> </span>15,800<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _98\"> </span>15,800<span class=\"_ _8d\"> </span>\u2013No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>022 a<span class=\"_ _9\"></span>nd 2021<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n Level 1 a<span class=\"_ _9\"></span>nd L<span class=\"_ _9\"></span>evel 2 f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs i<span class=\"_ _9\"></span>nto or o<span class=\"_ _9\"></span>ut o<span class=\"_ _9\"></span>f Leve<span class=\"_ _9\"></span>l 3 fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e who<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tes th<span class=\"_ _9\"></span>eir f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>re as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:Ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt  Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue  3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>itiesBank bor<span class=\"_ _9\"></span>rowings<span class=\"_ _268\"> </span><span class=\"ffa4 ls2 ws5\">864,732<span class=\"_ _16b\"> </span><span class=\"ffa3\">768,124<span class=\"_ _16f\"> </span></span>811,179<span class=\"_ _183\"> </span><span class=\"ffa3\">784,167</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-4": {
   "value": "No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>sTh<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s, com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ba<span class=\"_ _9\"></span>nk bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s, c<span class=\"_ _9\"></span>ash a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e main p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>ese f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s is t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s ope<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>iou<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>hich a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tly f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns.Changes in<span class=\"_ _4\"></span> financial liabilities arising<span class=\"_ _4\"></span> from financing activitiesRe-mea<span class=\"_ _9\"></span>sure-A<span class=\"_ _9\"></span>s at 1 Re-mea<span class=\"_ _9\"></span>sure-ment ag<span class=\"_ _4\"></span>ainst Re-mea<span class=\"_ _9\"></span>sure-Foreign<span class=\"_ _4\"></span> A<span class=\"_ _9\"></span>s at 31 January <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>C<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h <span class=\"_ _3\"></span> ment through right-of-use ment ag<span class=\"_ _4\"></span>ainst exchange<span class=\"_ _4\"></span> Ne<span class=\"_ _9\"></span>w le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>/ December 2022 <span class=\"_ _3\"></span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> equity <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>movement<span class=\"_ _4\"></span> lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s, n<span class=\"_ _9\"></span>et O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 2022 <span class=\"_ _3\"></span> \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ff9b ls2 ws5\">729,284<span class=\"_ _12f\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _183\"> </span>16,091<span class=\"_ _195\"> </span>100,415<span class=\"_ _12d\"> </span>(28,159)<span class=\"_ _17\"> </span>817,631</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _1c8\"> </span><span class=\"ff9b ls2 ws5\">245,274<span class=\"_ _96\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _12f\"> </span></span>3,704<span class=\"_ _9d\"> </span>14,234<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>307<span class=\"_ _76\"> </span>50<span class=\"_ _1c8\"> </span>(2,024)<span class=\"_ _17\"> </span>261,545</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of\ue61fI<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _98\"> </span><span class=\"ff9b\">124,551<span class=\"_ _115\"> </span>(3,388)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _ba\"> </span>(78)<span class=\"_ _17\"> </span>121,085</span>Derivative financia<span class=\"_ _4\"></span>l instr<span class=\"_ _9\"></span>uments<span class=\"_ _f7\"> </span><span class=\"ff9b ls2 ws5\">457<span class=\"_ _98\"> </span>(109)<span class=\"_ _174\"> </span>(9,814)<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _282\"> </span>(71)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _169\"> </span>\u2013<span class=\"_ _17\"> </span>(30,539)</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _eb\"> </span><span class=\"ff9b ls2 ws5\">4,860<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _1c8\"> </span>(4,860)<span class=\"_ _8d\"> </span>\u2013</span>Curre<span class=\"_ _9\"></span>nt share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _2a2\"> </span><span class=\"ff9b ls2 ws5\">540<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _88\"> </span></span>119<span class=\"_ _d7\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _76\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _298\"> </span>4,860<span class=\"_ _180\"> </span>5,519</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing loa<span class=\"_ _9\"></span>ns\ue61fan<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s<span class=\"_ _8f\"> </span><span class=\"ff9b\">38,840<span class=\"_ _12d\"> </span>(21,330)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _17c\"> </span>3,187<span class=\"_ _16c\"> </span>(2,440)<span class=\"_ _115\"> </span>28,844<span class=\"_ _1aa\"> </span>47,101</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y6,344<span class=\"_ _115\"> </span>(4,890)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>151<span class=\"_ _167\"> </span>\u2013<span class=\"_ _2a3\"> </span>3,901<span class=\"_ _180\"> </span>5,5061,150,150<span class=\"_ _12d\"> </span>(29,717)<span class=\"_ _c9\"> </span>(5,991)<span class=\"_ _9d\"> </span>14,234<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _183\"> </span>19,665<span class=\"_ _16c\"> </span>98,025<span class=\"_ _298\"> </span>2,484<span class=\"_ _f\"> </span>1,227,8481 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.Changes in<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities arising<span class=\"_ _4\"></span> from financing<span class=\"_ _4\"></span> activitiesRe-Re-measurement A<span class=\"_ _9\"></span>s at 1 measurement against For<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n A<span class=\"_ _9\"></span>s at 31 Januar<span class=\"_ _9\"></span>y <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>Cash<span class=\"ls2 ws5\"> </span>through profit right-<span class=\"_ _9\"></span>of-use exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge New l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s/ December 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> an<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> moveme<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>, net O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-bear<span class=\"_ _9\"></span>ing loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _2a4\"> </span><span class=\"ls2 ws5\">721,006<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _bf\"> </span>(18,013)<span class=\"_ _98\"> </span>38,886<span class=\"_ _bf\"> </span>(12,595)<span class=\"_ _16b\"> </span>729,284</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _94\"> </span><span class=\"ls2 ws5\">243,650<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _85\"> </span>3,565<span class=\"_ _85\"> </span>4,226<span class=\"_ _e7\"> </span>(2,250)<span class=\"_ _180\"> </span>(2,088)<span class=\"_ _180\"> </span>(1,829)<span class=\"_ _183\"> </span>245,274</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in respec<span class=\"_ _9\"></span>t <span class=\"ls2 ws5\"> </span>of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to  pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s<span class=\"_ _47\"> </span><span class=\"ls2 ws5\">126,155<span class=\"_ _180\"> </span>(1,390)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _e8\"> </span>(214)<span class=\"_ _183\"> </span>124,551</span>Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d2\"> </span><span class=\"ls2 ws5\">880<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _a4\"> </span>(53)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _e8\"> </span>(370)<span class=\"_ _4e\"> </span>457</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share <span class=\"ls2 ws5\"> </span>app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _ef\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _9a\"> </span>6,435<span class=\"_ _99\"> </span>(1,575)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _282\"> </span>4,860</span>Cur<span class=\"_ _9\"></span>rent share ap<span class=\"_ _9\"></span>prec<span class=\"_ _9\"></span>iation rig<span class=\"_ _9\"></span>hts<span class=\"_ _bb\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _46\"> </span>715<span class=\"_ _10e\"> </span>(175)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _a5\"> </span>540</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing <span class=\"ls2 ws5\"> </span>loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ls2 ws5\">36,369<span class=\"_ _c7\"> </span>(9,486)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(844)<span class=\"_ _180\"> </span>(2,388)<span class=\"_ _17c\"> </span>15,189<span class=\"_ _c7\"> </span>38,840</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y10,393<span class=\"_ _180\"> </span>(6,825)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(267)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _282\"> </span>3,043<span class=\"_ _282\"> </span>6,3441,138,453<span class=\"_ _1aa\"> </span>(10,551)<span class=\"_ _19d\"> </span>1,815<span class=\"_ _85\"> </span>4,226<span class=\"_ _16c\"> </span>(21,427)<span class=\"_ _17c\"> </span>34,410<span class=\"_ _9d\"> </span>3,224<span class=\"_ _be\"> </span>1,150,1501 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedTh<span class=\"_ _9\"></span>e main r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>w inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk, c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ris<span class=\"_ _9\"></span>k an<span class=\"_ _9\"></span>d liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. T<span class=\"_ _9\"></span>he Bo<span class=\"_ _9\"></span>ard o<span class=\"_ _9\"></span>f Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s revi<span class=\"_ _9\"></span>ews a<span class=\"_ _9\"></span>nd ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s for m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ging e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>mma<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>low. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _3\"></span>s a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es in r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>et ou<span class=\"_ _9\"></span>t in No<span class=\"_ _9\"></span>te 2.a. <span class=\"_\"> </span>Int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk f<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>es p<span class=\"_ _9\"></span>rim<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily to t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s long<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th a fl<span class=\"_ _9\"></span>oati<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y is t<span class=\"_ _9\"></span>o mana<span class=\"_ _9\"></span>ge it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s usi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d-<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>. T<span class=\"_ _3\"></span>o m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>s to exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, at s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>cif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>als, t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ts c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d by ref<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>o an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>upo<span class=\"_ _9\"></span>n not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>re, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up us<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s. Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>is rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s cas<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow is n<span class=\"_ _9\"></span>ot sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly s<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ive to p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ble c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in ma<span class=\"_ _9\"></span>rket i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. Poss<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s do, how<span class=\"_ _9\"></span>ever<span class=\"_ _4\"></span>, af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y as t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps ar<span class=\"_ _9\"></span>e des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d to he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t obl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to mit<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k th<span class=\"_ _9\"></span>at c<span class=\"_ _9\"></span>an p<span class=\"_ _9\"></span>oten<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly cr<span class=\"_ _1\"></span>ys<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>allis<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e ref<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nce, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s:  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>7 F<span class=\"_ _9\"></span>ebr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022, PPHE Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to a for<span class=\"_ _1\"></span>wa<span class=\"_ _9\"></span>rd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ith B<span class=\"_ _9\"></span>ank H<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. (B<span class=\"_ _9\"></span>HI) in </span></span>ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure o<span class=\"_ _9\"></span>f the \u00a31<span class=\"_ _4\"></span>80 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th BH<span class=\"_ _9\"></span>I to fu<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n (th<span class=\"_ _9\"></span>e \u2018Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>). The i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a n<span class=\"_ _9\"></span>otio<span class=\"_ _9\"></span>nal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>80 mi<span class=\"_ _9\"></span>llion, a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>% pe<span class=\"_ _9\"></span>r year s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g Sep<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2024 in lin<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s st<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 20 Ju<span class=\"_ _9\"></span>ne 2024 PPHE Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>ee mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>h Son<span class=\"_ _9\"></span>ia an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t of 1.4<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>65% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g not<span class=\"_ _9\"></span>iona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap w<span class=\"_ _9\"></span>ill mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e on 8 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 203<span class=\"_ _9\"></span>0 in l<span class=\"_ _9\"></span>ine w<span class=\"_ _9\"></span>ith t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>l mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y da<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g a six-<span class=\"_ _9\"></span>year e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n).  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt as t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap m<span class=\"_ _9\"></span>atc<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan (<span class=\"_ _9\"></span>i.e.<span class=\"_ _4\"></span>, noti<span class=\"_ _9\"></span>onal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt, m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt), th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hed a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o of 1<span class=\"_ _3\"></span>:<span class=\"_ _4\"></span>1 for t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nsh<span class=\"_ _9\"></span>ips a<span class=\"_ _9\"></span>s the u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k of th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap is i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ntic<span class=\"_ _9\"></span>al t<span class=\"_ _9\"></span>o the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ri<span class=\"_ _9\"></span>sk c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a31<span class=\"_ _3\"></span>8.4 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d is inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>her n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>.4 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>rde<span class=\"_ _9\"></span>d as ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r comprehens<span class=\"_ _4\"></span>ive<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 25 Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2022, Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls (<span class=\"_ _9\"></span>UK<span class=\"_ _9\"></span>) lt<span class=\"_ _9\"></span>d, a who<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany, enter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto t<span class=\"_ _9\"></span>wo f<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate </span></span>sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th S<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r UK Plc i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o par<span class=\"_ _1\"></span>tial<span class=\"_ _9\"></span>ly he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _4\"></span>65.6 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d \u00a320<span class=\"_ _9\"></span>8.6 mil<span class=\"_ _9\"></span>lion l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>ns th<span class=\"_ _9\"></span>at are e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ed in J<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>e 2026. T<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wap h<span class=\"_ _9\"></span>as a no<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>00 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2026 un<span class=\"_ _9\"></span>til 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2031 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td wi<span class=\"_ _9\"></span>ll rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h So<span class=\"_ _9\"></span>nia a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll pay a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d ra<span class=\"_ _9\"></span>te of in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>94<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nd inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ha<span class=\"_ _9\"></span>s a noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0<span class=\"_ _9\"></span>0 milli<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eby o<span class=\"_ _9\"></span>n a qu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>sis s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>26 unti<span class=\"_ _9\"></span>l 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>31 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h Eur<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e of int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>95% on th<span class=\"_ _9\"></span>e noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e a ma<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y ear<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n at 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>026. Al<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d into t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps to s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve as an e<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nomi<span class=\"_ _9\"></span>c he<span class=\"_ _9\"></span>dge a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps d<span class=\"_ _9\"></span>o not q<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>FRS 9 du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>. Acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ingl<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>se inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps a<span class=\"_ _9\"></span>re ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022, t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s have a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a39<span class=\"_ _4\"></span>.8 millio<span class=\"_ _9\"></span>n and a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a39<span class=\"_ _4\"></span>.7 million f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r end<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me in the consolidated income<span class=\"_ _4\"></span> st<span class=\"_ _9\"></span>atement.   <span class=\"_ _fa\"> </span>Th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ned a<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ve are v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e mod<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te va<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>us i<span class=\"_ _9\"></span>npu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t qua<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, a<span class=\"_ _9\"></span>nd i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s Level 2 o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue hie<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>hy<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o has ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>us yea<span class=\"_ _9\"></span>rs t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>hat d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>bove. <span class=\"_ _1b\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f all of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et of \u00a3<span class=\"_ _9\"></span>30.5 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n (2021<span class=\"_ _4\"></span>: liabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of \u00a3457 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>). No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedIn<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>siti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>tyTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>mon<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y to a r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>y po<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes o<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d, af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t of h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing. W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h all ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pro<span class=\"_ _9\"></span>fit b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x is af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s, as fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s:Ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax \u00a3<span class=\"_ _9\"></span>\u20190<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>01Increase in floatin<span class=\"_ _4\"></span>g interest rateGBP<span class=\"_ _bb\"> </span><span class=\"ls9 wsa\">EUR<span class=\"_ _126\"> </span><span class=\"ls2 ws5\">US Do<span class=\"_ _9\"></span>ll<span class=\"_ _9\"></span>ar</span></span>1%<span class=\"_ _22d\"> </span><span class=\"ff9b ls2 ws5\">910<span class=\"_ _8c\"> </span>89<span class=\"_ _104\"> </span>159</span>2%<span class=\"_ _25b\"> </span><span class=\"ff9b ls2 ws5\">1,820<span class=\"_ _104\"> </span>177<span class=\"_ _bb\"> </span>318</span>5%<span class=\"_ _2a5\"> </span><span class=\"ff9b ls2 ws5\">4,550<span class=\"_ _104\"> </span>443<span class=\"_ _bb\"> </span>795</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d mo<span class=\"_ _9\"></span>vem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t in f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ana<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s is b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>y ob<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t env<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t, s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly h<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span> vol<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>an in p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ior y<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>.b. <span class=\"_ _6\"> </span>C<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>nly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>hy thi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. It has p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>cie<span class=\"_ _9\"></span>s in pl<span class=\"_ _9\"></span>ace to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mad<span class=\"_ _9\"></span>e to cu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th an a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit hi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. The C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany<span class=\"_ _9\"></span>\u2019s pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at sa<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>o cus<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>rs a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h adv<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, in ca<span class=\"_ _9\"></span>sh o<span class=\"_ _9\"></span>r by maj<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it c<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s). Since t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es on<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ird p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>, the<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or co<span class=\"_ _9\"></span>llate<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>ts w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h thi<span class=\"_ _9\"></span>rd p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Fur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mor<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as no d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y on a<span class=\"_ _9\"></span>ny of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mon<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>red o<span class=\"_ _9\"></span>n an o<span class=\"_ _9\"></span>ngo<span class=\"_ _9\"></span>ing b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s. Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>oni<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t me<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>nd we<span class=\"_ _9\"></span>ek<span class=\"_ _9\"></span>ly re<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>n in<span class=\"_ _9\"></span>div<span class=\"_ _9\"></span>idu<span class=\"_ _9\"></span>al ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ces of r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re eq<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es s<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>e a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of a<span class=\"_ _9\"></span>ll tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns i<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure to b<span class=\"_ _9\"></span>ad d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up, whic<span class=\"_ _9\"></span>h co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent in s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>isk a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om de<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ult of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, wit<span class=\"_ _9\"></span>h a ma<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>um ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h at b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>s.c. <span class=\"_\"> </span>Liquidit<span class=\"_ _9\"></span>y risk <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>s to mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ain a b<span class=\"_ _9\"></span>alan<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of f<span class=\"_ _9\"></span>und<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>lex<span class=\"_ _9\"></span>ibi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h the u<span class=\"_ _9\"></span>se of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k over<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ba<span class=\"_ _9\"></span>nk lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s poli<span class=\"_ _9\"></span>cy i<span class=\"_ _9\"></span>s to ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>diu<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>ank f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>o conve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>em in<span class=\"_ _9\"></span>to lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>gs w<span class=\"_ _9\"></span>hen r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>d a st<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ng liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>th a<span class=\"_ _9\"></span>n over<span class=\"_ _9\"></span>all c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ba<span class=\"_ _9\"></span>lanc<span class=\"_ _9\"></span>e of \u00a31<span class=\"_ _3\"></span>6<span class=\"_ _9\"></span>3.6 mill<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le b<span class=\"_ _9\"></span>elow s<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y prof<span class=\"_ _9\"></span>ile of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s finan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 2021 bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n contr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>tual un<span class=\"_ _9\"></span>disco<span class=\"_ _9\"></span>unted paym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s.A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>an 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 2 <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 3 to 5 &gt; 5 yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings19,319<span class=\"_ _9a\"> </span>56,534<span class=\"_ _9a\"> </span>59,962<span class=\"_ _16f\"> </span>545,414<span class=\"_ _16f\"> </span>322,947<span class=\"_ _115\"> </span>1,004,176Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld 2to\ue61fpr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s3,285<span class=\"_ _125\"> </span>9,855<span class=\"_ _9a\"> </span>13,140<span class=\"_ _9a\"> </span>39,420<span class=\"_ _16f\"> </span>121,084<span class=\"_ _16f\"> </span>186,7843Lease li<span class=\"_ _4\"></span>ability3,248<span class=\"_ _125\"> </span>9,919<span class=\"_ _9a\"> </span>13,498<span class=\"_ _9a\"> </span>39,848<span class=\"_ _16f\"> </span>890,068<span class=\"_ _16f\"> </span>956,581T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _2a6\"> </span><span class=\"ff9b\">13,565<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>13,565</span>Other liabilities<span class=\"_ _149\"> </span><span class=\"ff9b ls2 ws5\">37,707<span class=\"_ _9a\"> </span>37,630<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>18,062<span class=\"_ _9a\"> </span>93,399</span>77,124<span class=\"_ _16f\"> </span>113,938<span class=\"_ _9a\"> </span>86,600<span class=\"_ _16f\"> </span>624,682<span class=\"_ _115\"> </span>1,352,161<span class=\"_ _be\"> </span>2,254,505A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ear 2 <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ear 3 t<span class=\"_ _9\"></span>o 5 &gt; 5 yea<span class=\"_ _9\"></span>rs To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings15,863<span class=\"_ _e7\"> </span>47,249<span class=\"_ _f5\"> </span>46,130<span class=\"_ _16c\"> </span>492,447<span class=\"_ _16c\"> </span>299,642<span class=\"_ _9e\"> </span>901,331Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to 2pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s493<span class=\"_ _174\"> </span>1,477<span class=\"_ _19d\"> </span>9,198<span class=\"_ _e7\"> </span>39,420<span class=\"_ _9e\"> </span>124,551<span class=\"_ _16c\"> </span>175,139Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d8\"> </span><span class=\"ls2 ws5\">57<span class=\"_ _a4\"> </span>171<span class=\"_ _fb\"> </span>229<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>457</span>3Lease li<span class=\"_ _4\"></span>ability3,653<span class=\"_ _e7\"> </span>18,019<span class=\"_ _f5\"> </span>12,962<span class=\"_ _e7\"> </span>36,170<span class=\"_ _16c\"> </span>605,497<span class=\"_ _9e\"> </span>676,301T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _ca\"> </span>16,650<span class=\"_ _94\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,650Other liabilities<span class=\"_ _2a7\"> </span><span class=\"ls2 ws5\">23,097<span class=\"_ _e7\"> </span>24,035<span class=\"_ _174\"> </span>4,860<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,304<span class=\"_ _e7\"> </span>68,296</span>59,813<span class=\"_ _e7\"> </span>90,951<span class=\"_ _f5\"> </span>73,379<span class=\"_ _16c\"> </span>568,037<span class=\"_ _1f4\"> </span>1,045,994<span class=\"_ _18\"> </span>1,838,1741 <span class=\"_ _b\"> </span>Se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 14 for f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on.2 <span class=\"_ _b\"> </span>Pre<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g to di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt d<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he 9<span class=\"_ _9\"></span>99-<span class=\"_ _9\"></span>yea<span class=\"_ _9\"></span>r te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>.3 <span class=\"_ _b\"> </span>Le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th u<span class=\"_ _9\"></span>pw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ew<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>s in on<span class=\"_ _9\"></span>e le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e CPI<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PI in t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>, fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hav<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>en e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>als a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ent U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed CP<span class=\"_ _9\"></span>Is<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PIs, r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly, exc<span class=\"_ _9\"></span>ept P<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Wa<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span> 50 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on W<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of 199 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s as s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. A<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o, th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s do n<span class=\"_ _9\"></span>ot t<span class=\"_ _9\"></span>ake i<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>o acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>r of 2%<span class=\"_ _9\"></span>. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p\u2019s mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt be<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ab<span class=\"_ _9\"></span>ove t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>ev<span class=\"_ _9\"></span>ant c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>w ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s to w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p wo<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>d be r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ly exposed in the ordinary course of business.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedd.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Capital management <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _1\"></span>y obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s capi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t main<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ins a s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ong c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd h<span class=\"_ _9\"></span>ealt<span class=\"_ _9\"></span>hy c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to su<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t it<span class=\"_ _9\"></span>s bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mis<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>der v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ure a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>akes a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to it i<span class=\"_ _9\"></span>n lig<span class=\"_ _9\"></span>ht of c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>itio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up mo<span class=\"_ _9\"></span>nito<span class=\"_ _9\"></span>rs c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a gea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng r<span class=\"_ _9\"></span>atio, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is net b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l plu<span class=\"_ _9\"></span>s net b<span class=\"_ _9\"></span>ank d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>y is to keep t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en 5<span class=\"_ _9\"></span>0% an<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>%. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin ne<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. C<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve.2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Interest-bearing bank loans and<span class=\"_ _4\"></span> borrowings<span class=\"_ _2a8\"> </span><span class=\"ff9b ls2 ws5\">864,732<span class=\"_ _183\"> </span><span class=\"ff9c\">768,124</span></span>Le<span class=\"_ _9\"></span>ss \u2013 c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>ash e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _19c\"> </span><span class=\"ff9b\">(163,589)<span class=\"_ _1b\"> </span></span>(136,802)Le<span class=\"_ _9\"></span>ss \u2013 l<span class=\"_ _9\"></span>ong<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh<span class=\"_ _2a9\"> </span><span class=\"ff9b\">(9,272)<span class=\"_ _17c\"> </span></span>(8,121)Le<span class=\"_ _9\"></span>ss \u2013 s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _b4\"> </span><span class=\"ff9b\">(9,229)<span class=\"_ _17c\"> </span></span>(5,204)Le<span class=\"_ _9\"></span>ss \u2013 i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es<span class=\"_ _226\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _12f\"> </span></span>(22)Net debt<span class=\"_ _208\"> </span><span class=\"ff9b ls2 ws5\">682,642<span class=\"_ _183\"> </span><span class=\"ff9c\">617,975</span></span>Equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _210\"> </span><span class=\"ff9b ls2 ws5\">503,245<span class=\"_ _183\"> </span><span class=\"ff9c\">447,211</span></span>Hedging reser<span class=\"_ _1\"></span>ve<span class=\"_ _2aa\"> </span><span class=\"ff9b ls2 ws5\">(20,398)<span class=\"_ _1c1\"> </span><span class=\"ff9c\">434</span></span>T<span class=\"_ _3\"></span>otal capital<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">482,847<span class=\"_ _183\"> </span><span class=\"ff9c\">447,645</span></span>Capital and net debt<span class=\"_ _211\"> </span><span class=\"ff9b ls2 ws5\">1,165,489<span class=\"_ _fa\"> </span><span class=\"ff9c\">1,065,620</span></span>Gearing r<span class=\"_ _9\"></span>atio<span class=\"_ _2ab\"> </span><span class=\"ff9b ls2 ws5\">58,6%<span class=\"_ _165\"> </span><span class=\"ff9c\">58.0%</span></span>e. <span class=\"_ _8\"> </span>Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue o<span class=\"_ _9\"></span>f f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>t whic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d in a cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n willi<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an in a f<span class=\"_ _9\"></span>orc<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n sa<span class=\"_ _9\"></span>le. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng me<span class=\"_ _9\"></span>tho<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>ere us<span class=\"_ _9\"></span>ed to e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>s:  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>eir c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s la<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>ly d<span class=\"_ _9\"></span>ue to t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies als<span class=\"_ _9\"></span>o ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t as th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>c cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s ref<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t the m<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns f<span class=\"_ _9\"></span>rom b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s is es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed by d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>utu<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tes c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t on s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s, cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Fair<span class=\"_ _4\"></span> value<span class=\"_ _4\"></span> hier<span class=\"_ _4\"></span>arch<span class=\"_ _4\"></span>y <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng hie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>hy for d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g an<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s by a va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he low<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t lev<span class=\"_ _9\"></span>el in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t tha<span class=\"_ _9\"></span>t is sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue so d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d: <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>: <span class=\"ff9c fc3 ls20 ws10\">quoted (<span class=\"_ _4\"></span>unadjusted) prices in<span class=\"_ _4\"></span> ac<span class=\"_ _9\"></span>tive<span class=\"_ _4\"></span> markets for identical<span class=\"_ _4\"></span> asset<span class=\"_ _9\"></span>s or l<span class=\"_ _4\"></span>iabiliti<span class=\"_ _4\"></span>es.</span> <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 2: <span class=\"ff9c fc3\">ot<span class=\"_ _9\"></span>her te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h all in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch have s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nifi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue ar<span class=\"_ _9\"></span>e obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly </span>or indirectly. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 3: <span class=\"ff9c fc3\">te<span class=\"_ _9\"></span>chn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h us<span class=\"_ _9\"></span>e inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h have a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t are n<span class=\"_ _9\"></span>ot ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le </span>market data.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>Fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>itie<span class=\"_ _9\"></span>s is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om q<span class=\"_ _9\"></span>uote<span class=\"_ _9\"></span>d mar<span class=\"_ _9\"></span>ket p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces i<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive ma<span class=\"_ _9\"></span>rket<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. A mar<span class=\"_ _9\"></span>ket i<span class=\"_ _9\"></span>s reg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive if q<span class=\"_ _9\"></span>uot<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>re rea<span class=\"_ _9\"></span>dil<span class=\"_ _9\"></span>y and r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ular<span class=\"_ _9\"></span>ly av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m an exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, de<span class=\"_ _9\"></span>aler, broker, indu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up, pr<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>ng se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice or reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y age<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, and t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y occ<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>n an ar<span class=\"_ _9\"></span>m\u2019s len<span class=\"_ _9\"></span>gt<span class=\"_ _9\"></span>h bas<span class=\"_ _9\"></span>is. Th<span class=\"_ _9\"></span>e quo<span class=\"_ _9\"></span>ted m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket pr<span class=\"_ _9\"></span>ice u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt b<span class=\"_ _9\"></span>id pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e. The<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in   Leve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s into d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s. De<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>lue c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>por<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>us inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it q<span class=\"_ _9\"></span>uali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>par<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>ves<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny to Cla<span class=\"_ _9\"></span>l (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>b) whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s valu<span class=\"_ _9\"></span>ed by u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e Blac<span class=\"_ _9\"></span>k\u2013<span class=\"_ _9\"></span>Sc<span class=\"_ _9\"></span>hole<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>ds 4<span class=\"_ _9\"></span>6 In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Ha<span class=\"_ _9\"></span>ll Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n w<span class=\"_ _9\"></span>hich w<span class=\"_ _9\"></span>ere v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ed by e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>nal v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ator u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng a dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>e. Th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he us<span class=\"_ _9\"></span>e of o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le mar<span class=\"_ _9\"></span>ket d<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>a wh<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>t is ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le an<span class=\"_ _9\"></span>d rel<span class=\"_ _9\"></span>y as li<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e as po<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>le on e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s. If a<span class=\"_ _9\"></span>ll sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>np<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>n ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt are o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, the i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in Le<span class=\"_ _9\"></span>vel 2. If on<span class=\"_ _9\"></span>e or mo<span class=\"_ _9\"></span>re of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ket dat<span class=\"_ _9\"></span>a, th<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in L<span class=\"_ _9\"></span>evel 3. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>eld t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue: Liabilities31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _2ac\"> </span><span class=\"ff9b ls2 ws5\">5,519<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _180\"> </span>5,519<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _156\"> </span><span class=\"ff9b\">30,539<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>30,539<span class=\"_ _8d\"> </span>\u2013</span>Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2ad\"> </span><span class=\"ff9b\">16,100<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>16,100<span class=\"_ _8d\"> </span>\u2013</span> <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p hel<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e: Liabilities31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _2ae\"> </span>457<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _4e\"> </span>457<span class=\"_ _8d\"> </span>\u2013Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _137\"> </span><span class=\"ls2 ws5\">5,400<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _ce\"> </span>5,400<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies<span class=\"_ _a7\"> </span>22<span class=\"_ _1ae\"> </span>22<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8d\"> </span>\u2013Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2a6\"> </span>15,800<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _98\"> </span>15,800<span class=\"_ _8d\"> </span>\u2013No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>022 a<span class=\"_ _9\"></span>nd 2021<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n Level 1 a<span class=\"_ _9\"></span>nd L<span class=\"_ _9\"></span>evel 2 f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs i<span class=\"_ _9\"></span>nto or o<span class=\"_ _9\"></span>ut o<span class=\"_ _9\"></span>f Leve<span class=\"_ _9\"></span>l 3 fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e who<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tes th<span class=\"_ _9\"></span>eir f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>re as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:Ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt  Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue  3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>itiesBank bor<span class=\"_ _9\"></span>rowings<span class=\"_ _268\"> </span><span class=\"ffa4 ls2 ws5\">864,732<span class=\"_ _16b\"> </span><span class=\"ffa3\">768,124<span class=\"_ _16f\"> </span></span>811,179<span class=\"_ _183\"> </span><span class=\"ffa3\">784,167</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-5": {
   "value": "No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>sTh<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s, com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ba<span class=\"_ _9\"></span>nk bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s, c<span class=\"_ _9\"></span>ash a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e main p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>ese f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s is t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s ope<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>iou<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>hich a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tly f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns.Changes in<span class=\"_ _4\"></span> financial liabilities arising<span class=\"_ _4\"></span> from financing activitiesRe-mea<span class=\"_ _9\"></span>sure-A<span class=\"_ _9\"></span>s at 1 Re-mea<span class=\"_ _9\"></span>sure-ment ag<span class=\"_ _4\"></span>ainst Re-mea<span class=\"_ _9\"></span>sure-Foreign<span class=\"_ _4\"></span> A<span class=\"_ _9\"></span>s at 31 January <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>C<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h <span class=\"_ _3\"></span> ment through right-of-use ment ag<span class=\"_ _4\"></span>ainst exchange<span class=\"_ _4\"></span> Ne<span class=\"_ _9\"></span>w le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>/ December 2022 <span class=\"_ _3\"></span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> equity <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>movement<span class=\"_ _4\"></span> lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s, n<span class=\"_ _9\"></span>et O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 2022 <span class=\"_ _3\"></span> \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ff9b ls2 ws5\">729,284<span class=\"_ _12f\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _183\"> </span>16,091<span class=\"_ _195\"> </span>100,415<span class=\"_ _12d\"> </span>(28,159)<span class=\"_ _17\"> </span>817,631</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _1c8\"> </span><span class=\"ff9b ls2 ws5\">245,274<span class=\"_ _96\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _12f\"> </span></span>3,704<span class=\"_ _9d\"> </span>14,234<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>307<span class=\"_ _76\"> </span>50<span class=\"_ _1c8\"> </span>(2,024)<span class=\"_ _17\"> </span>261,545</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of\ue61fI<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _98\"> </span><span class=\"ff9b\">124,551<span class=\"_ _115\"> </span>(3,388)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _ba\"> </span>(78)<span class=\"_ _17\"> </span>121,085</span>Derivative financia<span class=\"_ _4\"></span>l instr<span class=\"_ _9\"></span>uments<span class=\"_ _f7\"> </span><span class=\"ff9b ls2 ws5\">457<span class=\"_ _98\"> </span>(109)<span class=\"_ _174\"> </span>(9,814)<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _282\"> </span>(71)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _169\"> </span>\u2013<span class=\"_ _17\"> </span>(30,539)</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _eb\"> </span><span class=\"ff9b ls2 ws5\">4,860<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _1c8\"> </span>(4,860)<span class=\"_ _8d\"> </span>\u2013</span>Curre<span class=\"_ _9\"></span>nt share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _2a2\"> </span><span class=\"ff9b ls2 ws5\">540<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _88\"> </span></span>119<span class=\"_ _d7\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _76\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _298\"> </span>4,860<span class=\"_ _180\"> </span>5,519</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing loa<span class=\"_ _9\"></span>ns\ue61fan<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s<span class=\"_ _8f\"> </span><span class=\"ff9b\">38,840<span class=\"_ _12d\"> </span>(21,330)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _17c\"> </span>3,187<span class=\"_ _16c\"> </span>(2,440)<span class=\"_ _115\"> </span>28,844<span class=\"_ _1aa\"> </span>47,101</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y6,344<span class=\"_ _115\"> </span>(4,890)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>151<span class=\"_ _167\"> </span>\u2013<span class=\"_ _2a3\"> </span>3,901<span class=\"_ _180\"> </span>5,5061,150,150<span class=\"_ _12d\"> </span>(29,717)<span class=\"_ _c9\"> </span>(5,991)<span class=\"_ _9d\"> </span>14,234<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _183\"> </span>19,665<span class=\"_ _16c\"> </span>98,025<span class=\"_ _298\"> </span>2,484<span class=\"_ _f\"> </span>1,227,8481 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.Changes in<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities arising<span class=\"_ _4\"></span> from financing<span class=\"_ _4\"></span> activitiesRe-Re-measurement A<span class=\"_ _9\"></span>s at 1 measurement against For<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n A<span class=\"_ _9\"></span>s at 31 Januar<span class=\"_ _9\"></span>y <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>Cash<span class=\"ls2 ws5\"> </span>through profit right-<span class=\"_ _9\"></span>of-use exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge New l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s/ December 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> an<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> moveme<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>, net O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-bear<span class=\"_ _9\"></span>ing loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _2a4\"> </span><span class=\"ls2 ws5\">721,006<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _bf\"> </span>(18,013)<span class=\"_ _98\"> </span>38,886<span class=\"_ _bf\"> </span>(12,595)<span class=\"_ _16b\"> </span>729,284</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _94\"> </span><span class=\"ls2 ws5\">243,650<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _85\"> </span>3,565<span class=\"_ _85\"> </span>4,226<span class=\"_ _e7\"> </span>(2,250)<span class=\"_ _180\"> </span>(2,088)<span class=\"_ _180\"> </span>(1,829)<span class=\"_ _183\"> </span>245,274</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in respec<span class=\"_ _9\"></span>t <span class=\"ls2 ws5\"> </span>of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to  pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s<span class=\"_ _47\"> </span><span class=\"ls2 ws5\">126,155<span class=\"_ _180\"> </span>(1,390)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _e8\"> </span>(214)<span class=\"_ _183\"> </span>124,551</span>Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d2\"> </span><span class=\"ls2 ws5\">880<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _a4\"> </span>(53)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _e8\"> </span>(370)<span class=\"_ _4e\"> </span>457</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share <span class=\"ls2 ws5\"> </span>app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _ef\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _9a\"> </span>6,435<span class=\"_ _99\"> </span>(1,575)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _282\"> </span>4,860</span>Cur<span class=\"_ _9\"></span>rent share ap<span class=\"_ _9\"></span>prec<span class=\"_ _9\"></span>iation rig<span class=\"_ _9\"></span>hts<span class=\"_ _bb\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _46\"> </span>715<span class=\"_ _10e\"> </span>(175)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _a5\"> </span>540</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing <span class=\"ls2 ws5\"> </span>loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ls2 ws5\">36,369<span class=\"_ _c7\"> </span>(9,486)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(844)<span class=\"_ _180\"> </span>(2,388)<span class=\"_ _17c\"> </span>15,189<span class=\"_ _c7\"> </span>38,840</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y10,393<span class=\"_ _180\"> </span>(6,825)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(267)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _282\"> </span>3,043<span class=\"_ _282\"> </span>6,3441,138,453<span class=\"_ _1aa\"> </span>(10,551)<span class=\"_ _19d\"> </span>1,815<span class=\"_ _85\"> </span>4,226<span class=\"_ _16c\"> </span>(21,427)<span class=\"_ _17c\"> </span>34,410<span class=\"_ _9d\"> </span>3,224<span class=\"_ _be\"> </span>1,150,1501 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedTh<span class=\"_ _9\"></span>e main r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>w inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk, c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ris<span class=\"_ _9\"></span>k an<span class=\"_ _9\"></span>d liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. T<span class=\"_ _9\"></span>he Bo<span class=\"_ _9\"></span>ard o<span class=\"_ _9\"></span>f Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s revi<span class=\"_ _9\"></span>ews a<span class=\"_ _9\"></span>nd ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s for m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ging e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>mma<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>low. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _3\"></span>s a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es in r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>et ou<span class=\"_ _9\"></span>t in No<span class=\"_ _9\"></span>te 2.a. <span class=\"_\"> </span>Int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk f<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>es p<span class=\"_ _9\"></span>rim<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily to t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s long<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th a fl<span class=\"_ _9\"></span>oati<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y is t<span class=\"_ _9\"></span>o mana<span class=\"_ _9\"></span>ge it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s usi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d-<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>. T<span class=\"_ _3\"></span>o m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>s to exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, at s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>cif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>als, t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ts c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d by ref<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>o an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>upo<span class=\"_ _9\"></span>n not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>re, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up us<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s. Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>is rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s cas<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow is n<span class=\"_ _9\"></span>ot sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly s<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ive to p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ble c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in ma<span class=\"_ _9\"></span>rket i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. Poss<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s do, how<span class=\"_ _9\"></span>ever<span class=\"_ _4\"></span>, af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y as t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps ar<span class=\"_ _9\"></span>e des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d to he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t obl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to mit<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k th<span class=\"_ _9\"></span>at c<span class=\"_ _9\"></span>an p<span class=\"_ _9\"></span>oten<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly cr<span class=\"_ _1\"></span>ys<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>allis<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e ref<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nce, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s:  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>7 F<span class=\"_ _9\"></span>ebr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022, PPHE Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to a for<span class=\"_ _1\"></span>wa<span class=\"_ _9\"></span>rd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ith B<span class=\"_ _9\"></span>ank H<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. (B<span class=\"_ _9\"></span>HI) in </span></span>ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure o<span class=\"_ _9\"></span>f the \u00a31<span class=\"_ _4\"></span>80 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th BH<span class=\"_ _9\"></span>I to fu<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n (th<span class=\"_ _9\"></span>e \u2018Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>). The i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a n<span class=\"_ _9\"></span>otio<span class=\"_ _9\"></span>nal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>80 mi<span class=\"_ _9\"></span>llion, a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>% pe<span class=\"_ _9\"></span>r year s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g Sep<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2024 in lin<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s st<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 20 Ju<span class=\"_ _9\"></span>ne 2024 PPHE Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>ee mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>h Son<span class=\"_ _9\"></span>ia an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t of 1.4<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>65% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g not<span class=\"_ _9\"></span>iona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap w<span class=\"_ _9\"></span>ill mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e on 8 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 203<span class=\"_ _9\"></span>0 in l<span class=\"_ _9\"></span>ine w<span class=\"_ _9\"></span>ith t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>l mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y da<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g a six-<span class=\"_ _9\"></span>year e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n).  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt as t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap m<span class=\"_ _9\"></span>atc<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan (<span class=\"_ _9\"></span>i.e.<span class=\"_ _4\"></span>, noti<span class=\"_ _9\"></span>onal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt, m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt), th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hed a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o of 1<span class=\"_ _3\"></span>:<span class=\"_ _4\"></span>1 for t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nsh<span class=\"_ _9\"></span>ips a<span class=\"_ _9\"></span>s the u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k of th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap is i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ntic<span class=\"_ _9\"></span>al t<span class=\"_ _9\"></span>o the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ri<span class=\"_ _9\"></span>sk c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a31<span class=\"_ _3\"></span>8.4 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d is inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>her n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>.4 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>rde<span class=\"_ _9\"></span>d as ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r comprehens<span class=\"_ _4\"></span>ive<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 25 Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2022, Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls (<span class=\"_ _9\"></span>UK<span class=\"_ _9\"></span>) lt<span class=\"_ _9\"></span>d, a who<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany, enter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto t<span class=\"_ _9\"></span>wo f<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate </span></span>sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th S<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r UK Plc i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o par<span class=\"_ _1\"></span>tial<span class=\"_ _9\"></span>ly he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _4\"></span>65.6 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d \u00a320<span class=\"_ _9\"></span>8.6 mil<span class=\"_ _9\"></span>lion l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>ns th<span class=\"_ _9\"></span>at are e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ed in J<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>e 2026. T<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wap h<span class=\"_ _9\"></span>as a no<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>00 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2026 un<span class=\"_ _9\"></span>til 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2031 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td wi<span class=\"_ _9\"></span>ll rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h So<span class=\"_ _9\"></span>nia a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll pay a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d ra<span class=\"_ _9\"></span>te of in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>94<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nd inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ha<span class=\"_ _9\"></span>s a noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0<span class=\"_ _9\"></span>0 milli<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eby o<span class=\"_ _9\"></span>n a qu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>sis s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>26 unti<span class=\"_ _9\"></span>l 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>31 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h Eur<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e of int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>95% on th<span class=\"_ _9\"></span>e noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e a ma<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y ear<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n at 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>026. Al<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d into t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps to s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve as an e<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nomi<span class=\"_ _9\"></span>c he<span class=\"_ _9\"></span>dge a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps d<span class=\"_ _9\"></span>o not q<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>FRS 9 du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>. Acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ingl<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>se inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps a<span class=\"_ _9\"></span>re ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022, t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s have a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a39<span class=\"_ _4\"></span>.8 millio<span class=\"_ _9\"></span>n and a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a39<span class=\"_ _4\"></span>.7 million f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r end<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me in the consolidated income<span class=\"_ _4\"></span> st<span class=\"_ _9\"></span>atement.   <span class=\"_ _fa\"> </span>Th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ned a<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ve are v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e mod<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te va<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>us i<span class=\"_ _9\"></span>npu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t qua<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, a<span class=\"_ _9\"></span>nd i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s Level 2 o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue hie<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>hy<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o has ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>us yea<span class=\"_ _9\"></span>rs t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>hat d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>bove. <span class=\"_ _1b\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f all of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et of \u00a3<span class=\"_ _9\"></span>30.5 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n (2021<span class=\"_ _4\"></span>: liabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of \u00a3457 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>). No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedIn<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>siti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>tyTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>mon<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y to a r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>y po<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes o<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d, af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t of h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing. W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h all ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pro<span class=\"_ _9\"></span>fit b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x is af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s, as fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s:Ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax \u00a3<span class=\"_ _9\"></span>\u20190<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>01Increase in floatin<span class=\"_ _4\"></span>g interest rateGBP<span class=\"_ _bb\"> </span><span class=\"ls9 wsa\">EUR<span class=\"_ _126\"> </span><span class=\"ls2 ws5\">US Do<span class=\"_ _9\"></span>ll<span class=\"_ _9\"></span>ar</span></span>1%<span class=\"_ _22d\"> </span><span class=\"ff9b ls2 ws5\">910<span class=\"_ _8c\"> </span>89<span class=\"_ _104\"> </span>159</span>2%<span class=\"_ _25b\"> </span><span class=\"ff9b ls2 ws5\">1,820<span class=\"_ _104\"> </span>177<span class=\"_ _bb\"> </span>318</span>5%<span class=\"_ _2a5\"> </span><span class=\"ff9b ls2 ws5\">4,550<span class=\"_ _104\"> </span>443<span class=\"_ _bb\"> </span>795</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d mo<span class=\"_ _9\"></span>vem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t in f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ana<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s is b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>y ob<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t env<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t, s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly h<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span> vol<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>an in p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ior y<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>.b. <span class=\"_ _6\"> </span>C<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>nly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>hy thi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. It has p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>cie<span class=\"_ _9\"></span>s in pl<span class=\"_ _9\"></span>ace to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mad<span class=\"_ _9\"></span>e to cu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th an a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit hi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. The C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany<span class=\"_ _9\"></span>\u2019s pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at sa<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>o cus<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>rs a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h adv<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, in ca<span class=\"_ _9\"></span>sh o<span class=\"_ _9\"></span>r by maj<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it c<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s). Since t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es on<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ird p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>, the<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or co<span class=\"_ _9\"></span>llate<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>ts w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h thi<span class=\"_ _9\"></span>rd p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Fur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mor<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as no d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y on a<span class=\"_ _9\"></span>ny of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mon<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>red o<span class=\"_ _9\"></span>n an o<span class=\"_ _9\"></span>ngo<span class=\"_ _9\"></span>ing b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s. Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>oni<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t me<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>nd we<span class=\"_ _9\"></span>ek<span class=\"_ _9\"></span>ly re<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>n in<span class=\"_ _9\"></span>div<span class=\"_ _9\"></span>idu<span class=\"_ _9\"></span>al ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ces of r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re eq<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es s<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>e a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of a<span class=\"_ _9\"></span>ll tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns i<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure to b<span class=\"_ _9\"></span>ad d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up, whic<span class=\"_ _9\"></span>h co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent in s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>isk a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om de<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ult of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, wit<span class=\"_ _9\"></span>h a ma<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>um ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h at b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>s.c. <span class=\"_\"> </span>Liquidit<span class=\"_ _9\"></span>y risk <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>s to mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ain a b<span class=\"_ _9\"></span>alan<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of f<span class=\"_ _9\"></span>und<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>lex<span class=\"_ _9\"></span>ibi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h the u<span class=\"_ _9\"></span>se of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k over<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ba<span class=\"_ _9\"></span>nk lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s poli<span class=\"_ _9\"></span>cy i<span class=\"_ _9\"></span>s to ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>diu<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>ank f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>o conve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>em in<span class=\"_ _9\"></span>to lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>gs w<span class=\"_ _9\"></span>hen r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>d a st<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ng liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>th a<span class=\"_ _9\"></span>n over<span class=\"_ _9\"></span>all c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ba<span class=\"_ _9\"></span>lanc<span class=\"_ _9\"></span>e of \u00a31<span class=\"_ _3\"></span>6<span class=\"_ _9\"></span>3.6 mill<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le b<span class=\"_ _9\"></span>elow s<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y prof<span class=\"_ _9\"></span>ile of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s finan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 2021 bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n contr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>tual un<span class=\"_ _9\"></span>disco<span class=\"_ _9\"></span>unted paym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s.A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>an 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 2 <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 3 to 5 &gt; 5 yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings19,319<span class=\"_ _9a\"> </span>56,534<span class=\"_ _9a\"> </span>59,962<span class=\"_ _16f\"> </span>545,414<span class=\"_ _16f\"> </span>322,947<span class=\"_ _115\"> </span>1,004,176Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld 2to\ue61fpr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s3,285<span class=\"_ _125\"> </span>9,855<span class=\"_ _9a\"> </span>13,140<span class=\"_ _9a\"> </span>39,420<span class=\"_ _16f\"> </span>121,084<span class=\"_ _16f\"> </span>186,7843Lease li<span class=\"_ _4\"></span>ability3,248<span class=\"_ _125\"> </span>9,919<span class=\"_ _9a\"> </span>13,498<span class=\"_ _9a\"> </span>39,848<span class=\"_ _16f\"> </span>890,068<span class=\"_ _16f\"> </span>956,581T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _2a6\"> </span><span class=\"ff9b\">13,565<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>13,565</span>Other liabilities<span class=\"_ _149\"> </span><span class=\"ff9b ls2 ws5\">37,707<span class=\"_ _9a\"> </span>37,630<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>18,062<span class=\"_ _9a\"> </span>93,399</span>77,124<span class=\"_ _16f\"> </span>113,938<span class=\"_ _9a\"> </span>86,600<span class=\"_ _16f\"> </span>624,682<span class=\"_ _115\"> </span>1,352,161<span class=\"_ _be\"> </span>2,254,505A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ear 2 <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ear 3 t<span class=\"_ _9\"></span>o 5 &gt; 5 yea<span class=\"_ _9\"></span>rs To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings15,863<span class=\"_ _e7\"> </span>47,249<span class=\"_ _f5\"> </span>46,130<span class=\"_ _16c\"> </span>492,447<span class=\"_ _16c\"> </span>299,642<span class=\"_ _9e\"> </span>901,331Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to 2pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s493<span class=\"_ _174\"> </span>1,477<span class=\"_ _19d\"> </span>9,198<span class=\"_ _e7\"> </span>39,420<span class=\"_ _9e\"> </span>124,551<span class=\"_ _16c\"> </span>175,139Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d8\"> </span><span class=\"ls2 ws5\">57<span class=\"_ _a4\"> </span>171<span class=\"_ _fb\"> </span>229<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>457</span>3Lease li<span class=\"_ _4\"></span>ability3,653<span class=\"_ _e7\"> </span>18,019<span class=\"_ _f5\"> </span>12,962<span class=\"_ _e7\"> </span>36,170<span class=\"_ _16c\"> </span>605,497<span class=\"_ _9e\"> </span>676,301T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _ca\"> </span>16,650<span class=\"_ _94\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,650Other liabilities<span class=\"_ _2a7\"> </span><span class=\"ls2 ws5\">23,097<span class=\"_ _e7\"> </span>24,035<span class=\"_ _174\"> </span>4,860<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,304<span class=\"_ _e7\"> </span>68,296</span>59,813<span class=\"_ _e7\"> </span>90,951<span class=\"_ _f5\"> </span>73,379<span class=\"_ _16c\"> </span>568,037<span class=\"_ _1f4\"> </span>1,045,994<span class=\"_ _18\"> </span>1,838,1741 <span class=\"_ _b\"> </span>Se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 14 for f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on.2 <span class=\"_ _b\"> </span>Pre<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g to di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt d<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he 9<span class=\"_ _9\"></span>99-<span class=\"_ _9\"></span>yea<span class=\"_ _9\"></span>r te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>.3 <span class=\"_ _b\"> </span>Le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th u<span class=\"_ _9\"></span>pw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ew<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>s in on<span class=\"_ _9\"></span>e le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e CPI<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PI in t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>, fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hav<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>en e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>als a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ent U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed CP<span class=\"_ _9\"></span>Is<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PIs, r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly, exc<span class=\"_ _9\"></span>ept P<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Wa<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span> 50 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on W<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of 199 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s as s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. A<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o, th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s do n<span class=\"_ _9\"></span>ot t<span class=\"_ _9\"></span>ake i<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>o acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>r of 2%<span class=\"_ _9\"></span>. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p\u2019s mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt be<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ab<span class=\"_ _9\"></span>ove t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>ev<span class=\"_ _9\"></span>ant c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>w ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s to w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p wo<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>d be r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ly exposed in the ordinary course of business.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedd.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Capital management <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _1\"></span>y obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s capi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t main<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ins a s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ong c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd h<span class=\"_ _9\"></span>ealt<span class=\"_ _9\"></span>hy c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to su<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t it<span class=\"_ _9\"></span>s bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mis<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>der v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ure a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>akes a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to it i<span class=\"_ _9\"></span>n lig<span class=\"_ _9\"></span>ht of c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>itio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up mo<span class=\"_ _9\"></span>nito<span class=\"_ _9\"></span>rs c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a gea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng r<span class=\"_ _9\"></span>atio, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is net b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l plu<span class=\"_ _9\"></span>s net b<span class=\"_ _9\"></span>ank d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>y is to keep t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en 5<span class=\"_ _9\"></span>0% an<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>%. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin ne<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. C<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve.2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Interest-bearing bank loans and<span class=\"_ _4\"></span> borrowings<span class=\"_ _2a8\"> </span><span class=\"ff9b ls2 ws5\">864,732<span class=\"_ _183\"> </span><span class=\"ff9c\">768,124</span></span>Le<span class=\"_ _9\"></span>ss \u2013 c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>ash e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _19c\"> </span><span class=\"ff9b\">(163,589)<span class=\"_ _1b\"> </span></span>(136,802)Le<span class=\"_ _9\"></span>ss \u2013 l<span class=\"_ _9\"></span>ong<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh<span class=\"_ _2a9\"> </span><span class=\"ff9b\">(9,272)<span class=\"_ _17c\"> </span></span>(8,121)Le<span class=\"_ _9\"></span>ss \u2013 s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _b4\"> </span><span class=\"ff9b\">(9,229)<span class=\"_ _17c\"> </span></span>(5,204)Le<span class=\"_ _9\"></span>ss \u2013 i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es<span class=\"_ _226\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _12f\"> </span></span>(22)Net debt<span class=\"_ _208\"> </span><span class=\"ff9b ls2 ws5\">682,642<span class=\"_ _183\"> </span><span class=\"ff9c\">617,975</span></span>Equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _210\"> </span><span class=\"ff9b ls2 ws5\">503,245<span class=\"_ _183\"> </span><span class=\"ff9c\">447,211</span></span>Hedging reser<span class=\"_ _1\"></span>ve<span class=\"_ _2aa\"> </span><span class=\"ff9b ls2 ws5\">(20,398)<span class=\"_ _1c1\"> </span><span class=\"ff9c\">434</span></span>T<span class=\"_ _3\"></span>otal capital<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">482,847<span class=\"_ _183\"> </span><span class=\"ff9c\">447,645</span></span>Capital and net debt<span class=\"_ _211\"> </span><span class=\"ff9b ls2 ws5\">1,165,489<span class=\"_ _fa\"> </span><span class=\"ff9c\">1,065,620</span></span>Gearing r<span class=\"_ _9\"></span>atio<span class=\"_ _2ab\"> </span><span class=\"ff9b ls2 ws5\">58,6%<span class=\"_ _165\"> </span><span class=\"ff9c\">58.0%</span></span>e. <span class=\"_ _8\"> </span>Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue o<span class=\"_ _9\"></span>f f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>t whic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d in a cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n willi<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an in a f<span class=\"_ _9\"></span>orc<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n sa<span class=\"_ _9\"></span>le. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng me<span class=\"_ _9\"></span>tho<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>ere us<span class=\"_ _9\"></span>ed to e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>s:  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>eir c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s la<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>ly d<span class=\"_ _9\"></span>ue to t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies als<span class=\"_ _9\"></span>o ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t as th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>c cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s ref<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t the m<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns f<span class=\"_ _9\"></span>rom b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s is es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed by d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>utu<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tes c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t on s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s, cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Fair<span class=\"_ _4\"></span> value<span class=\"_ _4\"></span> hier<span class=\"_ _4\"></span>arch<span class=\"_ _4\"></span>y <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng hie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>hy for d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g an<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s by a va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he low<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t lev<span class=\"_ _9\"></span>el in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t tha<span class=\"_ _9\"></span>t is sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue so d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d: <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>: <span class=\"ff9c fc3 ls20 ws10\">quoted (<span class=\"_ _4\"></span>unadjusted) prices in<span class=\"_ _4\"></span> ac<span class=\"_ _9\"></span>tive<span class=\"_ _4\"></span> markets for identical<span class=\"_ _4\"></span> asset<span class=\"_ _9\"></span>s or l<span class=\"_ _4\"></span>iabiliti<span class=\"_ _4\"></span>es.</span> <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 2: <span class=\"ff9c fc3\">ot<span class=\"_ _9\"></span>her te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h all in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch have s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nifi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue ar<span class=\"_ _9\"></span>e obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly </span>or indirectly. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 3: <span class=\"ff9c fc3\">te<span class=\"_ _9\"></span>chn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h us<span class=\"_ _9\"></span>e inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h have a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t are n<span class=\"_ _9\"></span>ot ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le </span>market data.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>Fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>itie<span class=\"_ _9\"></span>s is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om q<span class=\"_ _9\"></span>uote<span class=\"_ _9\"></span>d mar<span class=\"_ _9\"></span>ket p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces i<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive ma<span class=\"_ _9\"></span>rket<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. A mar<span class=\"_ _9\"></span>ket i<span class=\"_ _9\"></span>s reg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive if q<span class=\"_ _9\"></span>uot<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>re rea<span class=\"_ _9\"></span>dil<span class=\"_ _9\"></span>y and r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ular<span class=\"_ _9\"></span>ly av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m an exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, de<span class=\"_ _9\"></span>aler, broker, indu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up, pr<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>ng se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice or reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y age<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, and t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y occ<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>n an ar<span class=\"_ _9\"></span>m\u2019s len<span class=\"_ _9\"></span>gt<span class=\"_ _9\"></span>h bas<span class=\"_ _9\"></span>is. Th<span class=\"_ _9\"></span>e quo<span class=\"_ _9\"></span>ted m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket pr<span class=\"_ _9\"></span>ice u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt b<span class=\"_ _9\"></span>id pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e. The<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in   Leve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s into d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s. De<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>lue c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>por<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>us inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it q<span class=\"_ _9\"></span>uali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>par<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>ves<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny to Cla<span class=\"_ _9\"></span>l (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>b) whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s valu<span class=\"_ _9\"></span>ed by u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e Blac<span class=\"_ _9\"></span>k\u2013<span class=\"_ _9\"></span>Sc<span class=\"_ _9\"></span>hole<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>ds 4<span class=\"_ _9\"></span>6 In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Ha<span class=\"_ _9\"></span>ll Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n w<span class=\"_ _9\"></span>hich w<span class=\"_ _9\"></span>ere v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ed by e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>nal v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ator u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng a dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>e. Th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he us<span class=\"_ _9\"></span>e of o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le mar<span class=\"_ _9\"></span>ket d<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>a wh<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>t is ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le an<span class=\"_ _9\"></span>d rel<span class=\"_ _9\"></span>y as li<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e as po<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>le on e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s. If a<span class=\"_ _9\"></span>ll sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>np<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>n ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt are o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, the i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in Le<span class=\"_ _9\"></span>vel 2. If on<span class=\"_ _9\"></span>e or mo<span class=\"_ _9\"></span>re of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ket dat<span class=\"_ _9\"></span>a, th<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in L<span class=\"_ _9\"></span>evel 3. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>eld t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue: Liabilities31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _2ac\"> </span><span class=\"ff9b ls2 ws5\">5,519<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _180\"> </span>5,519<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _156\"> </span><span class=\"ff9b\">30,539<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>30,539<span class=\"_ _8d\"> </span>\u2013</span>Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2ad\"> </span><span class=\"ff9b\">16,100<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>16,100<span class=\"_ _8d\"> </span>\u2013</span> <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p hel<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e: Liabilities31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _2ae\"> </span>457<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _4e\"> </span>457<span class=\"_ _8d\"> </span>\u2013Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _137\"> </span><span class=\"ls2 ws5\">5,400<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _ce\"> </span>5,400<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies<span class=\"_ _a7\"> </span>22<span class=\"_ _1ae\"> </span>22<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8d\"> </span>\u2013Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2a6\"> </span>15,800<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _98\"> </span>15,800<span class=\"_ _8d\"> </span>\u2013No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>022 a<span class=\"_ _9\"></span>nd 2021<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n Level 1 a<span class=\"_ _9\"></span>nd L<span class=\"_ _9\"></span>evel 2 f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs i<span class=\"_ _9\"></span>nto or o<span class=\"_ _9\"></span>ut o<span class=\"_ _9\"></span>f Leve<span class=\"_ _9\"></span>l 3 fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e who<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tes th<span class=\"_ _9\"></span>eir f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>re as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:Ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt  Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue  3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>itiesBank bor<span class=\"_ _9\"></span>rowings<span class=\"_ _268\"> </span><span class=\"ffa4 ls2 ws5\">864,732<span class=\"_ _16b\"> </span><span class=\"ffa3\">768,124<span class=\"_ _16f\"> </span></span>811,179<span class=\"_ _183\"> </span><span class=\"ffa3\">784,167</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-6": {
   "value": "No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>sTh<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s, com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ba<span class=\"_ _9\"></span>nk bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s, c<span class=\"_ _9\"></span>ash a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e main p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>ese f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s is t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s ope<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>iou<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>hich a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tly f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns.Changes in<span class=\"_ _4\"></span> financial liabilities arising<span class=\"_ _4\"></span> from financing activitiesRe-mea<span class=\"_ _9\"></span>sure-A<span class=\"_ _9\"></span>s at 1 Re-mea<span class=\"_ _9\"></span>sure-ment ag<span class=\"_ _4\"></span>ainst Re-mea<span class=\"_ _9\"></span>sure-Foreign<span class=\"_ _4\"></span> A<span class=\"_ _9\"></span>s at 31 January <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>C<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h <span class=\"_ _3\"></span> ment through right-of-use ment ag<span class=\"_ _4\"></span>ainst exchange<span class=\"_ _4\"></span> Ne<span class=\"_ _9\"></span>w le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>/ December 2022 <span class=\"_ _3\"></span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> equity <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>movement<span class=\"_ _4\"></span> lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s, n<span class=\"_ _9\"></span>et O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 2022 <span class=\"_ _3\"></span> \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ff9b ls2 ws5\">729,284<span class=\"_ _12f\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _183\"> </span>16,091<span class=\"_ _195\"> </span>100,415<span class=\"_ _12d\"> </span>(28,159)<span class=\"_ _17\"> </span>817,631</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _1c8\"> </span><span class=\"ff9b ls2 ws5\">245,274<span class=\"_ _96\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _12f\"> </span></span>3,704<span class=\"_ _9d\"> </span>14,234<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>307<span class=\"_ _76\"> </span>50<span class=\"_ _1c8\"> </span>(2,024)<span class=\"_ _17\"> </span>261,545</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of\ue61fI<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _98\"> </span><span class=\"ff9b\">124,551<span class=\"_ _115\"> </span>(3,388)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _ba\"> </span>(78)<span class=\"_ _17\"> </span>121,085</span>Derivative financia<span class=\"_ _4\"></span>l instr<span class=\"_ _9\"></span>uments<span class=\"_ _f7\"> </span><span class=\"ff9b ls2 ws5\">457<span class=\"_ _98\"> </span>(109)<span class=\"_ _174\"> </span>(9,814)<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _282\"> </span>(71)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _169\"> </span>\u2013<span class=\"_ _17\"> </span>(30,539)</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _eb\"> </span><span class=\"ff9b ls2 ws5\">4,860<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _1c8\"> </span>(4,860)<span class=\"_ _8d\"> </span>\u2013</span>Curre<span class=\"_ _9\"></span>nt share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _2a2\"> </span><span class=\"ff9b ls2 ws5\">540<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _88\"> </span></span>119<span class=\"_ _d7\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _76\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _298\"> </span>4,860<span class=\"_ _180\"> </span>5,519</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing loa<span class=\"_ _9\"></span>ns\ue61fan<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s<span class=\"_ _8f\"> </span><span class=\"ff9b\">38,840<span class=\"_ _12d\"> </span>(21,330)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _17c\"> </span>3,187<span class=\"_ _16c\"> </span>(2,440)<span class=\"_ _115\"> </span>28,844<span class=\"_ _1aa\"> </span>47,101</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y6,344<span class=\"_ _115\"> </span>(4,890)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>151<span class=\"_ _167\"> </span>\u2013<span class=\"_ _2a3\"> </span>3,901<span class=\"_ _180\"> </span>5,5061,150,150<span class=\"_ _12d\"> </span>(29,717)<span class=\"_ _c9\"> </span>(5,991)<span class=\"_ _9d\"> </span>14,234<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _183\"> </span>19,665<span class=\"_ _16c\"> </span>98,025<span class=\"_ _298\"> </span>2,484<span class=\"_ _f\"> </span>1,227,8481 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.Changes in<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities arising<span class=\"_ _4\"></span> from financing<span class=\"_ _4\"></span> activitiesRe-Re-measurement A<span class=\"_ _9\"></span>s at 1 measurement against For<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n A<span class=\"_ _9\"></span>s at 31 Januar<span class=\"_ _9\"></span>y <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>Cash<span class=\"ls2 ws5\"> </span>through profit right-<span class=\"_ _9\"></span>of-use exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge New l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s/ December 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> an<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> moveme<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>, net O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-bear<span class=\"_ _9\"></span>ing loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _2a4\"> </span><span class=\"ls2 ws5\">721,006<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _bf\"> </span>(18,013)<span class=\"_ _98\"> </span>38,886<span class=\"_ _bf\"> </span>(12,595)<span class=\"_ _16b\"> </span>729,284</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _94\"> </span><span class=\"ls2 ws5\">243,650<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _85\"> </span>3,565<span class=\"_ _85\"> </span>4,226<span class=\"_ _e7\"> </span>(2,250)<span class=\"_ _180\"> </span>(2,088)<span class=\"_ _180\"> </span>(1,829)<span class=\"_ _183\"> </span>245,274</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in respec<span class=\"_ _9\"></span>t <span class=\"ls2 ws5\"> </span>of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to  pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s<span class=\"_ _47\"> </span><span class=\"ls2 ws5\">126,155<span class=\"_ _180\"> </span>(1,390)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _e8\"> </span>(214)<span class=\"_ _183\"> </span>124,551</span>Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d2\"> </span><span class=\"ls2 ws5\">880<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _a4\"> </span>(53)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _e8\"> </span>(370)<span class=\"_ _4e\"> </span>457</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share <span class=\"ls2 ws5\"> </span>app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _ef\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _9a\"> </span>6,435<span class=\"_ _99\"> </span>(1,575)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _282\"> </span>4,860</span>Cur<span class=\"_ _9\"></span>rent share ap<span class=\"_ _9\"></span>prec<span class=\"_ _9\"></span>iation rig<span class=\"_ _9\"></span>hts<span class=\"_ _bb\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _46\"> </span>715<span class=\"_ _10e\"> </span>(175)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _a5\"> </span>540</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing <span class=\"ls2 ws5\"> </span>loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ls2 ws5\">36,369<span class=\"_ _c7\"> </span>(9,486)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(844)<span class=\"_ _180\"> </span>(2,388)<span class=\"_ _17c\"> </span>15,189<span class=\"_ _c7\"> </span>38,840</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y10,393<span class=\"_ _180\"> </span>(6,825)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(267)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _282\"> </span>3,043<span class=\"_ _282\"> </span>6,3441,138,453<span class=\"_ _1aa\"> </span>(10,551)<span class=\"_ _19d\"> </span>1,815<span class=\"_ _85\"> </span>4,226<span class=\"_ _16c\"> </span>(21,427)<span class=\"_ _17c\"> </span>34,410<span class=\"_ _9d\"> </span>3,224<span class=\"_ _be\"> </span>1,150,1501 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedTh<span class=\"_ _9\"></span>e main r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>w inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk, c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ris<span class=\"_ _9\"></span>k an<span class=\"_ _9\"></span>d liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. T<span class=\"_ _9\"></span>he Bo<span class=\"_ _9\"></span>ard o<span class=\"_ _9\"></span>f Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s revi<span class=\"_ _9\"></span>ews a<span class=\"_ _9\"></span>nd ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s for m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ging e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>mma<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>low. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _3\"></span>s a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es in r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>et ou<span class=\"_ _9\"></span>t in No<span class=\"_ _9\"></span>te 2.a. <span class=\"_\"> </span>Int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk f<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>es p<span class=\"_ _9\"></span>rim<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily to t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s long<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th a fl<span class=\"_ _9\"></span>oati<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y is t<span class=\"_ _9\"></span>o mana<span class=\"_ _9\"></span>ge it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s usi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d-<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>. T<span class=\"_ _3\"></span>o m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>s to exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, at s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>cif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>als, t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ts c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d by ref<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>o an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>upo<span class=\"_ _9\"></span>n not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>re, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up us<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s. Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>is rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s cas<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow is n<span class=\"_ _9\"></span>ot sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly s<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ive to p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ble c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in ma<span class=\"_ _9\"></span>rket i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. Poss<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s do, how<span class=\"_ _9\"></span>ever<span class=\"_ _4\"></span>, af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y as t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps ar<span class=\"_ _9\"></span>e des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d to he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t obl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to mit<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k th<span class=\"_ _9\"></span>at c<span class=\"_ _9\"></span>an p<span class=\"_ _9\"></span>oten<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly cr<span class=\"_ _1\"></span>ys<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>allis<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e ref<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nce, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s:  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>7 F<span class=\"_ _9\"></span>ebr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022, PPHE Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to a for<span class=\"_ _1\"></span>wa<span class=\"_ _9\"></span>rd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ith B<span class=\"_ _9\"></span>ank H<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. (B<span class=\"_ _9\"></span>HI) in </span></span>ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure o<span class=\"_ _9\"></span>f the \u00a31<span class=\"_ _4\"></span>80 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th BH<span class=\"_ _9\"></span>I to fu<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n (th<span class=\"_ _9\"></span>e \u2018Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>). The i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a n<span class=\"_ _9\"></span>otio<span class=\"_ _9\"></span>nal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>80 mi<span class=\"_ _9\"></span>llion, a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>% pe<span class=\"_ _9\"></span>r year s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g Sep<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2024 in lin<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s st<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 20 Ju<span class=\"_ _9\"></span>ne 2024 PPHE Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>ee mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>h Son<span class=\"_ _9\"></span>ia an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t of 1.4<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>65% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g not<span class=\"_ _9\"></span>iona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap w<span class=\"_ _9\"></span>ill mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e on 8 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 203<span class=\"_ _9\"></span>0 in l<span class=\"_ _9\"></span>ine w<span class=\"_ _9\"></span>ith t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>l mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y da<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g a six-<span class=\"_ _9\"></span>year e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n).  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt as t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap m<span class=\"_ _9\"></span>atc<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan (<span class=\"_ _9\"></span>i.e.<span class=\"_ _4\"></span>, noti<span class=\"_ _9\"></span>onal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt, m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt), th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hed a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o of 1<span class=\"_ _3\"></span>:<span class=\"_ _4\"></span>1 for t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nsh<span class=\"_ _9\"></span>ips a<span class=\"_ _9\"></span>s the u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k of th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap is i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ntic<span class=\"_ _9\"></span>al t<span class=\"_ _9\"></span>o the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ri<span class=\"_ _9\"></span>sk c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a31<span class=\"_ _3\"></span>8.4 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d is inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>her n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>.4 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>rde<span class=\"_ _9\"></span>d as ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r comprehens<span class=\"_ _4\"></span>ive<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 25 Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2022, Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls (<span class=\"_ _9\"></span>UK<span class=\"_ _9\"></span>) lt<span class=\"_ _9\"></span>d, a who<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany, enter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto t<span class=\"_ _9\"></span>wo f<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate </span></span>sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th S<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r UK Plc i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o par<span class=\"_ _1\"></span>tial<span class=\"_ _9\"></span>ly he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _4\"></span>65.6 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d \u00a320<span class=\"_ _9\"></span>8.6 mil<span class=\"_ _9\"></span>lion l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>ns th<span class=\"_ _9\"></span>at are e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ed in J<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>e 2026. T<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wap h<span class=\"_ _9\"></span>as a no<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>00 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2026 un<span class=\"_ _9\"></span>til 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2031 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td wi<span class=\"_ _9\"></span>ll rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h So<span class=\"_ _9\"></span>nia a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll pay a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d ra<span class=\"_ _9\"></span>te of in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>94<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nd inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ha<span class=\"_ _9\"></span>s a noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0<span class=\"_ _9\"></span>0 milli<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eby o<span class=\"_ _9\"></span>n a qu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>sis s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>26 unti<span class=\"_ _9\"></span>l 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>31 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h Eur<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e of int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>95% on th<span class=\"_ _9\"></span>e noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e a ma<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y ear<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n at 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>026. Al<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d into t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps to s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve as an e<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nomi<span class=\"_ _9\"></span>c he<span class=\"_ _9\"></span>dge a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps d<span class=\"_ _9\"></span>o not q<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>FRS 9 du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>. Acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ingl<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>se inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps a<span class=\"_ _9\"></span>re ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022, t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s have a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a39<span class=\"_ _4\"></span>.8 millio<span class=\"_ _9\"></span>n and a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a39<span class=\"_ _4\"></span>.7 million f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r end<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me in the consolidated income<span class=\"_ _4\"></span> st<span class=\"_ _9\"></span>atement.   <span class=\"_ _fa\"> </span>Th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ned a<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ve are v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e mod<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te va<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>us i<span class=\"_ _9\"></span>npu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t qua<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, a<span class=\"_ _9\"></span>nd i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s Level 2 o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue hie<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>hy<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o has ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>us yea<span class=\"_ _9\"></span>rs t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>hat d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>bove. <span class=\"_ _1b\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f all of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et of \u00a3<span class=\"_ _9\"></span>30.5 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n (2021<span class=\"_ _4\"></span>: liabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of \u00a3457 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>). No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedIn<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>siti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>tyTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>mon<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y to a r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>y po<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes o<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d, af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t of h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing. W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h all ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pro<span class=\"_ _9\"></span>fit b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x is af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s, as fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s:Ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax \u00a3<span class=\"_ _9\"></span>\u20190<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>01Increase in floatin<span class=\"_ _4\"></span>g interest rateGBP<span class=\"_ _bb\"> </span><span class=\"ls9 wsa\">EUR<span class=\"_ _126\"> </span><span class=\"ls2 ws5\">US Do<span class=\"_ _9\"></span>ll<span class=\"_ _9\"></span>ar</span></span>1%<span class=\"_ _22d\"> </span><span class=\"ff9b ls2 ws5\">910<span class=\"_ _8c\"> </span>89<span class=\"_ _104\"> </span>159</span>2%<span class=\"_ _25b\"> </span><span class=\"ff9b ls2 ws5\">1,820<span class=\"_ _104\"> </span>177<span class=\"_ _bb\"> </span>318</span>5%<span class=\"_ _2a5\"> </span><span class=\"ff9b ls2 ws5\">4,550<span class=\"_ _104\"> </span>443<span class=\"_ _bb\"> </span>795</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d mo<span class=\"_ _9\"></span>vem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t in f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ana<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s is b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>y ob<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t env<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t, s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly h<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span> vol<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>an in p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ior y<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>.b. <span class=\"_ _6\"> </span>C<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>nly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>hy thi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. It has p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>cie<span class=\"_ _9\"></span>s in pl<span class=\"_ _9\"></span>ace to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mad<span class=\"_ _9\"></span>e to cu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th an a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit hi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. The C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany<span class=\"_ _9\"></span>\u2019s pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at sa<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>o cus<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>rs a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h adv<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, in ca<span class=\"_ _9\"></span>sh o<span class=\"_ _9\"></span>r by maj<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it c<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s). Since t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es on<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ird p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>, the<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or co<span class=\"_ _9\"></span>llate<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>ts w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h thi<span class=\"_ _9\"></span>rd p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Fur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mor<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as no d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y on a<span class=\"_ _9\"></span>ny of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mon<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>red o<span class=\"_ _9\"></span>n an o<span class=\"_ _9\"></span>ngo<span class=\"_ _9\"></span>ing b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s. Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>oni<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t me<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>nd we<span class=\"_ _9\"></span>ek<span class=\"_ _9\"></span>ly re<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>n in<span class=\"_ _9\"></span>div<span class=\"_ _9\"></span>idu<span class=\"_ _9\"></span>al ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ces of r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re eq<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es s<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>e a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of a<span class=\"_ _9\"></span>ll tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns i<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure to b<span class=\"_ _9\"></span>ad d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up, whic<span class=\"_ _9\"></span>h co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent in s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>isk a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om de<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ult of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, wit<span class=\"_ _9\"></span>h a ma<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>um ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h at b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>s.c. <span class=\"_\"> </span>Liquidit<span class=\"_ _9\"></span>y risk <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>s to mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ain a b<span class=\"_ _9\"></span>alan<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of f<span class=\"_ _9\"></span>und<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>lex<span class=\"_ _9\"></span>ibi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h the u<span class=\"_ _9\"></span>se of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k over<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ba<span class=\"_ _9\"></span>nk lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s poli<span class=\"_ _9\"></span>cy i<span class=\"_ _9\"></span>s to ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>diu<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>ank f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>o conve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>em in<span class=\"_ _9\"></span>to lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>gs w<span class=\"_ _9\"></span>hen r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>d a st<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ng liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>th a<span class=\"_ _9\"></span>n over<span class=\"_ _9\"></span>all c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ba<span class=\"_ _9\"></span>lanc<span class=\"_ _9\"></span>e of \u00a31<span class=\"_ _3\"></span>6<span class=\"_ _9\"></span>3.6 mill<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le b<span class=\"_ _9\"></span>elow s<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y prof<span class=\"_ _9\"></span>ile of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s finan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 2021 bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n contr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>tual un<span class=\"_ _9\"></span>disco<span class=\"_ _9\"></span>unted paym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s.A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>an 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 2 <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 3 to 5 &gt; 5 yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings19,319<span class=\"_ _9a\"> </span>56,534<span class=\"_ _9a\"> </span>59,962<span class=\"_ _16f\"> </span>545,414<span class=\"_ _16f\"> </span>322,947<span class=\"_ _115\"> </span>1,004,176Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld 2to\ue61fpr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s3,285<span class=\"_ _125\"> </span>9,855<span class=\"_ _9a\"> </span>13,140<span class=\"_ _9a\"> </span>39,420<span class=\"_ _16f\"> </span>121,084<span class=\"_ _16f\"> </span>186,7843Lease li<span class=\"_ _4\"></span>ability3,248<span class=\"_ _125\"> </span>9,919<span class=\"_ _9a\"> </span>13,498<span class=\"_ _9a\"> </span>39,848<span class=\"_ _16f\"> </span>890,068<span class=\"_ _16f\"> </span>956,581T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _2a6\"> </span><span class=\"ff9b\">13,565<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>13,565</span>Other liabilities<span class=\"_ _149\"> </span><span class=\"ff9b ls2 ws5\">37,707<span class=\"_ _9a\"> </span>37,630<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>18,062<span class=\"_ _9a\"> </span>93,399</span>77,124<span class=\"_ _16f\"> </span>113,938<span class=\"_ _9a\"> </span>86,600<span class=\"_ _16f\"> </span>624,682<span class=\"_ _115\"> </span>1,352,161<span class=\"_ _be\"> </span>2,254,505A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ear 2 <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ear 3 t<span class=\"_ _9\"></span>o 5 &gt; 5 yea<span class=\"_ _9\"></span>rs To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings15,863<span class=\"_ _e7\"> </span>47,249<span class=\"_ _f5\"> </span>46,130<span class=\"_ _16c\"> </span>492,447<span class=\"_ _16c\"> </span>299,642<span class=\"_ _9e\"> </span>901,331Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to 2pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s493<span class=\"_ _174\"> </span>1,477<span class=\"_ _19d\"> </span>9,198<span class=\"_ _e7\"> </span>39,420<span class=\"_ _9e\"> </span>124,551<span class=\"_ _16c\"> </span>175,139Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d8\"> </span><span class=\"ls2 ws5\">57<span class=\"_ _a4\"> </span>171<span class=\"_ _fb\"> </span>229<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>457</span>3Lease li<span class=\"_ _4\"></span>ability3,653<span class=\"_ _e7\"> </span>18,019<span class=\"_ _f5\"> </span>12,962<span class=\"_ _e7\"> </span>36,170<span class=\"_ _16c\"> </span>605,497<span class=\"_ _9e\"> </span>676,301T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _ca\"> </span>16,650<span class=\"_ _94\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,650Other liabilities<span class=\"_ _2a7\"> </span><span class=\"ls2 ws5\">23,097<span class=\"_ _e7\"> </span>24,035<span class=\"_ _174\"> </span>4,860<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,304<span class=\"_ _e7\"> </span>68,296</span>59,813<span class=\"_ _e7\"> </span>90,951<span class=\"_ _f5\"> </span>73,379<span class=\"_ _16c\"> </span>568,037<span class=\"_ _1f4\"> </span>1,045,994<span class=\"_ _18\"> </span>1,838,1741 <span class=\"_ _b\"> </span>Se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 14 for f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on.2 <span class=\"_ _b\"> </span>Pre<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g to di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt d<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he 9<span class=\"_ _9\"></span>99-<span class=\"_ _9\"></span>yea<span class=\"_ _9\"></span>r te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>.3 <span class=\"_ _b\"> </span>Le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th u<span class=\"_ _9\"></span>pw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ew<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>s in on<span class=\"_ _9\"></span>e le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e CPI<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PI in t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>, fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hav<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>en e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>als a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ent U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed CP<span class=\"_ _9\"></span>Is<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PIs, r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly, exc<span class=\"_ _9\"></span>ept P<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Wa<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span> 50 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on W<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of 199 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s as s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. A<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o, th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s do n<span class=\"_ _9\"></span>ot t<span class=\"_ _9\"></span>ake i<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>o acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>r of 2%<span class=\"_ _9\"></span>. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p\u2019s mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt be<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ab<span class=\"_ _9\"></span>ove t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>ev<span class=\"_ _9\"></span>ant c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>w ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s to w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p wo<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>d be r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ly exposed in the ordinary course of business.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedd.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Capital management <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _1\"></span>y obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s capi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t main<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ins a s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ong c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd h<span class=\"_ _9\"></span>ealt<span class=\"_ _9\"></span>hy c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to su<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t it<span class=\"_ _9\"></span>s bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mis<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>der v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ure a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>akes a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to it i<span class=\"_ _9\"></span>n lig<span class=\"_ _9\"></span>ht of c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>itio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up mo<span class=\"_ _9\"></span>nito<span class=\"_ _9\"></span>rs c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a gea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng r<span class=\"_ _9\"></span>atio, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is net b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l plu<span class=\"_ _9\"></span>s net b<span class=\"_ _9\"></span>ank d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>y is to keep t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en 5<span class=\"_ _9\"></span>0% an<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>%. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin ne<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. C<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve.2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Interest-bearing bank loans and<span class=\"_ _4\"></span> borrowings<span class=\"_ _2a8\"> </span><span class=\"ff9b ls2 ws5\">864,732<span class=\"_ _183\"> </span><span class=\"ff9c\">768,124</span></span>Le<span class=\"_ _9\"></span>ss \u2013 c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>ash e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _19c\"> </span><span class=\"ff9b\">(163,589)<span class=\"_ _1b\"> </span></span>(136,802)Le<span class=\"_ _9\"></span>ss \u2013 l<span class=\"_ _9\"></span>ong<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh<span class=\"_ _2a9\"> </span><span class=\"ff9b\">(9,272)<span class=\"_ _17c\"> </span></span>(8,121)Le<span class=\"_ _9\"></span>ss \u2013 s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _b4\"> </span><span class=\"ff9b\">(9,229)<span class=\"_ _17c\"> </span></span>(5,204)Le<span class=\"_ _9\"></span>ss \u2013 i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es<span class=\"_ _226\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _12f\"> </span></span>(22)Net debt<span class=\"_ _208\"> </span><span class=\"ff9b ls2 ws5\">682,642<span class=\"_ _183\"> </span><span class=\"ff9c\">617,975</span></span>Equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _210\"> </span><span class=\"ff9b ls2 ws5\">503,245<span class=\"_ _183\"> </span><span class=\"ff9c\">447,211</span></span>Hedging reser<span class=\"_ _1\"></span>ve<span class=\"_ _2aa\"> </span><span class=\"ff9b ls2 ws5\">(20,398)<span class=\"_ _1c1\"> </span><span class=\"ff9c\">434</span></span>T<span class=\"_ _3\"></span>otal capital<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">482,847<span class=\"_ _183\"> </span><span class=\"ff9c\">447,645</span></span>Capital and net debt<span class=\"_ _211\"> </span><span class=\"ff9b ls2 ws5\">1,165,489<span class=\"_ _fa\"> </span><span class=\"ff9c\">1,065,620</span></span>Gearing r<span class=\"_ _9\"></span>atio<span class=\"_ _2ab\"> </span><span class=\"ff9b ls2 ws5\">58,6%<span class=\"_ _165\"> </span><span class=\"ff9c\">58.0%</span></span>e. <span class=\"_ _8\"> </span>Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue o<span class=\"_ _9\"></span>f f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>t whic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d in a cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n willi<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an in a f<span class=\"_ _9\"></span>orc<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n sa<span class=\"_ _9\"></span>le. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng me<span class=\"_ _9\"></span>tho<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>ere us<span class=\"_ _9\"></span>ed to e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>s:  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>eir c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s la<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>ly d<span class=\"_ _9\"></span>ue to t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies als<span class=\"_ _9\"></span>o ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t as th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>c cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s ref<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t the m<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns f<span class=\"_ _9\"></span>rom b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s is es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed by d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>utu<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tes c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t on s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s, cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Fair<span class=\"_ _4\"></span> value<span class=\"_ _4\"></span> hier<span class=\"_ _4\"></span>arch<span class=\"_ _4\"></span>y <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng hie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>hy for d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g an<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s by a va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he low<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t lev<span class=\"_ _9\"></span>el in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t tha<span class=\"_ _9\"></span>t is sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue so d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d: <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>: <span class=\"ff9c fc3 ls20 ws10\">quoted (<span class=\"_ _4\"></span>unadjusted) prices in<span class=\"_ _4\"></span> ac<span class=\"_ _9\"></span>tive<span class=\"_ _4\"></span> markets for identical<span class=\"_ _4\"></span> asset<span class=\"_ _9\"></span>s or l<span class=\"_ _4\"></span>iabiliti<span class=\"_ _4\"></span>es.</span> <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 2: <span class=\"ff9c fc3\">ot<span class=\"_ _9\"></span>her te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h all in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch have s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nifi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue ar<span class=\"_ _9\"></span>e obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly </span>or indirectly. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 3: <span class=\"ff9c fc3\">te<span class=\"_ _9\"></span>chn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h us<span class=\"_ _9\"></span>e inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h have a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t are n<span class=\"_ _9\"></span>ot ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le </span>market data.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>Fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>itie<span class=\"_ _9\"></span>s is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om q<span class=\"_ _9\"></span>uote<span class=\"_ _9\"></span>d mar<span class=\"_ _9\"></span>ket p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces i<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive ma<span class=\"_ _9\"></span>rket<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. A mar<span class=\"_ _9\"></span>ket i<span class=\"_ _9\"></span>s reg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive if q<span class=\"_ _9\"></span>uot<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>re rea<span class=\"_ _9\"></span>dil<span class=\"_ _9\"></span>y and r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ular<span class=\"_ _9\"></span>ly av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m an exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, de<span class=\"_ _9\"></span>aler, broker, indu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up, pr<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>ng se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice or reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y age<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, and t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y occ<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>n an ar<span class=\"_ _9\"></span>m\u2019s len<span class=\"_ _9\"></span>gt<span class=\"_ _9\"></span>h bas<span class=\"_ _9\"></span>is. Th<span class=\"_ _9\"></span>e quo<span class=\"_ _9\"></span>ted m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket pr<span class=\"_ _9\"></span>ice u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt b<span class=\"_ _9\"></span>id pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e. The<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in   Leve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s into d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s. De<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>lue c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>por<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>us inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it q<span class=\"_ _9\"></span>uali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>par<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>ves<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny to Cla<span class=\"_ _9\"></span>l (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>b) whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s valu<span class=\"_ _9\"></span>ed by u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e Blac<span class=\"_ _9\"></span>k\u2013<span class=\"_ _9\"></span>Sc<span class=\"_ _9\"></span>hole<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>ds 4<span class=\"_ _9\"></span>6 In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Ha<span class=\"_ _9\"></span>ll Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n w<span class=\"_ _9\"></span>hich w<span class=\"_ _9\"></span>ere v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ed by e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>nal v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ator u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng a dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>e. Th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he us<span class=\"_ _9\"></span>e of o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le mar<span class=\"_ _9\"></span>ket d<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>a wh<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>t is ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le an<span class=\"_ _9\"></span>d rel<span class=\"_ _9\"></span>y as li<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e as po<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>le on e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s. If a<span class=\"_ _9\"></span>ll sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>np<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>n ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt are o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, the i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in Le<span class=\"_ _9\"></span>vel 2. If on<span class=\"_ _9\"></span>e or mo<span class=\"_ _9\"></span>re of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ket dat<span class=\"_ _9\"></span>a, th<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in L<span class=\"_ _9\"></span>evel 3. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>eld t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue: Liabilities31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _2ac\"> </span><span class=\"ff9b ls2 ws5\">5,519<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _180\"> </span>5,519<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _156\"> </span><span class=\"ff9b\">30,539<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>30,539<span class=\"_ _8d\"> </span>\u2013</span>Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2ad\"> </span><span class=\"ff9b\">16,100<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>16,100<span class=\"_ _8d\"> </span>\u2013</span> <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p hel<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e: Liabilities31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _2ae\"> </span>457<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _4e\"> </span>457<span class=\"_ _8d\"> </span>\u2013Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _137\"> </span><span class=\"ls2 ws5\">5,400<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _ce\"> </span>5,400<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies<span class=\"_ _a7\"> </span>22<span class=\"_ _1ae\"> </span>22<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8d\"> </span>\u2013Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2a6\"> </span>15,800<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _98\"> </span>15,800<span class=\"_ _8d\"> </span>\u2013No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>022 a<span class=\"_ _9\"></span>nd 2021<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n Level 1 a<span class=\"_ _9\"></span>nd L<span class=\"_ _9\"></span>evel 2 f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs i<span class=\"_ _9\"></span>nto or o<span class=\"_ _9\"></span>ut o<span class=\"_ _9\"></span>f Leve<span class=\"_ _9\"></span>l 3 fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e who<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tes th<span class=\"_ _9\"></span>eir f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>re as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:Ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt  Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue  3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>itiesBank bor<span class=\"_ _9\"></span>rowings<span class=\"_ _268\"> </span><span class=\"ffa4 ls2 ws5\">864,732<span class=\"_ _16b\"> </span><span class=\"ffa3\">768,124<span class=\"_ _16f\"> </span></span>811,179<span class=\"_ _183\"> </span><span class=\"ffa3\">784,167</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-85-7": {
   "value": "No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>sTh<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pri<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>pal f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s, com<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>e ba<span class=\"_ _9\"></span>nk bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s, c<span class=\"_ _9\"></span>ash a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d de<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sit<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e main p<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e of th<span class=\"_ _9\"></span>ese f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s is t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s ope<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p has v<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>iou<span class=\"_ _9\"></span>s oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>inan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies s<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>h as tr<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>vab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s and t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, w<span class=\"_ _9\"></span>hich a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se d<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tly f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m it<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns.Changes in<span class=\"_ _4\"></span> financial liabilities arising<span class=\"_ _4\"></span> from financing activitiesRe-mea<span class=\"_ _9\"></span>sure-A<span class=\"_ _9\"></span>s at 1 Re-mea<span class=\"_ _9\"></span>sure-ment ag<span class=\"_ _4\"></span>ainst Re-mea<span class=\"_ _9\"></span>sure-Foreign<span class=\"_ _4\"></span> A<span class=\"_ _9\"></span>s at 31 January <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>C<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h <span class=\"_ _3\"></span> ment through right-of-use ment ag<span class=\"_ _4\"></span>ainst exchange<span class=\"_ _4\"></span> Ne<span class=\"_ _9\"></span>w le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>/ December 2022 <span class=\"_ _3\"></span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>t an<span class=\"_ _9\"></span>d lo<span class=\"_ _9\"></span>ss <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> equity <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>movement<span class=\"_ _4\"></span> lo<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>s, n<span class=\"_ _9\"></span>et O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 2022 <span class=\"_ _3\"></span> \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-be<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>ng lo<span class=\"_ _9\"></span>ans a<span class=\"_ _9\"></span>nd bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ff9b ls2 ws5\">729,284<span class=\"_ _12f\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _183\"> </span>16,091<span class=\"_ _195\"> </span>100,415<span class=\"_ _12d\"> </span>(28,159)<span class=\"_ _17\"> </span>817,631</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _1c8\"> </span><span class=\"ff9b ls2 ws5\">245,274<span class=\"_ _96\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _12f\"> </span></span>3,704<span class=\"_ _9d\"> </span>14,234<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>307<span class=\"_ _76\"> </span>50<span class=\"_ _1c8\"> </span>(2,024)<span class=\"_ _17\"> </span>261,545</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in res<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of\ue61fI<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me U<span class=\"_ _9\"></span>nit<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>e inves<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s<span class=\"_ _98\"> </span><span class=\"ff9b\">124,551<span class=\"_ _115\"> </span>(3,388)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _ba\"> </span>(78)<span class=\"_ _17\"> </span>121,085</span>Derivative financia<span class=\"_ _4\"></span>l instr<span class=\"_ _9\"></span>uments<span class=\"_ _f7\"> </span><span class=\"ff9b ls2 ws5\">457<span class=\"_ _98\"> </span>(109)<span class=\"_ _174\"> </span>(9,814)<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _282\"> </span>(71)<span class=\"_ _203\"> </span>\u2013<span class=\"_ _169\"> </span>\u2013<span class=\"_ _17\"> </span>(30,539)</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _eb\"> </span><span class=\"ff9b ls2 ws5\">4,860<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _163\"> </span></span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _74\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _1c8\"> </span>(4,860)<span class=\"_ _8d\"> </span>\u2013</span>Curre<span class=\"_ _9\"></span>nt share app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _2a2\"> </span><span class=\"ff9b ls2 ws5\">540<span class=\"_ _169\"> </span><span class=\"ff9c\">\u2013<span class=\"_ _88\"> </span></span>119<span class=\"_ _d7\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _76\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _298\"> </span>4,860<span class=\"_ _180\"> </span>5,519</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing loa<span class=\"_ _9\"></span>ns\ue61fan<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>row<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s<span class=\"_ _8f\"> </span><span class=\"ff9b\">38,840<span class=\"_ _12d\"> </span>(21,330)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _17c\"> </span>3,187<span class=\"_ _16c\"> </span>(2,440)<span class=\"_ _115\"> </span>28,844<span class=\"_ _1aa\"> </span>47,101</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y6,344<span class=\"_ _115\"> </span>(4,890)<span class=\"_ _163\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _282\"> </span>151<span class=\"_ _167\"> </span>\u2013<span class=\"_ _2a3\"> </span>3,901<span class=\"_ _180\"> </span>5,5061,150,150<span class=\"_ _12d\"> </span>(29,717)<span class=\"_ _c9\"> </span>(5,991)<span class=\"_ _9d\"> </span>14,234<span class=\"_ _165\"> </span>(21,002)<span class=\"_ _183\"> </span>19,665<span class=\"_ _16c\"> </span>98,025<span class=\"_ _298\"> </span>2,484<span class=\"_ _f\"> </span>1,227,8481 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.Changes in<span class=\"_ _4\"></span> financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ities arising<span class=\"_ _4\"></span> from financing<span class=\"_ _4\"></span> activitiesRe-Re-measurement A<span class=\"_ _9\"></span>s at 1 measurement against For<span class=\"_ _9\"></span>eig<span class=\"_ _9\"></span>n A<span class=\"_ _9\"></span>s at 31 Januar<span class=\"_ _9\"></span>y <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>Cash<span class=\"ls2 ws5\"> </span>through profit right-<span class=\"_ _9\"></span>of-use exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge New l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s/ December 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span> fl<span class=\"_ _9\"></span>ow<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> an<span class=\"_ _9\"></span>d los<span class=\"_ _9\"></span>s <span class=\"_ _4\"></span> as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s <span class=\"_ _3\"></span> moveme<span class=\"_ _9\"></span>nt lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>, net O<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Non<span class=\"_ _9\"></span>-c<span class=\"_ _9\"></span>urre<span class=\"_ _9\"></span>nt interes<span class=\"_ _9\"></span>t-bear<span class=\"_ _9\"></span>ing loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _2a4\"> </span><span class=\"ls2 ws5\">721,006<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _bf\"> </span>(18,013)<span class=\"_ _98\"> </span>38,886<span class=\"_ _bf\"> </span>(12,595)<span class=\"_ _16b\"> </span>729,284</span>Non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabilit<span class=\"_ _9\"></span>y<span class=\"_ _94\"> </span><span class=\"ls2 ws5\">243,650<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _85\"> </span>3,565<span class=\"_ _85\"> </span>4,226<span class=\"_ _e7\"> </span>(2,250)<span class=\"_ _180\"> </span>(2,088)<span class=\"_ _180\"> </span>(1,829)<span class=\"_ _183\"> </span>245,274</span>Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>ity in respec<span class=\"_ _9\"></span>t <span class=\"ls2 ws5\"> </span>of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s sol<span class=\"_ _9\"></span>d to  pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s<span class=\"_ _47\"> </span><span class=\"ls2 ws5\">126,155<span class=\"_ _180\"> </span>(1,390)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _e8\"> </span>(214)<span class=\"_ _183\"> </span>124,551</span>Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d2\"> </span><span class=\"ls2 ws5\">880<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _a4\"> </span>(53)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _e8\"> </span>(370)<span class=\"_ _4e\"> </span>457</span>Non-<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>rent share <span class=\"ls2 ws5\"> </span>app<span class=\"_ _9\"></span>reciatio<span class=\"_ _9\"></span>n right<span class=\"_ _9\"></span>s<span class=\"_ _ef\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _9a\"> </span>6,435<span class=\"_ _99\"> </span>(1,575)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _282\"> </span>4,860</span>Cur<span class=\"_ _9\"></span>rent share ap<span class=\"_ _9\"></span>prec<span class=\"_ _9\"></span>iation rig<span class=\"_ _9\"></span>hts<span class=\"_ _bb\"> </span><span class=\"ls2 ws5\">\u2013<span class=\"_ _46\"> </span>715<span class=\"_ _10e\"> </span>(175)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _203\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _167\"> </span>\u2013<span class=\"_ _a5\"> </span>540</span>Cur<span class=\"_ _9\"></span>rent interes<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>earing <span class=\"ls2 ws5\"> </span>loans and bor<span class=\"_ _9\"></span>rowings<span class=\"_ _bd\"> </span><span class=\"ls2 ws5\">36,369<span class=\"_ _c7\"> </span>(9,486)<span class=\"_ _94\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(844)<span class=\"_ _180\"> </span>(2,388)<span class=\"_ _17c\"> </span>15,189<span class=\"_ _c7\"> </span>38,840</span>1Cur<span class=\"_ _9\"></span>rent lea<span class=\"_ _9\"></span>se liabili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y10,393<span class=\"_ _180\"> </span>(6,825)<span class=\"_ _92\"> </span>\u2013<span class=\"_ _8c\"> </span>\u2013<span class=\"_ _e8\"> </span>(267)<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _282\"> </span>3,043<span class=\"_ _282\"> </span>6,3441,138,453<span class=\"_ _1aa\"> </span>(10,551)<span class=\"_ _19d\"> </span>1,815<span class=\"_ _85\"> </span>4,226<span class=\"_ _16c\"> </span>(21,427)<span class=\"_ _17c\"> </span>34,410<span class=\"_ _9d\"> </span>3,224<span class=\"_ _be\"> </span>1,150,1501 <span class=\"_ _b\"> </span>In<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>n de<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ed l<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedTh<span class=\"_ _9\"></span>e main r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k<span class=\"_ _9\"></span>s ari<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng fr<span class=\"_ _9\"></span>om t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h flo<span class=\"_ _9\"></span>w inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk, c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ris<span class=\"_ _9\"></span>k an<span class=\"_ _9\"></span>d liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k. T<span class=\"_ _9\"></span>he Bo<span class=\"_ _9\"></span>ard o<span class=\"_ _9\"></span>f Dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s revi<span class=\"_ _9\"></span>ews a<span class=\"_ _9\"></span>nd ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>n pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s for m<span class=\"_ _9\"></span>ana<span class=\"_ _9\"></span>ging e<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>h of th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch a<span class=\"_ _9\"></span>re su<span class=\"_ _9\"></span>mma<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d be<span class=\"_ _9\"></span>low. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _3\"></span>s a<span class=\"_ _9\"></span>cco<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing po<span class=\"_ _9\"></span>lici<span class=\"_ _9\"></span>es in r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n to de<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>s are s<span class=\"_ _9\"></span>et ou<span class=\"_ _9\"></span>t in No<span class=\"_ _9\"></span>te 2.a. <span class=\"_\"> </span>Int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e ri<span class=\"_ _9\"></span>sk f<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>es p<span class=\"_ _9\"></span>rim<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ily to t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s long<span class=\"_ _9\"></span>-te<span class=\"_ _9\"></span>rm d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>liga<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns wi<span class=\"_ _9\"></span>th a fl<span class=\"_ _9\"></span>oati<span class=\"_ _9\"></span>ng in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s po<span class=\"_ _9\"></span>lic<span class=\"_ _9\"></span>y is t<span class=\"_ _9\"></span>o mana<span class=\"_ _9\"></span>ge it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s usi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>xe<span class=\"_ _9\"></span>d-<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ate d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>. T<span class=\"_ _3\"></span>o m<span class=\"_ _9\"></span>anag<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t co<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s int<span class=\"_ _9\"></span>o inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s, in w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>s to exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, at s<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>cif<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>als, t<span class=\"_ _9\"></span>he di<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d an<span class=\"_ _9\"></span>d var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>ts c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>late<span class=\"_ _9\"></span>d by ref<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>nce t<span class=\"_ _9\"></span>o an ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>upo<span class=\"_ _9\"></span>n not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al pr<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>cip<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt. Fu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>re, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up us<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te de<span class=\"_ _9\"></span>bt<span class=\"_ _9\"></span>s. Fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>is rea<span class=\"_ _9\"></span>so<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s cas<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow is n<span class=\"_ _9\"></span>ot sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly s<span class=\"_ _9\"></span>ens<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ive to p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ble c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s in ma<span class=\"_ _9\"></span>rket i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s. Poss<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>le ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s do, how<span class=\"_ _9\"></span>ever<span class=\"_ _4\"></span>, af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y as t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p agr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps ar<span class=\"_ _9\"></span>e des<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nate<span class=\"_ _9\"></span>d to he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e und<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t obl<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>he r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>nt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te move<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to mit<span class=\"_ _9\"></span>igat<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k th<span class=\"_ _9\"></span>at c<span class=\"_ _9\"></span>an p<span class=\"_ _9\"></span>oten<span class=\"_ _9\"></span>tial<span class=\"_ _9\"></span>ly cr<span class=\"_ _1\"></span>ys<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>allis<span class=\"_ _9\"></span>e up<span class=\"_ _9\"></span>on f<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>e ref<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nce, th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed to t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g for<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s:  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 1<span class=\"_ _3\"></span>7 F<span class=\"_ _9\"></span>ebr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>y 2<span class=\"_ _9\"></span>022, PPHE Hox<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>on B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. e<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>ed in<span class=\"_ _9\"></span>to a for<span class=\"_ _1\"></span>wa<span class=\"_ _9\"></span>rd in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap a<span class=\"_ _9\"></span>gre<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt w<span class=\"_ _9\"></span>ith B<span class=\"_ _9\"></span>ank H<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>oali<span class=\"_ _9\"></span>m B.M. (B<span class=\"_ _9\"></span>HI) in </span></span>ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o hed<span class=\"_ _9\"></span>ge t<span class=\"_ _9\"></span>he v<span class=\"_ _9\"></span>ari<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure o<span class=\"_ _9\"></span>f the \u00a31<span class=\"_ _4\"></span>80 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n fa<span class=\"_ _9\"></span>cili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y wi<span class=\"_ _9\"></span>th BH<span class=\"_ _9\"></span>I to fu<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>he d<span class=\"_ _9\"></span>evelo<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t of ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>\u2019otel Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Hox<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>n (th<span class=\"_ _9\"></span>e \u2018Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y\u2019<span class=\"_ _9\"></span>). The i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a n<span class=\"_ _9\"></span>otio<span class=\"_ _9\"></span>nal a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>80 mi<span class=\"_ _9\"></span>llion, a<span class=\"_ _9\"></span>mor<span class=\"_ _1\"></span>tis<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>% pe<span class=\"_ _9\"></span>r year s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g Sep<span class=\"_ _9\"></span>tem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2024 in lin<span class=\"_ _9\"></span>e wi<span class=\"_ _9\"></span>th t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _3\"></span>, w<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>reb<span class=\"_ _9\"></span>y on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s st<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 20 Ju<span class=\"_ _9\"></span>ne 2024 PPHE Ho<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ton B.<span class=\"_ _4\"></span>V<span class=\"_ _3\"></span>. w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>cei<span class=\"_ _9\"></span>ve a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ate eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hr<span class=\"_ _9\"></span>ee mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>h Son<span class=\"_ _9\"></span>ia an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>ate o<span class=\"_ _9\"></span>f inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t of 1.4<span class=\"_ _4\"></span>7<span class=\"_ _3\"></span>65% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e out<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g not<span class=\"_ _9\"></span>iona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap w<span class=\"_ _9\"></span>ill mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e on 8 A<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>il 203<span class=\"_ _9\"></span>0 in l<span class=\"_ _9\"></span>ine w<span class=\"_ _9\"></span>ith t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>l mat<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y da<span class=\"_ _9\"></span>te of t<span class=\"_ _9\"></span>he Fac<span class=\"_ _9\"></span>ilit<span class=\"_ _1\"></span>y (in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g a six-<span class=\"_ _9\"></span>year e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ten<span class=\"_ _9\"></span>sio<span class=\"_ _9\"></span>n).  <span class=\"_ _1c\"> </span>Gi<span class=\"_ _9\"></span>ven t<span class=\"_ _9\"></span>hat t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>re is a<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic re<span class=\"_ _9\"></span>lat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>shi<span class=\"_ _9\"></span>p bet<span class=\"_ _1\"></span>wee<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ite<span class=\"_ _9\"></span>m an<span class=\"_ _9\"></span>d the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt as t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te s<span class=\"_ _9\"></span>wap m<span class=\"_ _9\"></span>atc<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e ter<span class=\"_ _9\"></span>ms of t<span class=\"_ _9\"></span>he l<span class=\"_ _9\"></span>oan (<span class=\"_ _9\"></span>i.e.<span class=\"_ _4\"></span>, noti<span class=\"_ _9\"></span>onal a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt, m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y an<span class=\"_ _9\"></span>d pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt), th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>hed a h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge r<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>o of 1<span class=\"_ _3\"></span>:<span class=\"_ _4\"></span>1 for t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>elat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>nsh<span class=\"_ _9\"></span>ips a<span class=\"_ _9\"></span>s the u<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>ing r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k of th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap is i<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ntic<span class=\"_ _9\"></span>al t<span class=\"_ _9\"></span>o the h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d ri<span class=\"_ _9\"></span>sk c<span class=\"_ _9\"></span>omp<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2, the i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p has a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a31<span class=\"_ _3\"></span>8.4 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d is inc<span class=\"_ _9\"></span>lu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>her n<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. The c<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge in t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of t<span class=\"_ _9\"></span>he i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>p in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t of \u00a31<span class=\"_ _3\"></span>8<span class=\"_ _9\"></span>.4 millio<span class=\"_ _9\"></span>n for t<span class=\"_ _9\"></span>he ye<span class=\"_ _9\"></span>ar en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 is re<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>rde<span class=\"_ _9\"></span>d as ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r comprehens<span class=\"_ _4\"></span>ive<span class=\"_ _4\"></span> income<span class=\"_ _4\"></span>.<span class=\"_ _4\"></span>  <span class=\"_ _e\"></span><span class=\"ff9d\">\u2013<span class=\"_ _105\"> </span><span class=\"ff9c\">O<span class=\"_ _9\"></span>n 25 Ap<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>il 2022, Pa<span class=\"_ _9\"></span>rk Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Hote<span class=\"_ _9\"></span>ls (<span class=\"_ _9\"></span>UK<span class=\"_ _9\"></span>) lt<span class=\"_ _9\"></span>d, a who<span class=\"_ _9\"></span>lly ow<span class=\"_ _9\"></span>ne<span class=\"_ _9\"></span>d su<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>idia<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y of t<span class=\"_ _9\"></span>he C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany, enter<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>nto t<span class=\"_ _9\"></span>wo f<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>war<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate </span></span>sw<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th S<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r UK Plc i<span class=\"_ _9\"></span>n ord<span class=\"_ _9\"></span>er t<span class=\"_ _9\"></span>o par<span class=\"_ _1\"></span>tial<span class=\"_ _9\"></span>ly he<span class=\"_ _9\"></span>dg<span class=\"_ _9\"></span>e the i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure of t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>and<span class=\"_ _9\"></span>ing \u20ac1<span class=\"_ _4\"></span>65.6 millio<span class=\"_ _9\"></span>n an<span class=\"_ _9\"></span>d \u00a320<span class=\"_ _9\"></span>8.6 mil<span class=\"_ _9\"></span>lion l<span class=\"_ _9\"></span>oa<span class=\"_ _9\"></span>ns th<span class=\"_ _9\"></span>at are e<span class=\"_ _9\"></span>xp<span class=\"_ _9\"></span>ec<span class=\"_ _1\"></span>ted to b<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ed in J<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>e 2026. T<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>t i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wap h<span class=\"_ _9\"></span>as a no<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>nal am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a31<span class=\"_ _4\"></span>00 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n wh<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>by on a q<span class=\"_ _9\"></span>uar<span class=\"_ _1\"></span>ter<span class=\"_ _9\"></span>ly b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>is s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ing 3<span class=\"_ _9\"></span>0 Jun<span class=\"_ _9\"></span>e 2026 un<span class=\"_ _9\"></span>til 3<span class=\"_ _9\"></span>0 Ju<span class=\"_ _9\"></span>ne 2031 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td wi<span class=\"_ _9\"></span>ll rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e eq<span class=\"_ _9\"></span>ual to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h So<span class=\"_ _9\"></span>nia a<span class=\"_ _9\"></span>nd wi<span class=\"_ _9\"></span>ll pay a f<span class=\"_ _9\"></span>ixe<span class=\"_ _9\"></span>d ra<span class=\"_ _9\"></span>te of in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t of 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>94<span class=\"_ _4\"></span>1<span class=\"_ _3\"></span>% o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e not<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>al am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nd inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap ha<span class=\"_ _9\"></span>s a noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt o<span class=\"_ _9\"></span>f \u20ac<span class=\"_ _4\"></span>1<span class=\"_ _4\"></span>0<span class=\"_ _9\"></span>0 milli<span class=\"_ _9\"></span>on w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>eby o<span class=\"_ _9\"></span>n a qu<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ly ba<span class=\"_ _9\"></span>sis s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ar<span class=\"_ _1\"></span>tin<span class=\"_ _9\"></span>g 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>26 unti<span class=\"_ _9\"></span>l 30 J<span class=\"_ _9\"></span>une 20<span class=\"_ _9\"></span>31 Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za H<span class=\"_ _9\"></span>otel<span class=\"_ _9\"></span>s (UK<span class=\"_ _9\"></span>) l<span class=\"_ _9\"></span>td w<span class=\"_ _9\"></span>ill re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>e a var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le r<span class=\"_ _9\"></span>ate e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>al to t<span class=\"_ _9\"></span>hre<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>-m<span class=\"_ _9\"></span>ont<span class=\"_ _9\"></span>h Eur<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>or an<span class=\"_ _9\"></span>d will p<span class=\"_ _9\"></span>ay a fi<span class=\"_ _9\"></span>xed r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e of int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st o<span class=\"_ _9\"></span>f 1<span class=\"_ _4\"></span>.<span class=\"_ _3\"></span>95% on th<span class=\"_ _9\"></span>e noti<span class=\"_ _9\"></span>ona<span class=\"_ _9\"></span>l amo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ap ag<span class=\"_ _9\"></span>ree<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>e a ma<span class=\"_ _9\"></span>nda<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y ear<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mina<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n at 30 J<span class=\"_ _9\"></span>une 2<span class=\"_ _9\"></span>026. Al<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up ha<span class=\"_ _9\"></span>s ent<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>d into t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>wa<span class=\"_ _9\"></span>ps to s<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>ve as an e<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>nomi<span class=\"_ _9\"></span>c he<span class=\"_ _9\"></span>dge a<span class=\"_ _9\"></span>gai<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es in f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s, t<span class=\"_ _9\"></span>he inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps d<span class=\"_ _9\"></span>o not q<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>y a<span class=\"_ _9\"></span>s acco<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g hed<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s und<span class=\"_ _9\"></span>er I<span class=\"_ _9\"></span>FRS 9 du<span class=\"_ _9\"></span>e to th<span class=\"_ _9\"></span>e man<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>y e<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ly te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inat<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>. Acc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ingl<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>se inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps a<span class=\"_ _9\"></span>re ac<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>d for a<span class=\"_ _9\"></span>s fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e thr<span class=\"_ _9\"></span>oug<span class=\"_ _9\"></span>h pr<span class=\"_ _9\"></span>ofi<span class=\"_ _9\"></span>t or lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>. A<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022, t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s have a f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f \u00a39<span class=\"_ _4\"></span>.8 millio<span class=\"_ _9\"></span>n and a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r non<span class=\"_ _9\"></span>-<span class=\"_ _9\"></span>cu<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>rent a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e cha<span class=\"_ _9\"></span>nge i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s in t<span class=\"_ _9\"></span>he am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of \u00a39<span class=\"_ _4\"></span>.7 million f<span class=\"_ _9\"></span>or t<span class=\"_ _9\"></span>he yea<span class=\"_ _9\"></span>r end<span class=\"_ _9\"></span>ed 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022 i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>her i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>me in the consolidated income<span class=\"_ _4\"></span> st<span class=\"_ _9\"></span>atement.   <span class=\"_ _fa\"> </span>Th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>ere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>ap<span class=\"_ _9\"></span>s men<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ned a<span class=\"_ _9\"></span>bo<span class=\"_ _9\"></span>ve are v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pr<span class=\"_ _9\"></span>ese<span class=\"_ _9\"></span>nt v<span class=\"_ _9\"></span>alue c<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>cul<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e mod<span class=\"_ _9\"></span>el<span class=\"_ _9\"></span>s inc<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>te va<span class=\"_ _9\"></span>rio<span class=\"_ _9\"></span>us i<span class=\"_ _9\"></span>npu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s, in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>din<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t qua<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of c<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, a<span class=\"_ _9\"></span>nd i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>s Level 2 o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue hie<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>rc<span class=\"_ _9\"></span>hy<span class=\"_ _4\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o has ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>aps f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m pre<span class=\"_ _9\"></span>vio<span class=\"_ _9\"></span>us yea<span class=\"_ _9\"></span>rs t<span class=\"_ _9\"></span>hat a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>hat d<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>cr<span class=\"_ _9\"></span>ib<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>bove. <span class=\"_ _1b\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue o<span class=\"_ _9\"></span>f all of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>wap<span class=\"_ _9\"></span>s of t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2 am<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s to an as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et of \u00a3<span class=\"_ _9\"></span>30.5 m<span class=\"_ _9\"></span>illio<span class=\"_ _9\"></span>n (2021<span class=\"_ _4\"></span>: liabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y of \u00a3457 t<span class=\"_ _9\"></span>hou<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>). No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedIn<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>siti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>tyTh<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng t<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e de<span class=\"_ _9\"></span>mon<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>nsi<span class=\"_ _9\"></span>tiv<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y to a r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>y po<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>ibl<span class=\"_ _9\"></span>e ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e in in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>tes o<span class=\"_ _9\"></span>n tha<span class=\"_ _9\"></span>t po<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on of l<span class=\"_ _9\"></span>oan<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d, af<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e imp<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t of h<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>ge ac<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ing. W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h all ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r var<span class=\"_ _9\"></span>iab<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>s hel<span class=\"_ _9\"></span>d con<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>nt, t<span class=\"_ _9\"></span>he Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pro<span class=\"_ _9\"></span>fit b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>x is af<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>gh t<span class=\"_ _9\"></span>he im<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t on f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>te bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>s, as fo<span class=\"_ _9\"></span>llow<span class=\"_ _9\"></span>s:Ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n pr<span class=\"_ _9\"></span>of<span class=\"_ _9\"></span>it b<span class=\"_ _9\"></span>efo<span class=\"_ _9\"></span>re t<span class=\"_ _9\"></span>ax \u00a3<span class=\"_ _9\"></span>\u20190<span class=\"_ _9\"></span>0<span class=\"_ _9\"></span>01Increase in floatin<span class=\"_ _4\"></span>g interest rateGBP<span class=\"_ _bb\"> </span><span class=\"ls9 wsa\">EUR<span class=\"_ _126\"> </span><span class=\"ls2 ws5\">US Do<span class=\"_ _9\"></span>ll<span class=\"_ _9\"></span>ar</span></span>1%<span class=\"_ _22d\"> </span><span class=\"ff9b ls2 ws5\">910<span class=\"_ _8c\"> </span>89<span class=\"_ _104\"> </span>159</span>2%<span class=\"_ _25b\"> </span><span class=\"ff9b ls2 ws5\">1,820<span class=\"_ _104\"> </span>177<span class=\"_ _bb\"> </span>318</span>5%<span class=\"_ _2a5\"> </span><span class=\"ff9b ls2 ws5\">4,550<span class=\"_ _104\"> </span>443<span class=\"_ _bb\"> </span>795</span>1 <span class=\"_ _b\"> </span>Th<span class=\"_ _9\"></span>e as<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>d mo<span class=\"_ _9\"></span>vem<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t in f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ng i<span class=\"_ _9\"></span>nte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e fo<span class=\"_ _9\"></span>r th<span class=\"_ _9\"></span>e int<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate s<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y ana<span class=\"_ _9\"></span>ly<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>s is b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>y ob<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>va<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t env<span class=\"_ _9\"></span>ir<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t, s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant<span class=\"_ _9\"></span>ly h<span class=\"_ _9\"></span>igh<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span> vol<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ili<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y th<span class=\"_ _9\"></span>an in p<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ior y<span class=\"_ _9\"></span>ea<span class=\"_ _9\"></span>rs<span class=\"_ _9\"></span>.b. <span class=\"_ _6\"> </span>C<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>k <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es o<span class=\"_ _9\"></span>nly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d, cr<span class=\"_ _9\"></span>edi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>wo<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>hy thi<span class=\"_ _9\"></span>rd pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>. It has p<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>cie<span class=\"_ _9\"></span>s in pl<span class=\"_ _9\"></span>ace to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat s<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mad<span class=\"_ _9\"></span>e to cu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tom<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th an a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>pr<span class=\"_ _9\"></span>iate c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit hi<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y<span class=\"_ _4\"></span>. The C<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>pany<span class=\"_ _9\"></span>\u2019s pol<span class=\"_ _9\"></span>icie<span class=\"_ _9\"></span>s en<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>at sa<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>o cus<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>rs a<span class=\"_ _9\"></span>re s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>ed t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h adv<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ce pay<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, in ca<span class=\"_ _9\"></span>sh o<span class=\"_ _9\"></span>r by maj<span class=\"_ _9\"></span>or c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it c<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>s (i<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>ivi<span class=\"_ _9\"></span>dua<span class=\"_ _9\"></span>l cu<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>ome<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s). Since t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>es on<span class=\"_ _9\"></span>ly wi<span class=\"_ _9\"></span>th r<span class=\"_ _9\"></span>eco<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>ird p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>, the<span class=\"_ _9\"></span>re is n<span class=\"_ _9\"></span>o re<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>rem<span class=\"_ _9\"></span>ent f<span class=\"_ _9\"></span>or co<span class=\"_ _9\"></span>llate<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>l for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>ts w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h thi<span class=\"_ _9\"></span>rd p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies<span class=\"_ _9\"></span>. Fur<span class=\"_ _1\"></span>the<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mor<span class=\"_ _9\"></span>e, the Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>as no d<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y on a<span class=\"_ _9\"></span>ny of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>to<span class=\"_ _9\"></span>mer<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e bal<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e mon<span class=\"_ _9\"></span>ito<span class=\"_ _9\"></span>red o<span class=\"_ _9\"></span>n an o<span class=\"_ _9\"></span>ngo<span class=\"_ _9\"></span>ing b<span class=\"_ _9\"></span>asi<span class=\"_ _9\"></span>s. Ma<span class=\"_ _9\"></span>nag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>ent m<span class=\"_ _9\"></span>oni<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e col<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>tion o<span class=\"_ _9\"></span>f rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t me<span class=\"_ _9\"></span>eti<span class=\"_ _9\"></span>ngs a<span class=\"_ _9\"></span>nd we<span class=\"_ _9\"></span>ek<span class=\"_ _9\"></span>ly re<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>n in<span class=\"_ _9\"></span>div<span class=\"_ _9\"></span>idu<span class=\"_ _9\"></span>al ba<span class=\"_ _9\"></span>lan<span class=\"_ _9\"></span>ces of r<span class=\"_ _9\"></span>ece<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imu<span class=\"_ _9\"></span>m cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>su<span class=\"_ _9\"></span>re eq<span class=\"_ _9\"></span>ual<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t of th<span class=\"_ _9\"></span>e tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>ceiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es s<span class=\"_ _9\"></span>inc<span class=\"_ _9\"></span>e a los<span class=\"_ _9\"></span>s all<span class=\"_ _9\"></span>owa<span class=\"_ _9\"></span>nce f<span class=\"_ _9\"></span>or ex<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it lo<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>s rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t of a<span class=\"_ _9\"></span>ll tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e res<span class=\"_ _9\"></span>ult o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns i<span class=\"_ _9\"></span>s tha<span class=\"_ _9\"></span>t the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p\u2019<span class=\"_ _4\"></span>s exp<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>ure to b<span class=\"_ _9\"></span>ad d<span class=\"_ _9\"></span>ebt<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt.  <span class=\"_ _1c\"> </span>W<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h re<span class=\"_ _9\"></span>sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t t<span class=\"_ _9\"></span>o cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk ar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>ing f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m oth<span class=\"_ _9\"></span>er f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>ncia<span class=\"_ _9\"></span>l as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up, whic<span class=\"_ _9\"></span>h co<span class=\"_ _9\"></span>mp<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qui<span class=\"_ _9\"></span>val<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd inv<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent in s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019<span class=\"_ _4\"></span>s ex<span class=\"_ _9\"></span>po<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>e to cr<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span>it r<span class=\"_ _9\"></span>isk a<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s fr<span class=\"_ _9\"></span>om de<span class=\"_ _9\"></span>fa<span class=\"_ _9\"></span>ult of t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>oun<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>pa<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y, wit<span class=\"_ _9\"></span>h a ma<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>um ex<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>osu<span class=\"_ _9\"></span>re e<span class=\"_ _9\"></span>qua<span class=\"_ _9\"></span>l to th<span class=\"_ _9\"></span>e ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt of t<span class=\"_ _9\"></span>hes<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p has li<span class=\"_ _9\"></span>mite<span class=\"_ _9\"></span>d co<span class=\"_ _9\"></span>nce<span class=\"_ _9\"></span>ntr<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h at b<span class=\"_ _9\"></span>ank<span class=\"_ _9\"></span>s.c. <span class=\"_\"> </span>Liquidit<span class=\"_ _9\"></span>y risk <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019<span class=\"_ _4\"></span>s ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive i<span class=\"_ _9\"></span>s to mai<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ain a b<span class=\"_ _9\"></span>alan<span class=\"_ _9\"></span>ce b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en co<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>inui<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of f<span class=\"_ _9\"></span>und<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>lex<span class=\"_ _9\"></span>ibi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y t<span class=\"_ _9\"></span>hro<span class=\"_ _9\"></span>ug<span class=\"_ _9\"></span>h the u<span class=\"_ _9\"></span>se of b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k over<span class=\"_ _9\"></span>dr<span class=\"_ _9\"></span>af<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ba<span class=\"_ _9\"></span>nk lo<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s poli<span class=\"_ _9\"></span>cy i<span class=\"_ _9\"></span>s to ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>e me<span class=\"_ _9\"></span>diu<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>ank f<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies t<span class=\"_ _9\"></span>o fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>e it<span class=\"_ _9\"></span>s co<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n op<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>nd t<span class=\"_ _9\"></span>hen t<span class=\"_ _9\"></span>o conve<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t th<span class=\"_ _9\"></span>em in<span class=\"_ _9\"></span>to lo<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>-ter<span class=\"_ _9\"></span>m b<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>gs w<span class=\"_ _9\"></span>hen r<span class=\"_ _9\"></span>eq<span class=\"_ _9\"></span>uire<span class=\"_ _9\"></span>d.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p con<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>ues t<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>d a st<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>ng liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y p<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>on wi<span class=\"_ _9\"></span>th a<span class=\"_ _9\"></span>n over<span class=\"_ _9\"></span>all c<span class=\"_ _9\"></span>ons<span class=\"_ _9\"></span>oli<span class=\"_ _9\"></span>dat<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h ba<span class=\"_ _9\"></span>lanc<span class=\"_ _9\"></span>e of \u00a31<span class=\"_ _3\"></span>6<span class=\"_ _9\"></span>3.6 mill<span class=\"_ _9\"></span>ion a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 202<span class=\"_ _9\"></span>2.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he t<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le b<span class=\"_ _9\"></span>elow s<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>mar<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>es t<span class=\"_ _9\"></span>he ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _1\"></span>y prof<span class=\"_ _9\"></span>ile of t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p<span class=\"_ _4\"></span>\u2019s finan<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>l liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>s at 31 Dece<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 20<span class=\"_ _9\"></span>22 an<span class=\"_ _9\"></span>d 2021 bas<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n contr<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>tual un<span class=\"_ _9\"></span>disco<span class=\"_ _9\"></span>unted paym<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s.A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>ce<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>h<span class=\"_ _9\"></span>an 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 2 <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ea<span class=\"_ _9\"></span>r 3 to 5 &gt; 5 yea<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>s To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _9\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings19,319<span class=\"_ _9a\"> </span>56,534<span class=\"_ _9a\"> </span>59,962<span class=\"_ _16f\"> </span>545,414<span class=\"_ _16f\"> </span>322,947<span class=\"_ _115\"> </span>1,004,176Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld 2to\ue61fpr<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ate i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tor<span class=\"_ _9\"></span>s3,285<span class=\"_ _125\"> </span>9,855<span class=\"_ _9a\"> </span>13,140<span class=\"_ _9a\"> </span>39,420<span class=\"_ _16f\"> </span>121,084<span class=\"_ _16f\"> </span>186,7843Lease li<span class=\"_ _4\"></span>ability3,248<span class=\"_ _125\"> </span>9,919<span class=\"_ _9a\"> </span>13,498<span class=\"_ _9a\"> </span>39,848<span class=\"_ _16f\"> </span>890,068<span class=\"_ _16f\"> </span>956,581T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _2a6\"> </span><span class=\"ff9b\">13,565<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>13,565</span>Other liabilities<span class=\"_ _149\"> </span><span class=\"ff9b ls2 ws5\">37,707<span class=\"_ _9a\"> </span>37,630<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _9a\"> </span>18,062<span class=\"_ _9a\"> </span>93,399</span>77,124<span class=\"_ _16f\"> </span>113,938<span class=\"_ _9a\"> </span>86,600<span class=\"_ _16f\"> </span>624,682<span class=\"_ _115\"> </span>1,352,161<span class=\"_ _be\"> </span>2,254,505A<span class=\"_ _9\"></span>s at 31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021Le<span class=\"_ _9\"></span>ss t<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>n 3 3 to 12 mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> mo<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>hs <span class=\"_ _3\"></span> Y<span class=\"_ _4\"></span>ear 2 <span class=\"_ _4\"></span> Y<span class=\"_ _4\"></span>ear 3 t<span class=\"_ _9\"></span>o 5 &gt; 5 yea<span class=\"_ _9\"></span>rs To<span class=\"_ _9\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"></span> <span class=\"_ _3\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>0001Interes<span class=\"_ _9\"></span>t-bearing loans and bor<span class=\"_ _9\"></span>rowings15,863<span class=\"_ _e7\"> </span>47,249<span class=\"_ _f5\"> </span>46,130<span class=\"_ _16c\"> </span>492,447<span class=\"_ _16c\"> </span>299,642<span class=\"_ _9e\"> </span>901,331Fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y in r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>pe<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t of In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s so<span class=\"_ _9\"></span>ld to 2pri<span class=\"_ _9\"></span>vate investor<span class=\"_ _9\"></span>s493<span class=\"_ _174\"> </span>1,477<span class=\"_ _19d\"> </span>9,198<span class=\"_ _e7\"> </span>39,420<span class=\"_ _9e\"> </span>124,551<span class=\"_ _16c\"> </span>175,139Derivative financia<span class=\"_ _4\"></span>l instrument<span class=\"_ _9\"></span>s<span class=\"_ _d8\"> </span><span class=\"ls2 ws5\">57<span class=\"_ _a4\"> </span>171<span class=\"_ _fb\"> </span>229<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _a4\"> </span>457</span>3Lease li<span class=\"_ _4\"></span>ability3,653<span class=\"_ _e7\"> </span>18,019<span class=\"_ _f5\"> </span>12,962<span class=\"_ _e7\"> </span>36,170<span class=\"_ _16c\"> </span>605,497<span class=\"_ _9e\"> </span>676,301T<span class=\"_ _3\"></span>r<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>de pay<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>les<span class=\"_ _ca\"> </span>16,650<span class=\"_ _94\"> </span>\u2013<span class=\"_ _92\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,650Other liabilities<span class=\"_ _2a7\"> </span><span class=\"ls2 ws5\">23,097<span class=\"_ _e7\"> </span>24,035<span class=\"_ _174\"> </span>4,860<span class=\"_ _94\"> </span>\u2013<span class=\"_ _e7\"> </span>16,304<span class=\"_ _e7\"> </span>68,296</span>59,813<span class=\"_ _e7\"> </span>90,951<span class=\"_ _f5\"> </span>73,379<span class=\"_ _16c\"> </span>568,037<span class=\"_ _1f4\"> </span>1,045,994<span class=\"_ _18\"> </span>1,838,1741 <span class=\"_ _b\"> </span>Se<span class=\"_ _9\"></span>e Not<span class=\"_ _9\"></span>e 14 for f<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r inf<span class=\"_ _9\"></span>or<span class=\"_ _9\"></span>ma<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>on.2 <span class=\"_ _b\"> </span>Pre<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>cc<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g to di<span class=\"_ _9\"></span>sc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt d<span class=\"_ _9\"></span>ue t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>ia<span class=\"_ _9\"></span>bi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>y o<span class=\"_ _9\"></span>f th<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s o<span class=\"_ _9\"></span>ver t<span class=\"_ _9\"></span>he b<span class=\"_ _9\"></span>ala<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>e of t<span class=\"_ _9\"></span>he 9<span class=\"_ _9\"></span>99-<span class=\"_ _9\"></span>yea<span class=\"_ _9\"></span>r te<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>.3 <span class=\"_ _b\"> </span>Le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e lia<span class=\"_ _9\"></span>bil<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>y i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>es f<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>r lea<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th u<span class=\"_ _9\"></span>pw<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>d re<span class=\"_ _9\"></span>nt re<span class=\"_ _9\"></span>vi<span class=\"_ _9\"></span>ew<span class=\"_ _9\"></span>s bas<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>d on f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e mar<span class=\"_ _9\"></span>ke<span class=\"_ _9\"></span>t ra<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>s in on<span class=\"_ _9\"></span>e le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d ch<span class=\"_ _9\"></span>ang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e CPI<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PI in t<span class=\"_ _9\"></span>he o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er le<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>e an<span class=\"_ _9\"></span>d, th<span class=\"_ _9\"></span>us<span class=\"_ _9\"></span>, fu<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>re p<span class=\"_ _9\"></span>aym<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s hav<span class=\"_ _9\"></span>e be<span class=\"_ _9\"></span>en e<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>im<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ma<span class=\"_ _9\"></span>rke<span class=\"_ _9\"></span>t re<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>als a<span class=\"_ _9\"></span>nd c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ent U<span class=\"_ _9\"></span>ni<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d Ki<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>m-<span class=\"_ _9\"></span>b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed CP<span class=\"_ _9\"></span>Is<span class=\"_ _9\"></span>/R<span class=\"_ _9\"></span>PIs, r<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>p<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>ly, exc<span class=\"_ _9\"></span>ept P<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>z<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on Wa<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>o w<span class=\"_ _9\"></span>her<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in<span class=\"_ _9\"></span>cl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed<span class=\"_ _9\"></span> 50 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s of f<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>e pay<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se o<span class=\"_ _9\"></span>f Par<span class=\"_ _9\"></span>k Pl<span class=\"_ _9\"></span>az<span class=\"_ _9\"></span>a Lo<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>on W<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>oo i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>ad of 199 ye<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>s as s<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e lea<span class=\"_ _9\"></span>se a<span class=\"_ _9\"></span>gr<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt. A<span class=\"_ _9\"></span>ls<span class=\"_ _9\"></span>o, th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s do n<span class=\"_ _9\"></span>ot t<span class=\"_ _9\"></span>ake i<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>o acc<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt th<span class=\"_ _9\"></span>e co<span class=\"_ _9\"></span>lla<span class=\"_ _9\"></span>r of 2%<span class=\"_ _9\"></span>. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p\u2019s mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt be<span class=\"_ _9\"></span>li<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>at th<span class=\"_ _9\"></span>e am<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e ab<span class=\"_ _9\"></span>ove t<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>ble r<span class=\"_ _9\"></span>ef<span class=\"_ _9\"></span>le<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e rel<span class=\"_ _9\"></span>ev<span class=\"_ _9\"></span>ant c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>sh f<span class=\"_ _9\"></span>lo<span class=\"_ _9\"></span>w ri<span class=\"_ _9\"></span>sk<span class=\"_ _9\"></span>s to w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p wo<span class=\"_ _9\"></span>ul<span class=\"_ _9\"></span>d be r<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>on<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>ly exposed in the ordinary course of business.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>uedd.<span class=\"_ _4\"></span> <span class=\"_ _6\"> </span>Capital management <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>mar<span class=\"_ _1\"></span>y obj<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive of t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup\u2019s capi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>al man<span class=\"_ _9\"></span>age<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is to e<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>ure t<span class=\"_ _9\"></span>hat i<span class=\"_ _9\"></span>t main<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>ins a s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>ong c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>nd h<span class=\"_ _9\"></span>ealt<span class=\"_ _9\"></span>hy c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l ra<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>s in or<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>r to su<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>or<span class=\"_ _1\"></span>t it<span class=\"_ _9\"></span>s bu<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>nes<span class=\"_ _9\"></span>s an<span class=\"_ _9\"></span>d ma<span class=\"_ _9\"></span>xi<span class=\"_ _9\"></span>mis<span class=\"_ _9\"></span>e sh<span class=\"_ _9\"></span>are<span class=\"_ _9\"></span>hol<span class=\"_ _9\"></span>der v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p mana<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>s it<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>api<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>uc<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ure a<span class=\"_ _9\"></span>nd m<span class=\"_ _9\"></span>akes a<span class=\"_ _9\"></span>dju<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s to it i<span class=\"_ _9\"></span>n lig<span class=\"_ _9\"></span>ht of c<span class=\"_ _9\"></span>hang<span class=\"_ _9\"></span>es i<span class=\"_ _9\"></span>n eco<span class=\"_ _9\"></span>no<span class=\"_ _9\"></span>mic co<span class=\"_ _9\"></span>nd<span class=\"_ _9\"></span>itio<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up mo<span class=\"_ _9\"></span>nito<span class=\"_ _9\"></span>rs c<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g a gea<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ng r<span class=\"_ _9\"></span>atio, w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h is net b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt di<span class=\"_ _9\"></span>vid<span class=\"_ _9\"></span>ed by t<span class=\"_ _9\"></span>ota<span class=\"_ _9\"></span>l ca<span class=\"_ _9\"></span>pi<span class=\"_ _9\"></span>ta<span class=\"_ _9\"></span>l plu<span class=\"_ _9\"></span>s net b<span class=\"_ _9\"></span>ank d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t. Th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s pol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>y is to keep t<span class=\"_ _9\"></span>he g<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tio b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>we<span class=\"_ _9\"></span>en 5<span class=\"_ _9\"></span>0% an<span class=\"_ _9\"></span>d 60<span class=\"_ _9\"></span>%. T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>hin ne<span class=\"_ _9\"></span>t ban<span class=\"_ _9\"></span>k de<span class=\"_ _9\"></span>bt in<span class=\"_ _9\"></span>tere<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>t-b<span class=\"_ _9\"></span>ear<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>g ban<span class=\"_ _9\"></span>k loa<span class=\"_ _9\"></span>ns an<span class=\"_ _9\"></span>d bo<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ngs<span class=\"_ _9\"></span>, les<span class=\"_ _9\"></span>s c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s. C<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>pit<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>s eq<span class=\"_ _9\"></span>uit<span class=\"_ _1\"></span>y les<span class=\"_ _9\"></span>s t<span class=\"_ _9\"></span>he he<span class=\"_ _9\"></span>dgi<span class=\"_ _9\"></span>ng re<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ve.2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Interest-bearing bank loans and<span class=\"_ _4\"></span> borrowings<span class=\"_ _2a8\"> </span><span class=\"ff9b ls2 ws5\">864,732<span class=\"_ _183\"> </span><span class=\"ff9c\">768,124</span></span>Le<span class=\"_ _9\"></span>ss \u2013 c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d c<span class=\"_ _9\"></span>ash e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>iva<span class=\"_ _9\"></span>len<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s<span class=\"_ _19c\"> </span><span class=\"ff9b\">(163,589)<span class=\"_ _1b\"> </span></span>(136,802)Le<span class=\"_ _9\"></span>ss \u2013 l<span class=\"_ _9\"></span>ong<span class=\"_ _9\"></span>-t<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>te<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh<span class=\"_ _2a9\"> </span><span class=\"ff9b\">(9,272)<span class=\"_ _17c\"> </span></span>(8,121)Le<span class=\"_ _9\"></span>ss \u2013 s<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>t-te<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>m res<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ric<span class=\"_ _1\"></span>ted c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h<span class=\"_ _b4\"> </span><span class=\"ff9b\">(9,229)<span class=\"_ _17c\"> </span></span>(5,204)Le<span class=\"_ _9\"></span>ss \u2013 i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es<span class=\"_ _226\"> </span><span class=\"ff9b\">\u2013<span class=\"_ _12f\"> </span></span>(22)Net debt<span class=\"_ _208\"> </span><span class=\"ff9b ls2 ws5\">682,642<span class=\"_ _183\"> </span><span class=\"ff9c\">617,975</span></span>Equi<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y<span class=\"_ _210\"> </span><span class=\"ff9b ls2 ws5\">503,245<span class=\"_ _183\"> </span><span class=\"ff9c\">447,211</span></span>Hedging reser<span class=\"_ _1\"></span>ve<span class=\"_ _2aa\"> </span><span class=\"ff9b ls2 ws5\">(20,398)<span class=\"_ _1c1\"> </span><span class=\"ff9c\">434</span></span>T<span class=\"_ _3\"></span>otal capital<span class=\"_ _1d5\"> </span><span class=\"ff9b ls2 ws5\">482,847<span class=\"_ _183\"> </span><span class=\"ff9c\">447,645</span></span>Capital and net debt<span class=\"_ _211\"> </span><span class=\"ff9b ls2 ws5\">1,165,489<span class=\"_ _fa\"> </span><span class=\"ff9c\">1,065,620</span></span>Gearing r<span class=\"_ _9\"></span>atio<span class=\"_ _2ab\"> </span><span class=\"ff9b ls2 ws5\">58,6%<span class=\"_ _165\"> </span><span class=\"ff9c\">58.0%</span></span>e. <span class=\"_ _8\"> </span>Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue o<span class=\"_ _9\"></span>f f<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>al i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of t<span class=\"_ _9\"></span>he fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial a<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>set<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd li<span class=\"_ _9\"></span>abil<span class=\"_ _9\"></span>iti<span class=\"_ _9\"></span>es ar<span class=\"_ _9\"></span>e inc<span class=\"_ _9\"></span>lud<span class=\"_ _9\"></span>ed i<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>t whic<span class=\"_ _9\"></span>h t<span class=\"_ _9\"></span>he in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ume<span class=\"_ _9\"></span>nt co<span class=\"_ _9\"></span>uld b<span class=\"_ _9\"></span>e exc<span class=\"_ _9\"></span>han<span class=\"_ _9\"></span>ge<span class=\"_ _9\"></span>d in a cu<span class=\"_ _9\"></span>rr<span class=\"_ _9\"></span>ent t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ans<span class=\"_ _9\"></span>ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ion b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n willi<span class=\"_ _9\"></span>ng p<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ies, o<span class=\"_ _9\"></span>th<span class=\"_ _9\"></span>er th<span class=\"_ _9\"></span>an in a f<span class=\"_ _9\"></span>orc<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>r liq<span class=\"_ _9\"></span>uid<span class=\"_ _9\"></span>atio<span class=\"_ _9\"></span>n sa<span class=\"_ _9\"></span>le. Th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng me<span class=\"_ _9\"></span>tho<span class=\"_ _9\"></span>d<span class=\"_ _9\"></span>s and a<span class=\"_ _9\"></span>ss<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>pti<span class=\"_ _9\"></span>ons w<span class=\"_ _9\"></span>ere us<span class=\"_ _9\"></span>ed to e<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>s:  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>es of c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h an<span class=\"_ _9\"></span>d ca<span class=\"_ _9\"></span>sh e<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ival<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>, tr<span class=\"_ _9\"></span>ad<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>eiv<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>es, t<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ade p<span class=\"_ _9\"></span>aya<span class=\"_ _9\"></span>ble<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d oth<span class=\"_ _9\"></span>er c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt as<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s and l<span class=\"_ _9\"></span>iabi<span class=\"_ _9\"></span>lit<span class=\"_ _9\"></span>ies a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>e th<span class=\"_ _9\"></span>eir c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s la<span class=\"_ _9\"></span>rge<span class=\"_ _9\"></span>ly d<span class=\"_ _9\"></span>ue to t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>hor<span class=\"_ _1\"></span>t-ter<span class=\"_ _9\"></span>m ma<span class=\"_ _9\"></span>tur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies o<span class=\"_ _9\"></span>f the<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s. T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue of f<span class=\"_ _9\"></span>loa<span class=\"_ _9\"></span>tin<span class=\"_ _9\"></span>g inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e liab<span class=\"_ _9\"></span>ilit<span class=\"_ _9\"></span>ies als<span class=\"_ _9\"></span>o ap<span class=\"_ _9\"></span>pro<span class=\"_ _9\"></span>xim<span class=\"_ _9\"></span>ate t<span class=\"_ _9\"></span>hei<span class=\"_ _9\"></span>r ca<span class=\"_ _9\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>un<span class=\"_ _9\"></span>t as th<span class=\"_ _9\"></span>e pe<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>odi<span class=\"_ _9\"></span>c cha<span class=\"_ _9\"></span>ng<span class=\"_ _9\"></span>es in i<span class=\"_ _9\"></span>nter<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s ref<span class=\"_ _9\"></span>lec<span class=\"_ _1\"></span>t the m<span class=\"_ _9\"></span>ovem<span class=\"_ _9\"></span>ent i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket r<span class=\"_ _9\"></span>ate<span class=\"_ _9\"></span>s.  <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e of loa<span class=\"_ _9\"></span>ns f<span class=\"_ _9\"></span>rom b<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ks a<span class=\"_ _9\"></span>nd ot<span class=\"_ _9\"></span>her f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al lia<span class=\"_ _9\"></span>bili<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s is es<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>imat<span class=\"_ _9\"></span>ed by d<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>cou<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>ng f<span class=\"_ _9\"></span>utu<span class=\"_ _9\"></span>re c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ows u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g ra<span class=\"_ _9\"></span>tes c<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>ntl<span class=\"_ _9\"></span>y avail<span class=\"_ _9\"></span>abl<span class=\"_ _9\"></span>e for d<span class=\"_ _9\"></span>eb<span class=\"_ _9\"></span>t on s<span class=\"_ _9\"></span>imila<span class=\"_ _9\"></span>r ter<span class=\"_ _9\"></span>m<span class=\"_ _9\"></span>s, cre<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>t ri<span class=\"_ _9\"></span>sk a<span class=\"_ _9\"></span>nd re<span class=\"_ _9\"></span>mai<span class=\"_ _9\"></span>ning m<span class=\"_ _9\"></span>atu<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>tie<span class=\"_ _9\"></span>s. <span class=\"_ _1c\"> </span>Fair<span class=\"_ _4\"></span> value<span class=\"_ _4\"></span> hier<span class=\"_ _4\"></span>arch<span class=\"_ _4\"></span>y <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>p use<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng hie<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>arc<span class=\"_ _9\"></span>hy for d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>rm<span class=\"_ _9\"></span>inin<span class=\"_ _9\"></span>g an<span class=\"_ _9\"></span>d dis<span class=\"_ _9\"></span>clo<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of f<span class=\"_ _9\"></span>ina<span class=\"_ _9\"></span>nci<span class=\"_ _9\"></span>al ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s by a va<span class=\"_ _9\"></span>luat<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on t<span class=\"_ _9\"></span>he low<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>t lev<span class=\"_ _9\"></span>el in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t tha<span class=\"_ _9\"></span>t is sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant t<span class=\"_ _9\"></span>o th<span class=\"_ _9\"></span>e fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue so d<span class=\"_ _9\"></span>ete<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>mine<span class=\"_ _9\"></span>d: <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>: <span class=\"ff9c fc3 ls20 ws10\">quoted (<span class=\"_ _4\"></span>unadjusted) prices in<span class=\"_ _4\"></span> ac<span class=\"_ _9\"></span>tive<span class=\"_ _4\"></span> markets for identical<span class=\"_ _4\"></span> asset<span class=\"_ _9\"></span>s or l<span class=\"_ _4\"></span>iabiliti<span class=\"_ _4\"></span>es.</span> <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 2: <span class=\"ff9c fc3\">ot<span class=\"_ _9\"></span>her te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ue<span class=\"_ _9\"></span>s for w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h all in<span class=\"_ _9\"></span>pu<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s whi<span class=\"_ _9\"></span>ch have s<span class=\"_ _9\"></span>ig<span class=\"_ _9\"></span>nifi<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>ant ef<span class=\"_ _1\"></span>fec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e re<span class=\"_ _9\"></span>cor<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d fai<span class=\"_ _9\"></span>r val<span class=\"_ _9\"></span>ue ar<span class=\"_ _9\"></span>e obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, eit<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r dir<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ly </span>or indirectly. <span class=\"_ _1c\"> </span>L<span class=\"_ _9\"></span>eve<span class=\"_ _9\"></span>l 3: <span class=\"ff9c fc3\">te<span class=\"_ _9\"></span>chn<span class=\"_ _9\"></span>iqu<span class=\"_ _9\"></span>es w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h us<span class=\"_ _9\"></span>e inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>hic<span class=\"_ _9\"></span>h have a si<span class=\"_ _9\"></span>gni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt ef<span class=\"_ _9\"></span>f<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>t o<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>e rec<span class=\"_ _9\"></span>ord<span class=\"_ _9\"></span>ed f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e tha<span class=\"_ _9\"></span>t are n<span class=\"_ _9\"></span>ot ba<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d on o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le </span>market data.No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>Fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue of i<span class=\"_ _9\"></span>nves<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n mar<span class=\"_ _9\"></span>ket<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le s<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>itie<span class=\"_ _9\"></span>s is d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>ive<span class=\"_ _9\"></span>d fr<span class=\"_ _9\"></span>om q<span class=\"_ _9\"></span>uote<span class=\"_ _9\"></span>d mar<span class=\"_ _9\"></span>ket p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces i<span class=\"_ _9\"></span>n ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive ma<span class=\"_ _9\"></span>rket<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>. A mar<span class=\"_ _9\"></span>ket i<span class=\"_ _9\"></span>s reg<span class=\"_ _9\"></span>ard<span class=\"_ _9\"></span>ed a<span class=\"_ _9\"></span>s ac<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ive if q<span class=\"_ _9\"></span>uot<span class=\"_ _9\"></span>ed p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces a<span class=\"_ _9\"></span>re rea<span class=\"_ _9\"></span>dil<span class=\"_ _9\"></span>y and r<span class=\"_ _9\"></span>eg<span class=\"_ _9\"></span>ular<span class=\"_ _9\"></span>ly av<span class=\"_ _9\"></span>aila<span class=\"_ _9\"></span>ble f<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>m an exc<span class=\"_ _9\"></span>ha<span class=\"_ _9\"></span>nge, de<span class=\"_ _9\"></span>aler, broker, indu<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>y g<span class=\"_ _9\"></span>ro<span class=\"_ _9\"></span>up, pr<span class=\"_ _9\"></span>ici<span class=\"_ _9\"></span>ng se<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ice or reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tor<span class=\"_ _1\"></span>y age<span class=\"_ _9\"></span>nc<span class=\"_ _9\"></span>y<span class=\"_ _4\"></span>, and t<span class=\"_ _9\"></span>ho<span class=\"_ _9\"></span>se p<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>ces r<span class=\"_ _9\"></span>ep<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>ent a<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tu<span class=\"_ _9\"></span>al an<span class=\"_ _9\"></span>d reg<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>rl<span class=\"_ _9\"></span>y occ<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ing m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket tr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>sa<span class=\"_ _9\"></span>c<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns o<span class=\"_ _9\"></span>n an ar<span class=\"_ _9\"></span>m\u2019s len<span class=\"_ _9\"></span>gt<span class=\"_ _9\"></span>h bas<span class=\"_ _9\"></span>is. Th<span class=\"_ _9\"></span>e quo<span class=\"_ _9\"></span>ted m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>ket pr<span class=\"_ _9\"></span>ice u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial as<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>s he<span class=\"_ _9\"></span>ld by t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup i<span class=\"_ _9\"></span>s th<span class=\"_ _9\"></span>e cur<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>nt b<span class=\"_ _9\"></span>id pr<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>e. The<span class=\"_ _9\"></span>se i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>re in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in   Leve<span class=\"_ _9\"></span>l 1<span class=\"_ _4\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p ent<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>s into d<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>iv<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>ve fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s w<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>h fi<span class=\"_ _9\"></span>nanc<span class=\"_ _9\"></span>ial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tit<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>ion<span class=\"_ _9\"></span>s wi<span class=\"_ _9\"></span>th inve<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tm<span class=\"_ _9\"></span>ent g<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>de c<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>dit r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>ing<span class=\"_ _9\"></span>s. De<span class=\"_ _9\"></span>ri<span class=\"_ _9\"></span>vat<span class=\"_ _9\"></span>ives a<span class=\"_ _9\"></span>re va<span class=\"_ _9\"></span>lue<span class=\"_ _9\"></span>d us<span class=\"_ _9\"></span>ing v<span class=\"_ _9\"></span>alua<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>que<span class=\"_ _9\"></span>s fo<span class=\"_ _9\"></span>r sw<span class=\"_ _9\"></span>ap mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>ls, u<span class=\"_ _9\"></span>sin<span class=\"_ _9\"></span>g pre<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>nt va<span class=\"_ _9\"></span>lue c<span class=\"_ _9\"></span>alc<span class=\"_ _9\"></span>ula<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>ns. T<span class=\"_ _9\"></span>he m<span class=\"_ _9\"></span>od<span class=\"_ _9\"></span>els i<span class=\"_ _9\"></span>nco<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>por<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e var<span class=\"_ _9\"></span>io<span class=\"_ _9\"></span>us inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s, i<span class=\"_ _9\"></span>ncl<span class=\"_ _9\"></span>ud<span class=\"_ _9\"></span>ing t<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>red<span class=\"_ _9\"></span>it q<span class=\"_ _9\"></span>uali<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y of co<span class=\"_ _9\"></span>unte<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>par<span class=\"_ _1\"></span>tie<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d inte<span class=\"_ _9\"></span>res<span class=\"_ _9\"></span>t r<span class=\"_ _9\"></span>ate c<span class=\"_ _9\"></span>ur<span class=\"_ _1\"></span>ves<span class=\"_ _9\"></span>. The G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o gr<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ted s<span class=\"_ _9\"></span>har<span class=\"_ _9\"></span>e ap<span class=\"_ _9\"></span>pre<span class=\"_ _9\"></span>cia<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n ri<span class=\"_ _9\"></span>ght<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Co<span class=\"_ _9\"></span>mpa<span class=\"_ _9\"></span>ny to Cla<span class=\"_ _9\"></span>l (se<span class=\"_ _9\"></span>e Note 6<span class=\"_ _9\"></span>b) whi<span class=\"_ _9\"></span>ch i<span class=\"_ _9\"></span>s valu<span class=\"_ _9\"></span>ed by u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng th<span class=\"_ _9\"></span>e Blac<span class=\"_ _9\"></span>k\u2013<span class=\"_ _9\"></span>Sc<span class=\"_ _9\"></span>hole<span class=\"_ _9\"></span>s mo<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>l. In ad<span class=\"_ _9\"></span>di<span class=\"_ _9\"></span>tio<span class=\"_ _9\"></span>n, the G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p als<span class=\"_ _9\"></span>o hol<span class=\"_ _9\"></span>ds 4<span class=\"_ _9\"></span>6 In<span class=\"_ _9\"></span>com<span class=\"_ _9\"></span>e Uni<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s in Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Ha<span class=\"_ _9\"></span>ll Lo<span class=\"_ _9\"></span>ndo<span class=\"_ _9\"></span>n w<span class=\"_ _9\"></span>hich w<span class=\"_ _9\"></span>ere v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ed by e<span class=\"_ _9\"></span>x<span class=\"_ _9\"></span>ter<span class=\"_ _9\"></span>nal v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>ator u<span class=\"_ _9\"></span>si<span class=\"_ _9\"></span>ng a dis<span class=\"_ _9\"></span>co<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>ed c<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>h fl<span class=\"_ _9\"></span>ow tec<span class=\"_ _9\"></span>hni<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>e. Th<span class=\"_ _9\"></span>es<span class=\"_ _9\"></span>e valu<span class=\"_ _9\"></span>ati<span class=\"_ _9\"></span>on te<span class=\"_ _9\"></span>ch<span class=\"_ _9\"></span>niq<span class=\"_ _9\"></span>ues m<span class=\"_ _9\"></span>ax<span class=\"_ _9\"></span>imi<span class=\"_ _9\"></span>se t<span class=\"_ _9\"></span>he us<span class=\"_ _9\"></span>e of o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _9\"></span>v<span class=\"_ _9\"></span>ab<span class=\"_ _9\"></span>le mar<span class=\"_ _9\"></span>ket d<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>a wh<span class=\"_ _9\"></span>ere i<span class=\"_ _9\"></span>t is ava<span class=\"_ _9\"></span>ilab<span class=\"_ _9\"></span>le an<span class=\"_ _9\"></span>d rel<span class=\"_ _9\"></span>y as li<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>tl<span class=\"_ _9\"></span>e as po<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>sib<span class=\"_ _9\"></span>le on e<span class=\"_ _9\"></span>nti<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>y sp<span class=\"_ _9\"></span>ec<span class=\"_ _9\"></span>if<span class=\"_ _9\"></span>ic es<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>mate<span class=\"_ _9\"></span>s. If a<span class=\"_ _9\"></span>ll sig<span class=\"_ _9\"></span>nif<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ant i<span class=\"_ _9\"></span>np<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s re<span class=\"_ _9\"></span>qu<span class=\"_ _9\"></span>ire<span class=\"_ _9\"></span>d to f<span class=\"_ _9\"></span>air va<span class=\"_ _9\"></span>lue a<span class=\"_ _9\"></span>n ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt are o<span class=\"_ _9\"></span>bs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le, the i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t is in<span class=\"_ _9\"></span>clu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in Le<span class=\"_ _9\"></span>vel 2. If on<span class=\"_ _9\"></span>e or mo<span class=\"_ _9\"></span>re of t<span class=\"_ _9\"></span>he s<span class=\"_ _9\"></span>igni<span class=\"_ _9\"></span>fic<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>nt inp<span class=\"_ _9\"></span>ut<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>s not b<span class=\"_ _9\"></span>as<span class=\"_ _9\"></span>ed o<span class=\"_ _9\"></span>n obs<span class=\"_ _9\"></span>er<span class=\"_ _1\"></span>vab<span class=\"_ _9\"></span>le ma<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>ket dat<span class=\"_ _9\"></span>a, th<span class=\"_ _9\"></span>e ins<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>ru<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt is i<span class=\"_ _9\"></span>nclu<span class=\"_ _9\"></span>de<span class=\"_ _9\"></span>d in L<span class=\"_ _9\"></span>evel 3. <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2022, t<span class=\"_ _9\"></span>he Gr<span class=\"_ _9\"></span>oup h<span class=\"_ _9\"></span>eld t<span class=\"_ _9\"></span>he f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>win<span class=\"_ _9\"></span>g fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s m<span class=\"_ _9\"></span>eas<span class=\"_ _9\"></span>ure<span class=\"_ _9\"></span>d at f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue: Liabilities31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _2ac\"> </span><span class=\"ff9b ls2 ws5\">5,519<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _180\"> </span>5,519<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>e<span class=\"_ _9\"></span>mb<span class=\"_ _9\"></span>er 2022 <span class=\"_ _3\"></span> Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _156\"> </span><span class=\"ff9b\">30,539<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>30,539<span class=\"_ _8d\"> </span>\u2013</span>Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2ad\"> </span><span class=\"ff9b\">16,100<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _1aa\"> </span>16,100<span class=\"_ _8d\"> </span>\u2013</span> <span class=\"_ _1c\"> </span>A<span class=\"_ _9\"></span>s at 31 De<span class=\"_ _9\"></span>cem<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 2021<span class=\"_ _3\"></span>, t<span class=\"_ _9\"></span>he G<span class=\"_ _9\"></span>rou<span class=\"_ _9\"></span>p hel<span class=\"_ _9\"></span>d th<span class=\"_ _9\"></span>e foll<span class=\"_ _9\"></span>owi<span class=\"_ _9\"></span>ng fi<span class=\"_ _9\"></span>nan<span class=\"_ _9\"></span>cial i<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>u<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>s mea<span class=\"_ _9\"></span>sur<span class=\"_ _9\"></span>ed at f<span class=\"_ _9\"></span>ai<span class=\"_ _9\"></span>r valu<span class=\"_ _9\"></span>e: Liabilities31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inte<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>st r<span class=\"_ _9\"></span>at<span class=\"_ _9\"></span>e sw<span class=\"_ _9\"></span>aps u<span class=\"_ _9\"></span>se<span class=\"_ _9\"></span>d fo<span class=\"_ _9\"></span>r hed<span class=\"_ _9\"></span>gin<span class=\"_ _9\"></span>g<span class=\"_ _2ae\"> </span>457<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _4e\"> </span>457<span class=\"_ _8d\"> </span>\u2013Share ap<span class=\"_ _9\"></span>preciat<span class=\"_ _9\"></span>ion right<span class=\"_ _9\"></span>s<span class=\"_ _137\"> </span><span class=\"ls2 ws5\">5,400<span class=\"_ _8d\"> </span>\u2013<span class=\"_ _ce\"> </span>5,400<span class=\"_ _8d\"> </span>\u2013</span> Asset<span class=\"_ _9\"></span>s31 Dec<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>be<span class=\"_ _9\"></span>r 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>Lev<span class=\"_ _9\"></span>el 1 Lev<span class=\"_ _9\"></span>el 2 Lev<span class=\"_ _9\"></span>el 3 \u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Inve<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>me<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s in m<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>keta<span class=\"_ _9\"></span>bl<span class=\"_ _9\"></span>e se<span class=\"_ _9\"></span>cur<span class=\"_ _9\"></span>it<span class=\"_ _9\"></span>ies<span class=\"_ _a7\"> </span>22<span class=\"_ _1ae\"> </span>22<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _8d\"> </span>\u2013Inc<span class=\"_ _9\"></span>om<span class=\"_ _9\"></span>e Unit<span class=\"_ _9\"></span>s i<span class=\"_ _9\"></span>n Par<span class=\"_ _9\"></span>k Pla<span class=\"_ _9\"></span>za C<span class=\"_ _9\"></span>ou<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>y Hal<span class=\"_ _9\"></span>l Lon<span class=\"_ _9\"></span>do<span class=\"_ _9\"></span>n<span class=\"_ _2a6\"> </span>15,800<span class=\"_ _1ac\"> </span>\u2013<span class=\"_ _98\"> </span>15,800<span class=\"_ _8d\"> </span>\u2013No<span class=\"_ _9\"></span>te 30 F<span class=\"_ _9\"></span>in<span class=\"_ _9\"></span>an<span class=\"_ _9\"></span>ci<span class=\"_ _9\"></span>a<span class=\"_ _9\"></span>l in<span class=\"_ _9\"></span>st<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>ts r<span class=\"_ _9\"></span>is<span class=\"_ _9\"></span>k ma<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ag<span class=\"_ _9\"></span>em<span class=\"_ _9\"></span>en<span class=\"_ _9\"></span>t ob<span class=\"_ _9\"></span>jec<span class=\"_ _9\"></span>t<span class=\"_ _9\"></span>i<span class=\"_ _9\"></span>ves a<span class=\"_ _9\"></span>nd p<span class=\"_ _9\"></span>ol<span class=\"_ _9\"></span>ic<span class=\"_ _9\"></span>ie<span class=\"_ _9\"></span>s con<span class=\"_ _9\"></span>ti<span class=\"_ _9\"></span>n<span class=\"_ _9\"></span>ued <span class=\"_ _1c\"> </span>D<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>ing 2<span class=\"_ _9\"></span>022 a<span class=\"_ _9\"></span>nd 2021<span class=\"_ _4\"></span>, the<span class=\"_ _9\"></span>re we<span class=\"_ _9\"></span>re no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs b<span class=\"_ _9\"></span>et<span class=\"_ _9\"></span>w<span class=\"_ _9\"></span>ee<span class=\"_ _9\"></span>n Level 1 a<span class=\"_ _9\"></span>nd L<span class=\"_ _9\"></span>evel 2 f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alu<span class=\"_ _9\"></span>e meas<span class=\"_ _9\"></span>ur<span class=\"_ _9\"></span>eme<span class=\"_ _9\"></span>nt<span class=\"_ _9\"></span>s, an<span class=\"_ _9\"></span>d no t<span class=\"_ _9\"></span>ra<span class=\"_ _9\"></span>ns<span class=\"_ _9\"></span>fe<span class=\"_ _9\"></span>rs i<span class=\"_ _9\"></span>nto or o<span class=\"_ _9\"></span>ut o<span class=\"_ _9\"></span>f Leve<span class=\"_ _9\"></span>l 3 fa<span class=\"_ _9\"></span>ir val<span class=\"_ _9\"></span>ue me<span class=\"_ _9\"></span>asu<span class=\"_ _9\"></span>re<span class=\"_ _9\"></span>men<span class=\"_ _9\"></span>ts<span class=\"_ _9\"></span>. <span class=\"_ _1c\"> </span>T<span class=\"_ _9\"></span>he c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>y<span class=\"_ _9\"></span>ing a<span class=\"_ _9\"></span>mo<span class=\"_ _9\"></span>unt<span class=\"_ _9\"></span>s a<span class=\"_ _9\"></span>nd f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue<span class=\"_ _9\"></span>s of th<span class=\"_ _9\"></span>e Gro<span class=\"_ _9\"></span>up\u2019<span class=\"_ _4\"></span>s fin<span class=\"_ _9\"></span>anc<span class=\"_ _9\"></span>ial in<span class=\"_ _9\"></span>s<span class=\"_ _9\"></span>tr<span class=\"_ _9\"></span>um<span class=\"_ _9\"></span>ent<span class=\"_ _9\"></span>s ot<span class=\"_ _9\"></span>he<span class=\"_ _9\"></span>r tha<span class=\"_ _9\"></span>n th<span class=\"_ _9\"></span>os<span class=\"_ _9\"></span>e who<span class=\"_ _9\"></span>se c<span class=\"_ _9\"></span>ar<span class=\"_ _9\"></span>r<span class=\"_ _1\"></span>yin<span class=\"_ _9\"></span>g amo<span class=\"_ _9\"></span>unt a<span class=\"_ _9\"></span>pp<span class=\"_ _9\"></span>rox<span class=\"_ _9\"></span>ima<span class=\"_ _9\"></span>tes th<span class=\"_ _9\"></span>eir f<span class=\"_ _9\"></span>air v<span class=\"_ _9\"></span>alue a<span class=\"_ _9\"></span>re as f<span class=\"_ _9\"></span>ollo<span class=\"_ _9\"></span>ws:Ca<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>r<span class=\"_ _9\"></span>yi<span class=\"_ _9\"></span>ng a<span class=\"_ _9\"></span>mou<span class=\"_ _9\"></span>nt  Fair v<span class=\"_ _9\"></span>al<span class=\"_ _9\"></span>ue  3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember3<span class=\"_ _4\"></span>1 Dec<span class=\"_ _4\"></span>ember2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>2022 <span class=\"_ _3\"></span> 20<span class=\"_ _9\"></span>21 <span class=\"_ _4\"></span><span class=\"ls2 ws5\"> </span>\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000\u00a3\u2019<span class=\"_ _4\"></span>000Financial<span class=\"_ _4\"></span> liabil<span class=\"_ _4\"></span>itiesBank bor<span class=\"_ _9\"></span>rowings<span class=\"_ _268\"> </span><span class=\"ffa4 ls2 ws5\">864,732<span class=\"_ _16b\"> </span><span class=\"ffa3\">768,124<span class=\"_ _16f\"> </span></span>811,179<span class=\"_ _183\"> </span><span class=\"ffa3\">784,167</span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-92-2": {
   "value": "Note 31 Subsequent eventsa  European Hospitality Real Estate Fund  After the reporting period, the Group announced that it is in advanced discussions with a potential cornerstone investor with a view to launching a new European Hospitality Real Estate Fund (\u201cthe Fund\u201d) of up to \u20ac250 million equity subject to regulatory approval.     The Group intends to participate in the Fund for an amount up to \u20ac50 million in cash and/or assets and \u20ac75 million equity commitment will be received from the cornerstone investor. It is the expectation that in the coming year, additional investors will be able to participate for the remaining \u20ac125 million equity, following the receipt of regulatory approval.   It is the intention of the Group that the existing PPHE Rome asset, which is currently undergoing refurbishment and repositioning ahead of its opening as Italy\u2019s first art\u2019otel, will be contributed into the Fund as a seed asset by the Group. This hotel will be managed by the Group under its hospitality management platform.b  Final Dividend  The Board is proposing a final dividend payment of 12 pence per share (2021: Nil pence per share). Subject to shareholder approval at the Annual General Meeting, to be held on 23 May 2023, the dividend will be paid on 31 May 2023 to shareholders on the register at 28 April 2023. The shares will go ex-dividend on 27 April 2023.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "pp-value-93-1": {
   "value": "Registered Office1st and 2nd Floors Elizabeth House Les Ruettes Brayes St. Peter Port Guernsey GY1 1EW Channel lslands",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:2138003H1BZGR6KM5823",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}